Spain is losing its lustre among the most attractive countries for foreign investment worldwide. According to the "2026 Foreign Direct Investment (FDI) Confidence Index", compiled by the international consultancy Kearney, the country has dropped four places in the index, falling to 15th, weighed down by factors such as public debt, unemployment and restrictions on foreign investment in key sectors.
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The index, which ranks markets most likely to attract foreign direct investment over the next three years, points to a "Spain repositioning around strategic sectors" and frames the results in a "context of increasing international competition" to attract this investment.
On the one hand, in the Spanish case, its stance on renewable energies stands out, "at the forefront" of the energy transition in Europe, and in the transport of goods, where "it benefits from a strong influx of foreign direct investment", which is double that of other major economies on the continent.
Furthermore, the report highlights that Spain's appeal lies in its economic performance (31%), technological innovation (26%) and institutional quality (26%).
Conversely, the report warns that investors' interest is conditioned by the "high" level of public debt (103% of GDP at the end of 2025) and "structural" unemployment (the highest in the European Union), as well as by the extension until the end of 2026 of the mechanism for controlling foreign investments in strategic sectors, which "introduces greater regulatory requirements".
Top 3: USA, Canada and Japan
The US tops the ranking, for the 14th consecutive year, thanks to its technological leadership and economic resilience, although net optimism about the market's economic outlook for the next three years has fallen 17 points compared to last year.
Canada is second, with its reserve of natural resources, solid economic fundamentals and its growing technological capabilities as strengths; and Japan, for its innovation ecosystem and its investment incentives, the statement says.
Behind them, completing the top 10 positions are China, Germany, the United Kingdom, France, Singapore, the United Arab Emirates and Saudi Arabia.
Asia's greater share
The report highlights that Asia leads the largest market share for the first time in more than a decade, demonstrating its weight in the global economy and "the growing interest of investors in markets that combine technological capability, economic growth potential and geopolitical relevance."
It also highlights that so-called middle-power economies "are gaining prominence," with the rise of Singapore and South Korea as examples, and that almost nine out of 10 respondents (88%) say they plan to increase foreign direct investment in the next three years.
The war in Iran
The last point suggests "sustained confidence in long-term global opportunities," the authors analyse, although they qualify that the recent escalation of the conflict in the Middle East "adds a layer of uncertainty to the global investment environment."
"Investors continue to believe in the value of foreign direct investment, but they are readjusting their decision-making in a more turbulent operating environment," interprets Erik R. Peterson, partner and managing director of Kearney's Global Business Policy Council and co-author of the report.
"Capital continues to flow, but companies are becoming more selective in deciding where to invest, as they weigh technological capabilities, geopolitical risks and the growing influence of industrial policy," he adds.
Finally, the study indicates that geopolitical tensions are considered the most likely threat during the next year (36%), followed by rising commodity prices and political instability in developed markets (30%), and that 84% of investors point to industrial policy as extremely or very important in deciding where to invest.
It also mentions that eight out of 10 believe that investment in infrastructure is effective in achieving economic and security goals, while support for tariffs and export controls is "significantly lower".
The index is compiled from a survey conducted in January 2026 among more than 500 senior executives from leading companies around the world.
