As Global Capital Flows Shrunk, the United States Increased its Share

In 2022-23, global gross inflows declined from 5.8 to 4.4 percent of world GDP, or from $4.5 trillion to $4.2 trillion, relative to 2017-19, in line with global gross outflows.

The decline masks large differences across countries. The US accounted for 41 percent of global gross inflows—almost double its 23 percent share in 2017-19. Gross outflows from the US have similarly increased, from 14 to 21 percent of global gross outflows. Meanwhile, global gross flows into and from China dropped considerably over that period, and there was an even more drastic decline in gross flows for financial centers.

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