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Mapped: Investment Risk, by Country

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Mapped: Which Countries Have the Highest Investment Risk?

Mapped: Investment Risk, by Country

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What is the risk of investing in another country?

Given the rapid growth of emerging economies, and the opportunities this may present to investors, it raises the question: does investment exposure abroad come with risk, and how can that risk be analyzed?

To help answer this question, this graphic shows country risk around the world, based on analysis from Aswath Damodaran at New York Universityโ€™s Stern School of Business.

The Methodology

For many reasons, there are variations in risk across different countries. These can be influenced by geopolitical factors, such as political risk, whether they are in a stage of early growth, or have stable property rights.

To get a clearer picture of country risk, Damodaran analyzed the following broad factors:

  • Political risk: Type of regime, corruption, level of conflict
  • Legal risk: Property rights protections, contract rights
  • Economic risk: Diversification of economy

In addition, a nationโ€™s default risk was analyzed, which is a common measure used in financial markets. When a nation defaults on its debt, it often leads to market turbulence, and other negative effects that can last for many years.

Together, these factors, along with others, estimate a country risk premium, which is the extra risk in a given market. The U.S. served as baseline for measuring the extra risk of each country.

Investment Risk in 2023

Below, we show country risk around the world, from highest to lowest risk as of July, 2023:

CountryCountry Risk Premium
๐Ÿ‡ง๐Ÿ‡พ Belarus24.8%
๐Ÿ‡ฑ๐Ÿ‡ง Lebanon24.8%
๐Ÿ‡ป๐Ÿ‡ช Venezuela24.8%
๐Ÿ‡ธ๐Ÿ‡ฉ Sudan24.8%
๐Ÿ‡ธ๐Ÿ‡พ Syria24.8%
๐Ÿ‡ฆ๐Ÿ‡ท Argentina18.2%
๐Ÿ‡จ๐Ÿ‡บ Cuba18.2%
๐Ÿ‡ฌ๐Ÿ‡ญ Ghana18.2%
๐Ÿ‡ท๐Ÿ‡บ Russia18.2%
๐Ÿ‡ฑ๐Ÿ‡ฐ Sri Lanka18.2%
๐Ÿ‡บ๐Ÿ‡ฆ Ukraine18.2%
๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia18.2%
๐Ÿ‡ญ๐Ÿ‡น Haiti18.2%
๐Ÿ‡ฐ๐Ÿ‡ต North Korea18.2%
๐Ÿ‡ฒ๐Ÿ‡ผ Malawi18.2%
๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone18.2%
๐Ÿ‡ธ๐Ÿ‡ด Somalia18.2%
๐Ÿ‡ช๐Ÿ‡จ Ecuador15.2%
๐Ÿ‡ธ๐Ÿ‡ป El Salvador15.2%
๐Ÿ‡ฑ๐Ÿ‡ฆ Laos15.2%
๐Ÿ‡ต๐Ÿ‡ฐ Pakistan15.2%
๐Ÿ‡ธ๐Ÿ‡ท Suriname15.2%
๐Ÿ‡ฑ๐Ÿ‡ท Liberia15.2%
๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar15.2%
๐Ÿ‡พ๐Ÿ‡ช Yemen15.2%
๐Ÿ‡ง๐Ÿ‡ฟ Belize13.7%
๐Ÿ‡จ๐Ÿ‡ฌ Congo (Republic of)13.7%
๐Ÿ‡ช๐Ÿ‡น Ethiopia13.7%
๐Ÿ‡ฒ๐Ÿ‡ฑ Mali13.7%
๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique13.7%
๐Ÿ‡น๐Ÿ‡ณ Tunisia13.7%
๐Ÿ‡ฌ๐Ÿ‡ณ Guinea13.7%
๐Ÿ‡ง๐Ÿ‡ง Barbados11.4%
๐Ÿ‡ง๐Ÿ‡ด Bolivia11.4%
๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso11.4%
๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon11.4%
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq11.4%
๐Ÿ‡ฒ๐Ÿ‡ป Maldives11.4%
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria11.4%
๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands11.4%
๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe11.4%
๐Ÿ‡ฆ๐Ÿ‡ด Angola9.9%
๐Ÿ‡ง๐Ÿ‡ฆ Bosnia and Herzegovina9.9%
๐Ÿ‡จ๐Ÿ‡ป Cape Verde9.9%
๐Ÿ‡จ๐Ÿ‡ฉ Congo (Democratic Republic of)9.9%
๐Ÿ‡ช๐Ÿ‡ฌ Egypt9.9%
๐Ÿ‡ฐ๐Ÿ‡ช Kenya9.9%
๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyzstan9.9%
๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova9.9%
๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia9.9%
๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua9.9%
๐Ÿ‡ณ๐Ÿ‡ช Niger9.9%
๐Ÿ‡ป๐Ÿ‡จ St. Vincent & the Grenadines9.9%
๐Ÿ‡ธ๐Ÿ‡ฟ Swaziland9.9%
๐Ÿ‡น๐Ÿ‡ฏ Tajikistan9.9%
๐Ÿ‡น๐Ÿ‡ฌ Togo9.9%
๐Ÿ‡น๐Ÿ‡ท Turkey9.9%
๐Ÿ‡ฎ๐Ÿ‡ท Iran9.9%
๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar9.9%
๐Ÿ‡ง๐Ÿ‡ญ Bahrain8.4%
๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia8.4%
๐Ÿ‡จ๐Ÿ‡ฒ Cameroon8.4%
๐Ÿ‡จ๐Ÿ‡ฐ Cook Islands8.4%
๐Ÿ‡จ๐Ÿ‡ท Costa Rica8.4%
๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica8.4%
๐Ÿ‡ต๐Ÿ‡ฌ Papua New Guinea8.4%
๐Ÿ‡ท๐Ÿ‡ผ Rwanda8.4%
๐Ÿ‡น๐Ÿ‡ฟ Tanzania8.4%
๐Ÿ‡บ๐Ÿ‡ฌ Uganda8.4%
๐Ÿ‡ฌ๐Ÿ‡ฒ Gambia8.4%
๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau8.4%
๐Ÿ‡ฆ๐Ÿ‡ฑ Albania6.8%
๐Ÿ‡ง๐Ÿ‡ธ Bahamas6.8%
๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh6.8%
๐Ÿ‡ง๐Ÿ‡ฏ Benin6.8%
๐Ÿ‡ซ๐Ÿ‡ฏ Fiji6.8%
๐Ÿ‡ญ๐Ÿ‡ณ Honduras6.8%
๐Ÿ‡ฏ๐Ÿ‡ด Jordan6.8%
๐Ÿ‡ฒ๐Ÿ‡ช Montenegro6.8%
๐Ÿ‡ณ๐Ÿ‡ฆ Namibia6.8%
๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia5.5%
๐Ÿ‡จ๐Ÿ‡ฎ Cรดte d'Ivoire5.5%
๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic5.5%
๐Ÿ‡ฌ๐Ÿ‡ท Greece5.5%
๐Ÿ‡ฒ๐Ÿ‡ฐ Macedonia5.5%
๐Ÿ‡ธ๐Ÿ‡ณ Senegal5.5%
๐Ÿ‡บ๐Ÿ‡ฟ Uzbekistan5.5%
๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria5.5%
๐Ÿ‡ง๐Ÿ‡ท Brazil4.6%
๐Ÿ‡ฌ๐Ÿ‡ช Georgia4.6%
๐Ÿ‡ด๐Ÿ‡ฒ Oman4.6%
๐Ÿ‡ท๐Ÿ‡ธ Serbia4.6%
๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa4.6%
๐Ÿ‡ธ๐Ÿ‡ฝ St. Maarten4.6%
๐Ÿ‡น๐Ÿ‡น Trinidad and Tobago4.6%
๐Ÿ‡ป๐Ÿ‡ณ Vietnam4.6%
๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan3.8%
๐Ÿ‡จ๐Ÿ‡พ Cyprus3.8%
๐Ÿ‡ฌ๐Ÿ‡น Guatemala3.8%
๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco3.8%
๐Ÿ‡ต๐Ÿ‡พ Paraguay3.8%
๐Ÿ‡ธ๐Ÿ‡ญ Sharjah3.8%
๐Ÿ‡ฎ๐Ÿ‡ณ India3.3%
๐Ÿ‡ฎ๐Ÿ‡น Italy3.3%
๐Ÿ‡ฒ๐Ÿ‡บ Mauritius3.3%
๐Ÿ‡ฒ๐Ÿ‡ธ Montserrat3.3%
๐Ÿ‡ท๐Ÿ‡ด Romania3.3%
๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra2.9%
๐Ÿ‡ฆ๐Ÿ‡ผ Aruba2.9%
๐Ÿ‡จ๐Ÿ‡ด Colombia2.9%
๐Ÿ‡ญ๐Ÿ‡ท Croatia2.9%
๐Ÿ‡จ๐Ÿ‡ผ Curacao2.9%
๐Ÿ‡ญ๐Ÿ‡บ Hungary2.9%
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia2.9%
๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan2.9%
๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico2.9%
๐Ÿ‡ต๐Ÿ‡ฆ Panama2.9%
๐Ÿ‡ต๐Ÿ‡ญ Philippines2.9%
๐Ÿ‡ต๐Ÿ‡น Portugal2.9%
๐Ÿ‡บ๐Ÿ‡พ Uruguay2.9%
๐Ÿ‡ฑ๐Ÿ‡พ Libya2.9%
๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria2.4%
๐Ÿ‡ต๐Ÿ‡ช Peru2.4%
๐Ÿ‡ช๐Ÿ‡ธ Spain2.4%
๐Ÿ‡น๐Ÿ‡ญ Thailand2.4%
๐Ÿ‡น๐Ÿ‡จ Turks and Caicos2.4%
๐Ÿ‡ฌ๐Ÿ‡พ Guyana2.4%
๐Ÿ‡ง๐Ÿ‡ผ Botswana1.8%
๐Ÿ‡ฑ๐Ÿ‡ป Latvia1.8%
๐Ÿ‡ฒ๐Ÿ‡พ Malaysia1.8%
๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia1.8%
๐Ÿ‡ง๐Ÿ‡ฒ Bermuda1.3%
๐Ÿ‡จ๐Ÿ‡ฑ Chile1.3%
๐Ÿ‡ฎ๐Ÿ‡ธ Iceland1.3%
๐Ÿ‡ฑ๐Ÿ‡น Lithuania1.3%
๐Ÿ‡ฒ๐Ÿ‡น Malta1.3%
๐Ÿ‡ต๐Ÿ‡ฑ Poland1.3%
๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia1.3%
๐Ÿ‡จ๐Ÿ‡ณ China1.1%
๐Ÿ‡ช๐Ÿ‡ช Estonia1.1%
๐Ÿ‡ฎ๐Ÿ‡ฑ Israel1.1%
๐Ÿ‡ฏ๐Ÿ‡ต Japan1.1%
๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait1.1%
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia1.1%
๐Ÿ‡ง๐Ÿ‡ช Belgium0.9%
๐Ÿ‡ฐ๐Ÿ‡พ Cayman Islands0.9%
๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic0.9%
๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong0.9%
๐Ÿ‡ฎ๐Ÿ‡ช Ireland0.9%
๐Ÿ‡ฎ๐Ÿ‡ฒ Isle of Man0.9%
๐Ÿ‡ฏ๐Ÿ‡ช Jersey0.9%
๐Ÿ‡ฒ๐Ÿ‡ด Macao0.9%
๐Ÿ‡ถ๐Ÿ‡ฆ Qatar0.9%
๐Ÿ‡น๐Ÿ‡ผ Taiwan0.9%
๐Ÿ‡ฌ๐Ÿ‡ง UK0.9%
๐Ÿ‡ง๐Ÿ‡ณ Brunei0.9%
๐Ÿ‡ฆ๐Ÿ‡ช Abu Dhabi0.8%
๐Ÿ‡ซ๐Ÿ‡ท France0.8%
๐Ÿ‡ฌ๐Ÿ‡ฌ Guernsey0.8%
๐Ÿ‡ฐ๐Ÿ‡ท Korea0.8%
๐Ÿ‡ฆ๐Ÿ‡ช U.A.E.0.8%
๐Ÿ‡ฆ๐Ÿ‡น Austria0.6%
๐Ÿ‡ซ๐Ÿ‡ฎ Finland0.6%
๐Ÿ‡ฆ๐Ÿ‡บ Australia0.0%
๐Ÿ‡จ๐Ÿ‡ฆ Canada0.0%
๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark0.0%
๐Ÿ‡ฉ๐Ÿ‡ช Germany0.0%
๐Ÿ‡ฑ๐Ÿ‡ฎ Liechtenstein0.0%
๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg0.0%
๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands0.0%
๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand0.0%
๐Ÿ‡ณ๐Ÿ‡ด Norway0.0%
๐Ÿ‡ธ๐Ÿ‡ฌ Singapore0.0%
๐Ÿ‡ธ๐Ÿ‡ช Sweden0.0%
๐Ÿ‡จ๐Ÿ‡ญ Switzerland0.0%
๐Ÿ‡บ๐Ÿ‡ธ U.S.0.0%

As the table above shows, five countries share the highest risk: Belarus, Lebanon, Venezuela, Sudan, and Syria. In Belarus, Russian military forces continue to operate. Venezuela has faced hyperinflation and endemic corruption for many years.

On the other hand, 13 countries had the lowest risk, including several European nations, Singapore, and New Zealand. This is due to factors such as their AAA-rated government bonds, low corruption, and strong property right protections.

What Does This Mean for Investors?

The growth of emerging economies presents opportunities for investors, shaped by demographic influences, rising GDP, and technological advancements seen globally.

Adding to this, diversification across sectors, assets, and geographies may stand to benefit investors more generally.

With this in mind, investments in other countries are exposed to country risks that go beyond, but ultimately influence the long-term performance of stocks, bonds, and other financial assets. Considering these factors, the reward of investing in international companies may come with macroeconomic and country-specific risks.

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Markets

The Top Retailers in the World, by Store Count

Here are the top retailers in the world by physical store presence, illustrating the dominance of convenience and drug store chains.

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This circle graphic shows the retailers with the highest number of locations worldwide.

The Top Retailers in the World, by Store Count

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Which retail chains have the highest global store counts?

Owing to their rapid speed of service in providing the basics to customers, convenience chains stand as the clear leaders. Going further, their smaller footprint allows them to expand their store counts at a greater scale.

This graphic shows the top retailers in the world by store count, based on data from the National Retailers Federation.

Japanese Retailers Dominate the Pack

Below, we show the global retailers with the most physical storefronts in 2023:

RankingRetailerTotal Stores WorldwideIndustryHeadquarters
1Seven & I40,454Convenience Store๐Ÿ‡ฏ๐Ÿ‡ต Japan
2FamilyMart24,251Convenience Store๐Ÿ‡ฏ๐Ÿ‡ต Japan
3Lawson21,902Convenience Store๐Ÿ‡ฏ๐Ÿ‡ต Japan
4CP All16,042Convenience Store๐Ÿ‡น๐Ÿ‡ญ Thailand
5AS Watson16,014Drug Store๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong
6Schwarz Group14,112Discount Grocery๐Ÿ‡ฉ๐Ÿ‡ช Germany
7Carrefour14,014Supermarkets๐Ÿ‡ซ๐Ÿ‡ท France
8Couche-Tard13,505Convenience Store๐Ÿ‡จ๐Ÿ‡ฆ Canada
9Aldi13,475Discount Grocery๐Ÿ‡ฉ๐Ÿ‡ช Germany
10Walgreens Boots Alliance12,961Drug Store๐Ÿ‡บ๐Ÿ‡ธ U.S.

Leading by a wide margin is Japanโ€™s Seven & I Holdings, with 40,454 store locations worldwide.

The retail giant includes the 7-Eleven franchise along with Ito-Yokado, its supermarket chain. While the world’s largest convenience chain traces its origins to Dallas, Texas, the remainder of the U.S-based company (27%) was acquired in 2005 in a $1.2 billion deal that took the company fully private. Today, the company operates in 10 markets globally.

Next in line are Japanโ€™s FamilyMart and Lawson, each boasting over 20,000 locations. For perspective, Walmart, Americaโ€™s largest retail company by revenues, operates 10,569 locations globally.

In Europe, Germanyโ€™s discount grocery chain Schwarz takes the lead, due to its extensive network of stores. Operating across 30 countries and with over 500,000 employees, the no-frills chain stands as a powerhouse. Franceโ€™s supermarket giant, Carrefour, follows closely behind.

Ranking in eighth is Canadian retailer, Couche-Tard, with stores largely concentrated in North America and Europe. Since 2004, the company has made over 60 acquisitions, including 2,200 gas stations from French oil company TotalEnergies in 2023. The company is known for its Circle K brand, which operates in 24 countries globally.

Closing off the list is Walgreens Boots Alliance, the only American retailer in the rankings. The company owns the ubiquitous UK-based Boots brand, which was founded in 1849 in Nottingham. Yet as profits margins face increasing strains, it is looking to sell the subsidiary and instead focus more heavily on its U.S. pharmacy and healthcare businesses. With a presence in 13 countries, the pharmacy chain operates 12,961 stores worldwide.

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