Manufacturing Is Not Leaving the Rich World

Kasra Ferdows illustrates how, contrary to the prevailing perception, high-income countries continue to produce more value-added through manufacturing than all low- and middle-income countries (including China) combined. These rich countries are still ranked as the most desirable locations for manufacturing in many industries. Please note: This paper was written and accepted well before the regulatory changes of 2025 and so does not address the current spate of tariffs.