In the face of calls around the world to diversify out of the dollar in recent years, the U.S. has nabbed almost one-third of all the investment that has flowed across borders since COVID-19 struck.

An International Monetary Fund analysis shows that the share of global flows has climbed — not fallen — since a shortage of dollars in 2020 spooked global investors and the 2022 freezing of Russian assets stoked questions about respect for the free movement of capital.

The prepandemic U.S. average share was just 18%, according to the IMF.