Suomen Pankki

Foreign equities have outperformed Finnish equities in the past year


At the end of March 2024, Finnish households owned listed equities worth EUR 46.3 billion, as opposed to EUR 47.3 billion a year earlier. Most (86%) of Finns’ listed shareholdings consist of Finnish companies’ equities, although the proportion of foreign companies’ equities has recently increased. In March 2024, 13.6% of listed shareholdings consisted of foreign companies’ equities, as opposed to 11.2% a year earlier. The increase in the proportion of foreign equities reflects the appreciation of foreign equities and the depreciation of domestic equities. Furthermore, in relative terms, households have invested more in foreign equities during the past year. 

The return1 on domestic equities held by households amounted to -4.6% in the past 12 months, i.e. from April 2023 to the end of March 2023. In the same period, the return on foreign equities was 17.1%. In the past 12 months, the value of domestic equities held by households declined by EUR 3.6 billion, while the value of foreign equities increased by EUR 780 million. In the same period, households received dividends worth EUR 1.7 billion from domestic companies and EUR 140 million from foreign companies.

The value of investments in domestic companies has declined due to depreciating prices steadily in the past 12 months except for November-January when the value of households’ holdings increased clearly (by EUR 4.1 billion) on the back of revaluation adjustments. In the first quarter of 2024, the value of investments in domestic companies declined by EUR 1.2 billion. In the same period, households invested EUR 1.1 billion in net terms in domestic shares. Meanwhile, in January–March 2024, the value of equity investments in foreign companies increased by EUR 460 million, and households made new net investments of EUR 190 million therein.

Equity funds have been the best-performing investment funds

At the end of March 2024, Finnish households held investments worth EUR 35.9 billion in Finnish investment funds2, as opposed to EUR 31.2 billion a year earlier. The value of the investment fund holdings has increased due to both new investments (EUR 1.8 billion in net terms over 12 months) and revaluation adjustments (EUR 2.9 billion over 12 months).

In the past 12 months, households’ return3 from domestic investment funds amounted to 9.1%. The best returns were generated by equity funds (13.4%) and mixed funds (11.3%). Negative returns were made only by real estate funds, whose return over the past 12 months was -7.8%. Bond funds, which have become increasingly popular recently, made a return of 7.1% for households.

For further information, please contact:

  • Antti Hirvonen, tel. +358 9 183 2121, email: antti.hirvonen(at),
  • Markus Aaltonen, tel. +358 9 183 2395, email: markus.aaltonen(at)

Related statistical data and graphs are also available on the Bank of Finland website: .

The next news release on saving and investing will be published at 10 am on 8 August 2024.

1 The return has been calculated from revaluation adjustments based on monthly changes in equity prices and dividends received.

2 Households’ holdings in Finnish investment funds comprised EUR 15 billion in equity funds, EUR 9.8 billion in bond funds, EUR 6.9 billion in mixed funds, EUR 2.7 billion in real estate funds and EUR 1.4 billion in other funds.

3 The return has been calculated from revaluation adjustments based on monthly changes in fund unit prices and profit distributions received.

The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro.

Subscribe to releases from Suomen Pankki

Subscribe to all the latest releases from Suomen Pankki by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Suomen Pankki

Essi Eerola appointed Adviser to the Board of the Bank of Finland19.6.2024 15:00:00 EEST | Press release

The Board of the Bank of Finland has appointed Essi Eerola, DSocSc, as Adviser to the Board. The appointment is for a five-year term. Essi Eerola has served since 2022 as head of the Bank of Finland’s Domestic Economic Policy Process in the Monetary Policy and Research Department and will continue in this role. She is also a member of the Bank of Finland’s research steering group. Eerola served from 2016 to 2022 as Research Director at the VATT Institute for Economic Research. The other Advisers to the Board of the Bank of Finland are Meri Obstbaum and Kimmo Virolainen.

Essi Eerola förordnad till rådgivare åt Finlands Banks direktion19.6.2024 15:00:00 EEST | Tiedote

Finlans Banks direktion har förordnat politices doktor Essi Eerola till rådgivare åt direktionen. Förordnandet gäller för en period på fem år. Essi Eerola är sedan 2022 processchef på Finlands Banks avdelning för penningpolitik och forskning och leder processen för inhemsk ekonomisk-politisk påverkan. Hon är också medlem av Finlands Banks forskningsstyrgrupp. Före det under åren 2016–2022 var Essi Eerola forskningsdirektör på Statens ekonomiska forskningscentral. De övriga rådgivarna åt direktionen är Meri Obstbaum och Kimmo Virolainen.

Essi Eerola johtokunnan neuvonantajaksi19.6.2024 15:00:00 EEST | Tiedote

Suomen Pankin johtokunta on määrännyt neuvonantajakseen valtiotieteiden tohtori Essi Eerolan viiden vuoden määräajaksi. Essi Eerola on työskennellyt Suomen Pankin prosessipäällikkönä rahapolitiikka- ja tutkimusosastolla vuodesta 2022. Eerola toimii kotimaisen talouspolitiikan vaikuttamisen prosessin päällikkönä, ja hän on Suomen Pankin tutkimuksen ohjausryhmän jäsen. Tätä ennen Eerola on työskennellyt Valtion taloudellisen tutkimuskeskuksen tutkimusjohtajana vuosina 2016–2022. Johtokunnan muina neuvonantajina toimivat Meri Obstbaum ja Kimmo Virolainen.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye