The United States has long been the leader in making private foreign direct investments (FDI), although American firms now own slightly less than half of the world's stock of FDI, according to a 1978 United Nations report. This is down from a peak of over 60 percent in the 1950's. But, during the last decade, the United States has also become the world's largest host country for FDI, with investments in the food and tobacco manufacturing industries accounting for about 18 percent of total manufacturing FDI in 1979.