Who benefited the most and least from mercantilism?

Under mercantilism, the nation-state benefited the most, as it aimed to accumulate wealth through trade surpluses and the establishment of colonies, which provided raw materials and markets for finished goods. Wealthy merchants and colonial powers also gained significantly from these practices. Conversely, the least benefited were the colonized populations, who often faced exploitation, resource depletion, and economic dependency, as well as the lower classes in the home countries, who frequently bore the burdens of war and taxation to support imperial ambitions.