diff --git a/CHANGELOG.md b/CHANGELOG.md
index 44b641f7f..f7ca1dc34 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 - Extended the content of the _Self-Hosting_ section by available home server systems on the Frequently Asked Questions (FAQ) page
 
+### Changed
+
+- Upgraded `countries-list` from version `2.6.1` to `3.1.0`
+
 ### Fixed
 
 - Fixed an issue in the performance calculation caused by multiple `SELL` activities on the same day
diff --git a/apps/api/src/services/data-provider/data-enhancer/trackinsight/trackinsight.service.ts b/apps/api/src/services/data-provider/data-enhancer/trackinsight/trackinsight.service.ts
index 63d785253..ddc3d79f8 100644
--- a/apps/api/src/services/data-provider/data-enhancer/trackinsight/trackinsight.service.ts
+++ b/apps/api/src/services/data-provider/data-enhancer/trackinsight/trackinsight.service.ts
@@ -5,12 +5,12 @@ import { Sector } from '@ghostfolio/common/interfaces/sector.interface';
 
 import { Injectable } from '@nestjs/common';
 import { SymbolProfile } from '@prisma/client';
+import { countries } from 'countries-list';
 import got from 'got';
 
 @Injectable()
 export class TrackinsightDataEnhancerService implements DataEnhancerInterface {
   private static baseUrl = 'https://www.trackinsight.com/data-api';
-  private static countries = require('countries-list/dist/countries.json');
   private static countriesMapping = {
     'Russian Federation': 'Russia'
   };
@@ -131,20 +131,19 @@ export class TrackinsightDataEnhancerService implements DataEnhancerInterface {
       (response.countries as unknown as Country[]).length === 0
     ) {
       response.countries = [];
+
       for (const [name, value] of Object.entries<any>(
         holdings?.countries ?? {}
       )) {
         let countryCode: string;
 
-        for (const [key, country] of Object.entries<any>(
-          TrackinsightDataEnhancerService.countries
-        )) {
+        for (const [code, country] of Object.entries(countries)) {
           if (
             country.name === name ||
             country.name ===
               TrackinsightDataEnhancerService.countriesMapping[name]
           ) {
-            countryCode = key;
+            countryCode = code;
             break;
           }
         }
diff --git a/apps/api/src/services/symbol-profile/symbol-profile.service.ts b/apps/api/src/services/symbol-profile/symbol-profile.service.ts
index a87b00d95..751feda22 100644
--- a/apps/api/src/services/symbol-profile/symbol-profile.service.ts
+++ b/apps/api/src/services/symbol-profile/symbol-profile.service.ts
@@ -189,9 +189,8 @@ export class SymbolProfileService {
       return {
         code,
         weight,
-        continent:
-          continents[countries[code as string]?.continent] ?? UNKNOWN_KEY,
-        name: countries[code as string]?.name ?? UNKNOWN_KEY
+        continent: continents[countries[code]?.continent] ?? UNKNOWN_KEY,
+        name: countries[code]?.name ?? UNKNOWN_KEY
       };
     });
   }
diff --git a/package.json b/package.json
index ddd5de1cf..5b92172e4 100644
--- a/package.json
+++ b/package.json
@@ -102,7 +102,7 @@
     "class-validator": "0.14.0",
     "color": "4.2.3",
     "countries-and-timezones": "3.4.1",
-    "countries-list": "2.6.1",
+    "countries-list": "3.1.0",
     "countup.js": "2.3.2",
     "date-fns": "2.29.3",
     "envalid": "7.3.1",
diff --git a/yarn.lock b/yarn.lock
index f71e7ad80..ba7e811ef 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -9739,10 +9739,10 @@ countries-and-timezones@3.4.1:
   resolved "https://registry.yarnpkg.com/countries-and-timezones/-/countries-and-timezones-3.4.1.tgz#0ec2540f57e42f0f740eb2acaede786043347fe1"
   integrity sha512-INeHGCony4XUUR8iGL/lmt9s1Oi+n+gFHeJAMfbV5hJfYeDOB8JG1oxz5xFQu5oBZoRCJe/87k1Vzue9DoIauA==
 
-countries-list@2.6.1:
-  version "2.6.1"
-  resolved "https://registry.yarnpkg.com/countries-list/-/countries-list-2.6.1.tgz#d479757ac873b1e596ccea0a925962d20396c0cb"
-  integrity sha512-jXM1Nv3U56dPQ1DsUSsEaGmLHburo4fnB7m+1yhWDUVvx5gXCd1ok/y3gXCjXzhqyawG+igcPYcAl4qjkvopaQ==
+countries-list@3.1.0:
+  version "3.1.0"
+  resolved "https://registry.yarnpkg.com/countries-list/-/countries-list-3.1.0.tgz#1cbe32f58659c7d6a1e744917689f24c84333ea8"
+  integrity sha512-HpTBLZba1VPTZSjUnUwR7SykxV7Z/7/+ZM5x5wi5tO99Qvom6bE2SC+AQ18016ujg3jSlYBbMITrHNnPAHSM9Q==
 
 countup.js@2.3.2:
   version "2.3.2"