An insulated electric wire includes a linear conductor and one or a plurality of insulating layers formed on an outer peripheral surface of the conductor. At least one of the one or plurality of insulating layers contains a plurality of pores, outer shells are disposed on peripheries of the pores, and the outer shells are derived from shells of hollow-forming particles having a core-shell structure. A varnish for forming an insulating layer contains a resin composition forming a matrix and hollow-forming particles having a core-shell structure and dispersed in the resin composition. In the varnish, cores of the hollow-forming particles contain a thermally decomposable resin as a main component, and shells of the hollow-forming particles contain a main component having a higher thermal decomposition temperature than the thermally decomposable resin.