The annual total returns for developed markets from 2003 thru 2017 are shown in the chart below. These data are based on MSCI index returns. Last year Austria topped the list with a return of 59%. Except Israel, all the developed countries in the chart had double digit total returns. The gap between these countries shows the need for diversification. Besides the chart also shows that no one country is the top performer every year.

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Source: Novel Investor