New figures from the Office for National Statistics reveal that US-based parent companies control more UK businesses than any other foreign economy, with nearly 42,000 affiliates recorded in 2024.
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The Numbers That Tell the Story
For anyone who has ever wondered how many of the businesses we use every day are actually owned abroad, the Office for National Statistics has just put some striking figures on the table. According to data published by the ONS, the United States was the economy with the most inward affiliates in the UK in 2024 — a total of 41,909 businesses here in the UK controlled by US-based parent companies.
That figure puts America well ahead of the next largest group. The ONS posted the breakdown on social media, reporting that UK offshore islands — places like Jersey, Guernsey and the Isle of Man — accounted for 31,029 inward affiliates, while Luxembourg followed with 14,656 and the Netherlands with 12,062. It’s worth pausing on that offshore islands figure, because it reflects how many UK businesses are ultimately controlled through nearby island jurisdictions rather than from a major overseas economy.
What “Inward Affiliates” Actually Means
The term can sound dry, so here’s the plain-English version. An inward affiliate is simply a UK business that’s controlled by a foreign parent company. The ONS counts these by looking at where the ultimate owner is based — not where the money originally came from, but who’s actually in charge. So if a logistics firm operating out of Dartford is ultimately owned by a corporation headquartered in New York, it counts as a US inward affiliate.
This is a different measure from the raw value of foreign investment flowing into the country. And that distinction matters. Investment flow values vary significantly year to year, and high affiliate counts don’t automatically mean high investment values in any given year.
The Wider Investment Picture
Beyond affiliate counts, the Department for Business and Trade reported that the UK recorded 1,375 inward investment projects in the 2024–2025 financial year, creating 69,355 new jobs and safeguarding a further 10,195. The United States was also the leading source of those projects, accounting for around 24% of all UK inward investment projects in 2024, according to EY’s 2025 UK Attractiveness Survey.
But not everyone reads these headline numbers as straightforwardly good news. Some parliamentary analysts and commentators have pointed out that a significant proportion of affiliates linked to offshore islands, Luxembourg and the Netherlands may reflect complex corporate and tax structures rather than direct, long-term productive investment. The argument goes that counting affiliates can flatter the picture if many of those businesses exist primarily on paper within financial holding structures.
The UK government, through the Department for Business and Trade, frames the figures more positively — presenting foreign affiliate presence as evidence that the UK remains one of Europe’s most attractive destinations for multinational businesses, second only to France by project count in 2024 according to EY analysis.
Europe’s Shifting Investment Landscape
The broader European context adds some nuance. EY’s analysis found that Europe as a whole saw a dip in FDI projects in 2024, with the UK’s share of European projects falling from 17.3% in 2023 to 15.8% in 2024. So while the UK still attracts a major share of foreign business ownership, competition from other European economies is real.
At a national level, these are big numbers. But they filter down to places like Ashford, Maidstone, Gravesham and the Thames Gateway in ways that are easy to overlook. At the same time, the ONS has been tracking inward FDI data since 1992, and the current series covers the full period through to 2024, giving policymakers a long-run picture of how foreign business ownership in the UK has evolved over more than three decades.
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Source: @ONS
Key Takeaways
- The United States was the single largest source of foreign-controlled businesses in the UK in 2024, with 41,909 inward affiliates recorded by the ONS
- UK inward investment projects in 2024–2025 created 69,355 new jobs and safeguarded over 10,000 more, while investment flow values vary significantly from year to year
- High affiliate counts from offshore islands and European financial centres like Luxembourg and the Netherlands have prompted questions about whether some figures reflect genuine operational activity or corporate structuring
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What This Means for Kent Residents
For local residents and businesses across Kent, foreign-owned affiliates are a practical daily reality — from logistics operations around Dartford and the Thames Gateway to manufacturing sites, energy facilities and business services firms spread across the county. Kent County Council and Locate in Kent, the county’s investment promotion agency, actively work to attract and support foreign-owned businesses, and the ONS evidence that the US is the dominant source of UK affiliates and investment projects helps shape where those efforts are focused. The flip side is one that workers here in Kent will recognise: when a business is ultimately controlled from New York, Amsterdam or Luxembourg City, decisions about restructuring, consolidation or closure are made far from home — so while foreign ownership brings jobs and economic activity, it can also mean local communities have little say when corporate priorities shift overseas.