Household portfolio investments reach all-time high in second quarter of 2024

Overall, the value of securities holdings by Dutch households increased by €4.1 billion compared to the first quarter of 2024, to €185.0 billion (+2.3%). This set a record high - the previous peak of €182.7 billion dates back to December 2021.

Source: DNB statistics

At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.

The increase in value was mainly driven by price movements in equity markets. In the second quarter of 2024, the AEX index rose by 4.7% to 923 points. Subsequently, July even saw an all-time high of 944 points. In recent weeks, however, global share prices fell. Currently the AEX index stands at around 900 points.

The total securities holdings of Dutch households consist largely of positions in investment funds. The value of holdings in these investment fund shares rose by €2.2 billion to €114.4 billion (+1.9%) last quarter, almost matching a previous €115.5 billion peak of December 2021.

Direct investments in listed shares also reached record highs

In addition to investment funds, listed shares make up a large part of Dutch households' investment portfolios. The value of the listed shares in their portfolios rose by €1.3 billion in the second quarter of 2024 to a record €63.4 billion (+2.0%), topping the previous €62.6 billion peak of October 2021.

The increase in the equity portfolios was mainly driven by investments in domestic and foreign tech companies, such as Alphabet, Apple, ASMI, ASML and Nvidia. Combined, holdings in these five shares rose by €1.2 billion in the second quarter of 2024, equalling the entire increase in the volume of the Dutch households' equity portfolio. However, during the third quarter, the share prices of many tech companies fell again.

The company in which Dutch households have traditionally invested the most is Shell (€5.0 billion). The surge in tech share prices rise made ASML (€3.9 billion) the company in which they invested the second most at the end of the second quarter of 2024, followed by investments in Rabobank Member Certificates (€3.5 billion).

Bond holdings have rebounded since interest rate hikes

Although aggregate bond holdings represent a limited proportion of household securities portfolios, they have been rising since early 2023. The value of bond holdings peaked at €7.2 billion in the second quarter of 2024, possibly driven by the recent hikes in interest rates.

Household portfolio investments viewed in perspective

The total securities holdings of Dutch households consisted of listed shares, investment fund positions and bonds totalling €185 billion in the second quarter of 2024. By comparison, Dutch households keep far more funds in savings accounts with Dutch banks (€480.8 billion) than in investment portfolios. They also hold €116.4 billion in payment accounts with Dutch banks. Added to this are substantial assets kept with pension funds and insurers, business assets of self-employed persons and home equity, which fall outside direct securities holdings.

According to figures from Statistics Netherlands (CBS), there are 8.4 million private households in the Netherlands. Of these, around a quarter (1.9 million) invest, according to research (in Dutch) conducted by the Dutch Authority for the Financial Markets (AFM).

More information

• Investments of Dutch households in securities (also available through our API)
• Dashboard: Securities holdings of Dutch households

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