https://www.conferenceboard.ca/hcp/publicrandd-aspx/
https://ec.europa.eu/eurostat/statistics-explained/index.php...
(Or, if we really lean into the "alternate history" bit, then the US might not have so many rich investors to begin with, as those investors would have been the ones living in that other global R&D center country, who became ludicrously wealthy when their investments into the domestic R&D companies in that other country bore fruit.)
If you want to invest in another country, that's a big change. There's certainly opportunity there, but without knowledge and contacts, it can be very hard to get things done.
One track to investing in foreign R&D is foreign nationals come and work in the US to earn skills, knowledge, and capital, and then they take those earnings and invest them in their country of origin, maybe living here or there.
Sure, investors could just park their money in what few dumb domestic options there are. That's the "patriotic" approach, and in less-aggressive markets, you'll see some investors [esp. big institutional investors] building the hedge parts of their portfolios out of these kinds of investments. But when the only domestic options are dumb/boring, any "smart money" investor will either take their money and leave the country for greener pastures, or they'll pick up the skills required to play in foreign markets.
In such a world, why wouldn't you see 1. foreign R&D companies, 2. indexed into a thriving foreign equities market, 3. gathering the interest of domestic investors who want to diversify beyond domestic investments, by 4. moving their money and/or investing in domestic proxy investments?
I say this as a Canadian whose managed mutual-fund holdings are apparently largely composed of foreign (mostly American) proxy equities — and who has met many Canadian-based VCs who don't do much investment into Canadian companies. If not for talent immigration, the American investment landscape would probably look similar!