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IPS152 Ryan N.
95 percent of resident SPE assets, accounted for only 13 percent of the number
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of SPEs. Resident SPEs were more likely to be found in the real estate industry
than any other industry. While this industry includes real estate trusts, it also
includes smaller-value properties that may meet the TFSPE’s definition as
applied here. Future research is needed to understand which of these affiliates
are truly SPEs.

Table 4. Resident SPEs and Assets by Selected Industry, 2016
Industry of Affiliate Number Share of Assets Share of SPE
SPEs (%) ($B) Assets (%)
Total 4,653 100.0 $159.4 100.0
Holding companies 594 12.8 $151.7 95.2
Nondepository credit 48 1.0 $3.1 2.0
intermediation
Real estate 1,571 33.8 $1.2 0.8
Financial investment activities 260 5.6 $1.2 0.8
Funds and trusts 135 2.9 $1.1 0.7
Other industries 2,045 44.0 $1.1 0.7

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The five countries of ultimate beneficial owner (UBO) with the largest
shares of resident SPE assets accounted for more than three-quarters of total
SPE assets. Most of these countries are longstanding trade and investment
partners of the United States. The largest share of SPE assets in the United
States was ultimately owned by United Kingdom-based MNEs, but the second
largest share was ultimately owned by U.S. persons (commonly referred to as
“roundtrip FDI”).

Table 5. Resident SPEs and Assets by Selected Country of UBO, 2016
Country of UBO SPEs Share of U.S. Assets ($B) Share of U.S.
SPEs (%) SPE
100.0
Total 4,653 100.0 $159.4 assets (%)
United Kingdom 905 19.4 $48.5 30.4
United States 520 11.2 $43.7 27.4
Netherlands 499 10.7 $12.5 7.8
Canada 309 6.6 $9.2 5.8
Mexico 263 5.7 $8.2 5.1
Other countries 2,157 46.4 $37.3 23.4

8 U.S. affiliates report on a consolidated domestic U.S. basis. The industry of a U.S. affiliate is
determined by the industry from which the consolidated U.S. company derives the majority of
its sales. Consolidated U.S. affiliates may include holding companies within the consolidation.
This differs from the U.S. direct investment abroad data in which, according to survey
instructions, foreign affiliates cannot be consolidated across industries or countries.
9 The UBO is that person, proceeding up a U.S. affiliate’s ownership chain, beginning with and
including the foreign parent, that is not owned more than 50 percent by another person.
Unlike the foreign parent, the UBO of an affiliate may be located in the United States.
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