Based on statistics from Rosstat, the Central Bank and other open source data, the article studies the spatial features of the economic and investment activity of the regions of the Moscow metropolitan area, which includes 10 constituent entities of the Russian Federation. The analysis revealed a significant dichotomy between the metropolitan territories – the capital region (including Moscow and the Moscow region) and the other 8 constituent entities – in terms of investment indicators and their dynamics. We identified a steady trend toward the centralization of economic and investment activity during the post-Soviet period, as a result of which by now Moscow and the Moscow region (Moscow Oblast) have concentrated 70% of the population, 86% of the gross regional product and investments in fixed assets as well as over 95% of foreign direct investment of the metropolitan area. From 2013 to 2021, the centralization of investment activity in Moscow and the Moscow region intensified, although the number of investment infrastructure facilities increased in all metropolitan regions over 8 years. Naturally, huge domestic and foreign investment flows are directed toward Moscow; however, the hierarchical-wave diffusion of investment distribution from larger centers to less significant ones, which is peculiar to metropolitan development, is unstable, primarily due to a series of economic shocks (starting from the crisis of 2008-2009 and ending with the COVID-19 pandemic) and is giving way to the ‘neighborhood effect’. Nevertheless, in view of the Moscow region’s saturation with investment infrastructure, as well as its expansion into other metropolitan regions, it can be concluded that as the investment climate in the country stabilizes, investment expansion toward the peripheral regions of the metropolitan area will increase, taking the form of classical hierarchical-wave diffusion.