Shareholder quota
The shareholder quota indicates the proportion of shareholders in the total population. In Germany , this indicator is not part of the official statistics , but is collected on behalf of Deutsches Aktieninstitut in an annual representative survey.
Shareholder quota in Germany
The Deutsche Aktieninstitut defines the shareholder quota as the share of share owners in the population over 14 years. Ownership of shares is taken into account, as is that of shares in funds that invest all or part of their fund assets in shares. On the other hand, all forms of capital investment in shares by insurance companies such as ( life insurance ) are left out.
The shareholder quota is determined once a year on behalf of the Deutsches Aktieninstitut through a representative survey by the ( market research company ) TNS Infratest . For this purpose, around 28,000 investors aged at least 14 years are randomly selected each year and asked about their investment behavior in a personal interview. As a result of this survey method, the shareholder quotas determined are generally subject to statistical uncertainty and can therefore deviate from the actual shareholder quotas.
The key figure for the survey is the shareholder quota, which takes direct shareholders and fund owners into account. Partial figures are also published, including the proportion of employee shareholders .
Development of the shareholder quota over time
The shareholder quota fluctuates significantly over time. The fluctuations are driven by the cycles of the stock market. Small shareholders in particular get into equity investments during the bull market and leave the stock market again with the bear market. It is therefore difficult to assess whether it has been possible to achieve a permanent increase in the shareholder quota in Germany.
| year | only stocks | only funds | total |
|---|---|---|---|
| 1969 | 12% | ||
| 1993 | 12% | ||
| 1992 | 6.4% | ||
| 1994 | 6.3% | ||
| 1996 | 6.0% | ||
| 1997 | 6.2% | 2.7% | 8.9% |
| 1998 | 7.1% | 3.6% | 10.7% |
| 1999 | 7.8% | 5.1% | 12.9% |
| 2000 | 9.7% | 8.8% | 18.5% |
| 2001 | 8.9% | 11.1% | 20.0% |
| 2002 | 7.8% | 10.2% | 18.0% |
| 2003 | 7.8% | 9.5% | 17.3% |
| 2004 | 7.1% | 9.1% | 16.2% |
| 2005 | 7.3% | 9.3% | 16.6% |
| 2006 | 6.5% | 9.3% | 15.8% |
| 2007 | 6.2% | 9.7% | 15.9% |
| 2008 | 5.5% | 8.9% | 14.4% |
| 2009 | 5.6% | 8.0% | 13.6% |
| 2010 | 5.6% | 7.3% | 12.9% |
| 2011 | 6.0% | 7.1% | 13.1% |
| 2012 | 7.0% | 7.7% | 14.7% |
| 2013 | 7.1% | 6.7% | 13.8% |
| 2017 | 7.7% | 11.2% | 15.7% |
Shareholder quota by income group
The shareholder quota is not evenly distributed across all population groups.
In terms of professional positions, the proportion of shareholders in 2013 was particularly high among executives and senior civil servants (29.5% and 29.4%, respectively). Among the self-employed and freelancers, the rate was 28.3%, among other civil servants 27.7% owned shares. Apprentices, schoolchildren and other workers, on the other hand, were practically not at all involved in the stock market, with shares of less than 4%.
In addition, the share orientation is also related to the level of education. Among people with a high school diploma, the proportion of shareholders in 2013 was 25.9%. For people of medium maturity, the proportion was 11.8%. Among the secondary school graduates, 6.5% were shareholders.
There are also strong regional differences. In the western German federal states, 14.8% were active in the stock market, in the eastern German federal states it was 10.2%. There is a big difference in terms of direct equity ownership, while differences in fund ownership are minor.
Regulatory evaluation
Since stocks as an investment offer a higher return (albeit with a higher risk) in the long term, a concentration of stocks on affluent social classes is viewed as problematic from a socio-political perspective. There is also the notion that “the economic order based on private ownership of productive resources will be strengthened if a broad stratum of owners supports this order”.
Since the 1960s and increasingly in the 1980s, measures have therefore been taken in Germany to increase the share of shareholders among the non-self-employed and low-income groups:
- Promotion of employee shares
- Issuance of people's shares
- Promotion of equity funds as asset-building services
Shareholder quota in international comparison
In an international comparison, the shareholder quotas in different countries differ significantly.
| country | Share 2011 | Share 2016 |
|---|---|---|
| Germany | 7.0% | 6% |
| Austria | 5.0% | 7% |
| Sweden | 17.2% | 19% |
| UK | 23% | 23% |
| United States | 56% | 25% |
| Switzerland | 20.4% | 20% |
| Finland | 15% | - |
The main reason for these differences are
- Different investment culture (and corporate finance culture)
- Funded pension systems in countries with a high proportion of shareholders
Web links
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- ↑ a b German Bundestag: Printed matter 13/3885 of February 28, 1996 online version
- ^ Deutsches Aktieninstitut, as of April 2006 online version ( Memento from October 5, 2001 in the Internet Archive )
- ↑ Shareholder figures 2017. Deutsches Aktien Institut, accessed on January 30, 2019 .
- ↑ 1983 Annual Economic Report, No. 26
- ↑ Shareholder structure - analysis of the DAI 2011
- ↑ http://www.boerse.de/dai/Share-aktionaere/grafik