International investment position at the fourth quarter of 2025

Luxembourg’s external financial assets, driven by Investment Funds (IF) expansion, increased by 361 billion euros compared to the third quarter of 2025, reaching 13 499 billion euros at the end of the fourth quarter of 2025. External financial liabilities increased similarly, reaching 13 474 billion euros for this period. Luxembourg’s international investment position amounted to 25 billion euros at the end of December 2025.

In the fourth quarter of 2025, direct investment assets increased to reach 5 124 billion euros, whereas liabilities slightly declined to 3 621 billion euros.

The outstanding amount in portfolio investments assets increased by 189 billion euros, mainly due to the strong rise in financial markets, and reached 6 359 billion euros at the fourth quarter of 2025. Likewise, the outstanding amount in portfolio investments liabilities reached 8 041 billion euros at the end of December 2025, which represents an increase of 298 billion euros. This increase is due to 146 billion euros of transactions and 152 billion euros of price and change effects. In particular, positive developments in foreign equity markets (asset side) are reflected on IF net asset value (liability side).

Lastly, the outstanding amount in assets on other investments reached 1 623 billion euros at the end of December 2025, which corresponds to a slight increase compared to the previous quarter. The amount outstanding in liabilities on other investments also slightly increased vis-à-vis the previous quarter (50 billion euros), reaching 1 436 billion euros at the end of the fourth quarter of 2025.

Table: Luxembourg International Investment Position

(in billions of EUR)

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