Angolans invest more in Portugal than the Portuguese do in Angola; where does this money go?

Official figures from the Bank of Portugal and AICEP leave no room for doubt: by the end of 2025, the stock of Angolan direct investment in Portugal had reached €4,525.7 million—a 50.9% increase compared to 2024 and a 152% rise since 2021. Conversely, Portuguese investment in Angola stood at €2,410.4 million, a 9.7% drop from the previous year. The balance, which had been positive for Portugal in 2021 (€725 million), reversed course, resulting in a deficit of €2,115 million in Angola's favor.

Angola climbed from 14th to 9th place among the largest investors in Portugal. Based on the "ultimate investor" criterion, the figure rises to €5,168.8 million. In the first quarter of 2026, Angolans had already invested an additional €96 million in Portugal, whereas the flow of Portuguese investment into Angola was negative.

These data confirm a reality that is rarely discussed: there is Angolan capital with both the capacity and the appetite for assets in Portugal. The question that arises is: why aren't Angolan investors buying companies in Portugal?

When looking at major M&A deals in Portugal in recent years, the names that frequently appear are Spanish, French, American, Chinese, British, and Brazilian, as well as—increasingly—funds from the Middle East (specifically Saudi Arabia and the UAE). Spain continues to lead in terms of direct investment stock. The United States has surpassed China and the United Kingdom in certain recent metrics. China maintains significant strategic positions (in companies such as EDP, REN, Fidelidade, and Mota-Engil, among others). Brazil appears regularly in medium- and large-scale transactions. Despite the volume of available assets, Angolan investors remain on the sidelines of this segment. The capital exists but rarely features prominently in the acquisition of Portuguese companies with established operations, positive EBITDA, and growth potential. A large share of Angolan investment in Portugal remains concentrated in real estate, financial services, and assets of lesser strategic visibility.