This paper provides a comparative analysis of national rationales to higher education internationalization in the global north and south countries using content analysis. The results reveal that the socio-economic rationales are dominant across most of the 27 sampled countries. However, they manifest differently across the global north and global south as countries interpret the benefits and effects of internationalization in line with their national priorities. These variations are being shaped by an increasingly complex, competitive, and multipolar higher education internationalization landscape with new global south actors acquiring agency despite the deepening global inequalities. As a result, political rationales are becoming an important driver to internationalization. The current geopolitical environment associated with global conflicts, health pandemics, and increased nationalistic, anti-immigrant, and anti-globalization sentiments is also adding more uncertainty and complexity. Due to increased concerns about this multipolar and self-centred internationalization, a few countries are starting to promote inclusive approaches to internationalization.