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Foreign Investors Take Majority Stake in Germany’s DAX Companies

An EY analysis attributes the shift in DAX ownership to rising North American investments and a historically low private equity culture in Germany.

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Die Aktien der 40 größten deutschen börsennotierten Unternehmen befinden sich laut einer Untersuchung zum Großteil im Besitz ausländischer Investoren.

Overview

  • An EY study published August 4 shows foreign investors now hold 52.6% of shares in the 40 largest German listed companies, while domestic holdings have fallen to 33.1%.
  • North American investor participation in DAX firms has grown from 17.1% in 2010 to 25.4%, even as other European stakes declined from 25.7% to 22.9%.
  • German investor share slipped by 0.7 percentage points over the past year and by 2.1 points since 2010, reflecting a long-term downturn in domestic equity culture.
  • DAX companies distributed around €54 billion in dividends in 2024, but only €21.7 billion remained in Germany, with the majority flowing to overseas shareholders.
  • Several firms exhibit especially high foreign ownership, notably Qiagen at 93%, Brenntag at 88% and MTU Aero Engines at 83%.