Americans, Canadians and Australians invest the most into New Zealand, chiefly into dairy, consumer staples and forestry, but US investors also take the most money out of the country.

KPMG has released a Foreign Direct Investment report, showing which countries invested the most into the country over the 2013-15 period, based on information from the Overseas Investment Office (OIO).

The US heads the list, with 17 per cent of all investments for a total of $4.5 billion, followed by Canada (15 per cent, $4b) and Australia (12 per cent, $3b). In total about $26.3b was invested by foreigners over the three-year period.

However because Australian investors no longer have to ask the OIO for approval for investments under $496m, the report authors say Australian investment is probably underestimated relative to others.

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What the list does not show is how much money was taken out. CTU economist Bill Rosenberg said Statistics NZ data showed the US removed $3.2b over the same three-year period, followed by Germany ($973m), the Netherlands ($372m) and Bermuda ($253m).

"KPMG doesn't see the divestments, especially from the US, nor from tax havens like Bermuda. They also look only at the OIO reports but they leave out significant investments which go under the radar," Rosenberg said.

NZ First leader Winston Peters questioned the overall benefit to the New Zealand economy of the investments.

"In our view, foreign direct investment should create jobs and add to the economy but it now seems that investors are taking more than they're giving. Take Asian-owned Goodman Fielder, which consumers will know from Meadow Fresh and other dairy brands.

"Under our law, Fonterra must supply this foreign-owned company with up to 250 million litres of 'regulated milk' virtually at cost.

"And Goodman Fielder used that milk to generate $422m in sales from New Zealanders, made an operating profit of $25.8m but only paid $3.4m in tax – an effective rate of 13 per cent but off subsidised milk," Peters said.

Between 2013-15 US investors bought the most freehold land - 40 per cent of total investors, largely based on their forestry purchases. Europe was next highest at 14 per cent, followed by China (13 per cent), Hong Kong (8 per cent) and Japan (7 per cent).

Canterbury, Otago and Southland accounted for 49 per cent of the freehold land transactions.

By sector, agribusiness and food (28 per cent) were the largest area of investments, followed by energy (18 per cent), real estate (16 per cent) and financials (12 per cent).

At 38 per cent, dairy and milk processing headed the investments in agribusiness, with forestry (17 per cent) and wine (14 per cent) running behind. Less popular was sheep and beef (9 per cent).

Over the three-year period China/Hong Kong investors made up the greatest proportion in wine (30 per cent) followed by the US (21 per cent).