Is NIIP a good measure of a country economical development? In another question I asked someone pointed me to an answer where NIIP (Net International Investment Position) was mentioned as a measure of economical development, which I already heard about it and it makes sense since it takes into account not only the actives but the pasives of a country

But then you see this list, and you find out that first world countries like United States, Australia, Sweeden or Spain are in big red. What does this mean? Does it mean that NIIP is a poor index to measure economical development or wealth? Or does it mean those countries are in a serious bad situation which could lead them to be in a crisis in the future?
For common definitions of the word development the NIIP would be a very bad measure. The NIIP is a measure of net foreign debt. I don't see any clear first order link between foreign debt or assets and economic development. 

A popular measure of development is the HDI, which is constructed from data on live expectancy, adult literacy rates and GDP.