[Money] Which countries in the world have the highest household investment in the stock market?
At a time of heightened financial market volatility, household interest in the stock market remains a key indicator of economic confidence. This study looks at 32 countries where households devote a significant proportion of their savings to equities and other investment products. By analyzing cultural, economic and regulatory dynamics, it sheds light on the factors that foster this craze. There are major differences from one continent to another.
Good to know
The data presented on this map are the most recent available, as of 2023 or 2024. As there are no official statistics on the subject, there is a margin of error of between 5 and 10%, due to fluctuations in stock market asset ownership and the difficulty of estimating the number of such holders. The figures include investors who directly own a portfolio of shares, as well as those who invest indirectly in stock market assets via various financial vehicles (such as life insurance, for example).
The USA, Canada and Australia are the countries with the highest stock market ownership rates
An analysis of stock market ownership rates reveals marked disparities between continents. In North America, households have the highest rates, with 55% in the USA and 49% in Canada, reflecting a strong investment culture. Oceania follows suit, with 37% in Australia and 31% in New Zealand. In Europe, there are notable differences: Nordic countries such as Sweden (22%) and Finland (18.7%) are ahead of major economies such as France (15.1%) andGermany (14.2%).
In Asia, rates remain modest overall, despite dynamic financial centers such as Hong Kong (13.8%) and Japan (15.2%). Lastly, emerging countries in Latin America and Africa, such as Brazil (8%) and Morocco (0.5%), show much lower levels, illustrating still-developing financial markets.
| Position | Country | Shareholding rate |
|---|---|---|
| 1 | United States | 55% |
| 2 | Canada | 49% |
| 3 | Australia | 37% |
| 4 | United Kingdom | 33% |
| 5 | New Zealand | 31% |
| 6 | Sweden | 22% |
| 7 | Russia | 21% |
| 8 | Finland | 18.7% |
| 9 | Switzerland | 17.6% |
| 10 | Ireland | 17% |
| 11 | Vietnam | 16.4% |
| 12 | Japan | 15.2% |
| 13 | France | 15.1% |
| 14 | Portugal | 14.5% |
| 15 | Germany | 14.2% |
| 16 | Netherlands | 14% |
| 17 | South Africa | 14% |
| 18 | Hong Kong | 13.8% |
| 19 | Taiwan | 12.5% |
| 20 | Spain | 12.5% |
| 21 | Singapore | 8.3% |
| 22 | Brazil | 8% |
| 23 | Italy | 7% |
| 24 | China | 7% |
| 25 | India | 6% |
| 26 | Austria | 5.6% |
| 27 | Belgium | 5.0% |
| 28 | Poland | 4.9% |
| 29 | Argentina | 4,9% |
| 30 | Philippines | 1.5% |
| 31 | Mexico | 1.2% |
| 32 | Morocco | 0.5% |
Expert advice
Pauline Laurore, finance expert at HelloSafe:
"The gap in stock market participation between countries can be explained by a combination of structural factors. In countries like the United States and Canada, equity investment is deeply integrated into retirement savings schemes - via pension funds - and supported by strong tax incentives. Financial culture is more developed, and access to markets is facilitated by low-cost platforms and favorable regulation. Conversely, in many emerging countries, financial infrastructures are less mature, investment products are not widely available, and savings are still mainly directed towards real estate or non-risky assets. Even in densely populated countries like India and China, low stock market penetration (6-7%) shows that there is considerable potential for growth, provided that educational, technological and institutional obstacles are overcome".
The USA, China and India top the list of nations with the most stock market investors
Analysis of the absolute number of stockholders reveals significant differences between countries in terms of demographics and economic development. In North America, the United States dominates with over 185 million investors, far ahead of Canada (19 million). In Asia, although the proportion of investors is lower, the volume is impressive given the population: China (98.7 million) and India (85.8 million) are among the world leaders.
In Europe, the figures are more modest despite advanced economies: the UK (22 million) and Germany (11.8 million) stand out, while France has 10.2 million holders. In Latin America, Brazil stands out with 17.1 million investors, well ahead of its neighbors. Finally, in Africa,South Africa leads the way with 8.47 million holders, contrasting with the much lower figures for Morocco (189,500). These figures reveal the combined influence of standard of living, investment culture and demographic weight.
| Position | Country | Total number of shareholders |
|---|---|---|
| 1 | United States | 185,350,000 |
| 2 | China | 98,700,000 |
| 3 | India | 85,800,000 |
| 4 | Russia | 30,450,000 |
| 5 | United Kingdom | 22,110,000 |
| 6 | Canada | 19,110,000 |
| 7 | Japan | 18,696,000 |
| 8 | Brazil | 17,120,000 |
| 9 | Vietnam | 16,236,000 |
| 10 | Germany | 11,814,400 |
| 11 | France | 10,268,000 |
| 12 | Australia | 9,620,000 |
| 13 | South Africa | 8,470,000 |
| 14 | Spain | 5,937,500 |
| 15 | Italy | 4,116,000 |
| 16 | Taiwan | 2,937,500 |
| 17 | Netherlands | 2,478,000 |
| 18 | Sweden | 2,310,000 |
| 19 | Argentina | 2,254,000 |
| 20 | Poland | 1,837,500 |
| 21 | Philippines | 1,755,000 |
| 22 | New Zealand | 1,612,000 |
| 23 | Switzerland | 1,548,800 |
| 24 | Mexico | 1,536,000 |
| 25 | Portugal | 1,479,000 |
| 26 | Finland | 1,028,500 |
| 27 | Hong Kong | 1,021,200 |
| 28 | Ireland | 901,000 |
| 29 | Belgium | 590,000 |
| 30 | Austria | 509,600 |
| 31 | Singapore | 473,100 |
| 32 | Morocco | 189,500 |
USA, India and Brazil: the three best stock market returns over the last 10 years
An analysis of annualized returns over 10 years shows that the United States, with the S&P 500, remains in the lead with a return of 16.89%, making it one of the best-performing indices over the period. Emerging markets, notably Brazil and India, follow closely behind, with returns close to 15.9%, offering attractive potential despite their volatility. Vietnam and New Zealand also stand out with respectable, if more moderate, returns (12.22% and 10.66%).
On the other hand, markets such as the UK (2.67%) and Spain (1.65%) performed much less well, suggesting less dynamic growth over the period. European countries such as Portugal (1.71%) and France (5.93%) also underperformed their global peers.
| Countries | Main index | Performance (2024-2025) | Annualized return (2015-2025) |
|---|---|---|---|
| United States | S&P 500 | 7.48% | 16.89% |
| Brazil | Bovespa | -1.85% | 15.92% |
| India | BSE Sensex | 1.47% | 15.90% |
| Vietnam | VN-Index | 4.39% | 12.22% |
| New Zealand | S&P/NZX 50 | 3.39% | 10.66% |
| Russia | MOEX Russia Index | -6.42% | 9.18% |
| Japan | Nikkei 225 | -3.25% | 9.11% |
| Switzerland | Swiss Performance Index (SPI) | 16.43% | 9% |
| Germany | DAX | 25.64% | 8.96% |
| Netherlands | AEX Index | 18.5% | 8.79% |
| Poland | WIG | -0.69% | 8.29% |
| Ireland | ISEQ Overall Index | 11.34% | 7.31% |
| Canada | S&P/TSX Composite | 16.69% | 7.18% |
| Italy | FTSE MIB | 0% | 7.05% |
| South Africa | FTSE/JSE All Share Index | 19.12% | 6.93% |
| Austria | ATX | 23.16% | 6.64% |
| Taiwan | TAIEX | 1.15% | 6.39% |
| Sweden | OMX Stockholm 30 | 17.68% | 6.01% |
| France | CAC 40 | 7.89% | 5.93% |
| Morocco | MASI | -7.47% | 5.61% |
| Finland | OMX Helsinki 25 | 7.6% | 3.43% |
| Australia | S&P/ASX 200 | 2.58% | 3.33% |
| United Kingdom | FTSE 100 | 8.41% | 2.67% |
| Belgium | BEL 20 | 17.06% | 2.04% |
| Mexico | CPI | 0.43% | 1.82% |
| Portugal | PSI 20 | 12.03% | 1.71% |
| Spain | IBEX 35 | 25.7% | 1.65% |
| Singapore | Straits Times Index | 20.99% | 1.28% |
| China | SSE Composite Index | 4.96% | -0.04% |
| Hong Kong | Hang Seng Index | 20.32% | -0.15% |
| Philippines | PSEi | -10.39% | -2.01% |
Methodology
I. Introduction
The aim of this study is to compare stock market asset ownership rates in 32 developed economies. These rates include both direct investments (equity portfolios) and indirect investments (via financial products such as life insurance).
II. Conceptual framework and assumptions
A. Key definitions
- Ownership of stock market assets: Direct or indirect ownership of listed securities.
- Direct investment: Purchase of shares or units in exchange-traded funds (ETFs).
- Indirect investment: Holding stock market assets via investment vehicles such as unit-linked life insurance, pension funds, equity savings plans or structured products.
B. Assumptions
- Economic factors: Countries with developed, stable economies tend to have higher ownership rates.
- Cultural factors: Investment culture influences savings and investment behavior.
- Institutional factors: The availability of financial vehicles and tax incentives strongly influence asset ownership.
III. Data collection
A. Data sources
- National statistical institutes
- Central banks
- International financial organizations (IMF, World Bank, OECD)
- Reports from financial sector players (investment banks, insurance companies, etc.)
- Independent surveys and studies carried out by analysts
B. Data selection criteria
- Recent data (2023-2024 when available)
- Comparable data between countries
- Allowance for margins of error: An estimated margin of error of between 5 and 10% will be included in the analysis to compensate for the absence of accurate official statistics.
IV. Countries studied
The analysis will cover the following 32 developed economies:
- North America: United States, Canada, Mexico
- Western Europe: United Kingdom, Germany, France, Netherlands, Sweden, Switzerland, Belgium, Ireland, Austria, Portugal, Finland
- Eastern Europe: Russia, Poland
- Asia-Pacific: China, India, Japan, Vietnam, Taiwan, Hong Kong, Singapore, Australia, New Zealand
- South America: Brazil, Argentina
- Africa: South Africa, Morocco
V. Study limitations
A. Missing or imprecise data
The absence of precise official statistics in certain countries introduces a margin of error (estimated at between 5 and 10%).
B. Economic fluctuations
Results may be influenced by recent economic events, such as financial crises or tax changes.
C. Comparability
Some data collection methods differ from country to country, which can make direct comparison more complex.
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