The invention relates to an insulated conductor (10) for high-voltage windings in electric machines. The insulated conductor (10) comprises one or more strands (12), an inner, first conductive layer (14) surrounding the strands (12), a first insulating layer (16) surrounding the inner, first conductive layer (14) and an outer, second conductive layer (18) surrounding the first insulating layer (16). The second conductive layer (18) has a resistivity which on the one hand minimizes the electric losses in the second conductive layer (18), and on the other hand contributes to the voltage induced in the second conductive layer (18) minimizing the risk of glow discharges.