diff --git a/apps/api/src/app/portfolio/portfolio.service.ts b/apps/api/src/app/portfolio/portfolio.service.ts
index bbc8f437e..9c8feaee8 100644
--- a/apps/api/src/app/portfolio/portfolio.service.ts
+++ b/apps/api/src/app/portfolio/portfolio.service.ts
@@ -7,6 +7,7 @@ import { UserService } from '@ghostfolio/api/app/user/user.service';
 import { getFactor } from '@ghostfolio/api/helper/portfolio.helper';
 import { AccountClusterRiskCurrentInvestment } from '@ghostfolio/api/models/rules/account-cluster-risk/current-investment';
 import { AccountClusterRiskSingleAccount } from '@ghostfolio/api/models/rules/account-cluster-risk/single-account';
+import { AllocationClusterRiskEmergingMarkets } from '@ghostfolio/api/models/rules/allocation-cluster-risk/emerging-markets';
 import { CurrencyClusterRiskBaseCurrencyCurrentInvestment } from '@ghostfolio/api/models/rules/currency-cluster-risk/base-currency-current-investment';
 import { CurrencyClusterRiskCurrentInvestment } from '@ghostfolio/api/models/rules/currency-cluster-risk/current-investment';
 import { EmergencyFundSetup } from '@ghostfolio/api/models/rules/emergency-fund/emergency-fund-setup';
@@ -1160,7 +1161,7 @@ export class PortfolioService {
     const userId = await this.getUserId(impersonationId, this.request.user.id);
     const userSettings = <UserSettings>this.request.user.Settings.settings;
 
-    const { accounts, holdings, summary } = await this.getDetails({
+    const { accounts, holdings, summary, markets } = await this.getDetails({
       impersonationId,
       userId,
       withMarkets: true,
@@ -1180,6 +1181,11 @@ export class PortfolioService {
                   new AccountClusterRiskSingleAccount(
                     this.exchangeRateDataService,
                     accounts
+                  ),
+                  new AllocationClusterRiskEmergingMarkets(
+                    this.exchangeRateDataService,
+                    summary.committedFunds,
+                    markets.emergingMarkets.valueInBaseCurrency
                   )
                 ],
                 userSettings
diff --git a/apps/api/src/app/user/user.service.ts b/apps/api/src/app/user/user.service.ts
index e8a437be6..dce6e787c 100644
--- a/apps/api/src/app/user/user.service.ts
+++ b/apps/api/src/app/user/user.service.ts
@@ -4,6 +4,7 @@ import { environment } from '@ghostfolio/api/environments/environment';
 import { PortfolioChangedEvent } from '@ghostfolio/api/events/portfolio-changed.event';
 import { AccountClusterRiskCurrentInvestment } from '@ghostfolio/api/models/rules/account-cluster-risk/current-investment';
 import { AccountClusterRiskSingleAccount } from '@ghostfolio/api/models/rules/account-cluster-risk/single-account';
+import { AllocationClusterRiskEmergingMarkets } from '@ghostfolio/api/models/rules/allocation-cluster-risk/emerging-markets';
 import { CurrencyClusterRiskBaseCurrencyCurrentInvestment } from '@ghostfolio/api/models/rules/currency-cluster-risk/base-currency-current-investment';
 import { CurrencyClusterRiskCurrentInvestment } from '@ghostfolio/api/models/rules/currency-cluster-risk/current-investment';
 import { EmergencyFundSetup } from '@ghostfolio/api/models/rules/emergency-fund/emergency-fund-setup';
@@ -215,6 +216,10 @@ export class UserService {
         undefined,
         {}
       ).getSettings(user.Settings.settings),
+      AllocationClusterRiskEmergingMarkets:
+        new AllocationClusterRiskEmergingMarkets(undefined, 0, 0).getSettings(
+          user.Settings.settings
+        ),
       CurrencyClusterRiskBaseCurrencyCurrentInvestment:
         new CurrencyClusterRiskBaseCurrencyCurrentInvestment(
           undefined,
diff --git a/apps/api/src/models/rules/allocation-cluster-risk/emerging-markets.ts b/apps/api/src/models/rules/allocation-cluster-risk/emerging-markets.ts
new file mode 100644
index 000000000..5ba227ece
--- /dev/null
+++ b/apps/api/src/models/rules/allocation-cluster-risk/emerging-markets.ts
@@ -0,0 +1,84 @@
+import { RuleSettings } from '@ghostfolio/api/models/interfaces/rule-settings.interface';
+import { Rule } from '@ghostfolio/api/models/rule';
+import { ExchangeRateDataService } from '@ghostfolio/api/services/exchange-rate-data/exchange-rate-data.service';
+import { UserSettings } from '@ghostfolio/common/interfaces';
+
+export class AllocationClusterRiskEmergingMarkets extends Rule<Settings> {
+  private emergingMarketsValueInBaseCurrency: number;
+  private totalInvestment: number;
+
+  public constructor(
+    protected exchangeRateDataService: ExchangeRateDataService,
+    totalInvestment: number,
+    emergingMarketsValueInBaseCurrency: number
+  ) {
+    super(exchangeRateDataService, {
+      key: AllocationClusterRiskEmergingMarkets.name,
+      name: 'Emerging Markets'
+    });
+
+    this.emergingMarketsValueInBaseCurrency =
+      emergingMarketsValueInBaseCurrency;
+    this.totalInvestment = totalInvestment;
+  }
+
+  public evaluate(ruleSettings: Settings) {
+    const emergingMarketsValueRatio = this.totalInvestment
+      ? this.emergingMarketsValueInBaseCurrency / this.totalInvestment
+      : 0;
+
+    if (emergingMarketsValueRatio > ruleSettings.thresholdMax) {
+      return {
+        evaluation: `The emerging markets contribution exceed ${(
+          ruleSettings.thresholdMax * 100
+        ).toPrecision(
+          3
+        )}% of your initial investment (${(emergingMarketsValueRatio * 100).toPrecision(3)}%)`,
+        value: false
+      };
+    } else if (emergingMarketsValueRatio < ruleSettings.thresholdMin) {
+      return {
+        evaluation: `The emerging markets contribution does not exceed ${(
+          ruleSettings.thresholdMin * 100
+        ).toPrecision(
+          3
+        )}% of your initial investment (${(emergingMarketsValueRatio * 100).toPrecision(3)}%)`,
+        value: false
+      };
+    }
+
+    return {
+      evaluation: `The emerging markets contribution does not exceed ${
+        ruleSettings.thresholdMax * 100
+      }% of your initial investment (${(emergingMarketsValueRatio * 100).toPrecision(3)}%)`,
+      value: true
+    };
+  }
+
+  public getConfiguration() {
+    return {
+      threshold: {
+        max: 1,
+        min: 0,
+        step: 0.0025,
+        unit: '%'
+      },
+      thresholdMax: true
+    };
+  }
+
+  public getSettings({ baseCurrency, xRayRules }: UserSettings): Settings {
+    return {
+      baseCurrency,
+      isActive: xRayRules?.[this.getKey()]?.isActive ?? true,
+      thresholdMax: xRayRules?.[this.getKey()]?.thresholdMax ?? 0.32,
+      thresholdMin: xRayRules?.[this.getKey()]?.thresholdMin ?? 0.28
+    };
+  }
+}
+
+interface Settings extends RuleSettings {
+  baseCurrency: string;
+  thresholdMin: number;
+  thresholdMax: number;
+}
diff --git a/libs/common/src/lib/types/x-ray-rules-settings.type.ts b/libs/common/src/lib/types/x-ray-rules-settings.type.ts
index fddd708cc..a8fc714bb 100644
--- a/libs/common/src/lib/types/x-ray-rules-settings.type.ts
+++ b/libs/common/src/lib/types/x-ray-rules-settings.type.ts
@@ -1,5 +1,6 @@
 export type XRayRulesSettings = {
   AccountClusterRiskCurrentInvestment?: RuleSettings;
+  AllocationClusterRiskEmergingMarkets?: RuleSettings;
   AccountClusterRiskSingleAccount?: RuleSettings;
   CurrencyClusterRiskBaseCurrencyCurrentInvestment?: RuleSettings;
   CurrencyClusterRiskCurrentInvestment?: RuleSettings;