If only we had never sold ASML

The Netherlands has accumulated enormous (pension) assets, most of which are invested abroad. Meanwhile, Dutch companies are being sold to foreign buyers. But does that deal actually make us richer?

Something strange has happened. The Netherlands is an export champion. And according to the laws of economics—yes, they do exist—there are only two things you can do with the money you earn from that: spend it on importing foreign goods and services, or invest it abroad. Since we in the Netherlands apparently aren’t all that fond of foreign goods, year after year after year we’re building up an ever-larger nest egg abroad.

Right?

So how is it possible that our net claim on other countries has more than halved in a year and a half? Of the 725 billion euros we were still net owed by other countries at the end of 2024, only a meager 301 billion euros remains. And this despite the fact that, during that same period, our exports exceeded our imports by 133 billion euros.

Where did our money go?