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The Shareholding in Sweden 2017 the Shareholding in Sweden 2017

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The Shareholding in Sweden 2017 the Shareholding in Sweden 2017 THE SHAREHOLDING IN SWEDEN 2017 THE SHAREHOLDING IN SWEDEN 2017 This is the first edition of the report entitledAktieägandet i Sverige 2017 (The Shareholding in Sweden) from Euroclear Sweden (formerly known as VPC), which is the Swedish central securities depository. As the central securities depository, Euroclear Sweden holds the official register of ownership of all Swedish listed limited companies. The supporting data for the report extends to the end of 2017 and con- tains data for all Swedish listed limited companies, as well as limited companies affiliated to Euroclear Sweden’s securities system, in total 1,380 companies. Listed companies refer to limited companies whose shares are listed on a marketplace in Sweden. Euroclear Sweden's supporting data provides the ability to survey how share ownership develops over time, how it differs between men and women, different age groups and different geographical regions, and what differences exist between private individuals and institu- tional shareholders. The report also provides the ability to look more closely at the ownership of Sweden's largest companies in terms of the number of shareholders and to compare Swedish and foreign ownership. This edition also describes historical trends in Swedish share ownership since the beginning of the 2000s. METHOD The summaries in the report dealing with market value refer to all the companies listed in Sweden for which there is a registered market capitalisation at 31 December 2017. All data points in this report are at 31 December each year unless otherwise stated. Euroclear Sweden issues no recommendations on specific share transactions or recommendations to individual shareholders through this report. The report has been compiled with great care, though Euroclear Sweden is unable to guarantee the accuracy of all observations or conclusions. 2 WHO OWNS SHARES REGISTERED IN SWEDEN? There were a total of 2.1 million unique shareholders 1 GREATER PROPORTION OF INSTITUTIONAL registered with Euroclear Sweden at the end of 2017. SHAREHOLDERS Most of these – 86 per cent – are Swedish private indi- Both the number of Swedish and foreign institutions 2 viduals, whereas 12 per cent are foreign shareholders and the number of private individuals owning shares in and 2 per cent are Swedish companies and institutions Swedish companies is on the increase. The number of (which are referred to in this report as "institutions"). institutions owning shares has increased and the pro- portion of institutional shareholders has therefore also In terms of market value, Swedish institutions own increased. At the end of 2017, 14 per cent of unique the largest proportion, followed by foreign share- shareholders were institutions, which corresponds to an holders and Swedish private individuals. At the increase of 40 per cent over a ten-year period. Institu- end of 2017, shares owned by Swedish institutions tions also own an increasingly large proportion of the accounted for 48 per cent of the total value of the market value 3 of the Swedish stock market. At the end shares in Swedish listed companies, whereas of 2017, they owned a total of 89 per cent of the total foreign owners owned 41 per cent and private indi- value – an increase of 77 per cent since 2007. viduals owned 11 per cent. A total of 20,522 new unique shareholders were added in 2017. PROPORTION OF OWNERSHIP, PROPORTION OF SHAREHOLDING, NUMBER OF UNIQUE SHAREHOLDERS MARKET VALUE OF SHARES SHARES IN SWEDISH COMPANIES, 31 DEC 2017 IN SWEDISH LISTED COMPANIES, 31 DEC 2017 2 % 12 % 11 % 41 % 48 % 86 % PRIVATE INDIVIDUALS PRIVATE INDIVIDUALS SWEDISH INSTITUTIONS SWEDISH INSTITUTIONS FOREIGN OWNERS FOREIGN OWNERS 1 "Unique shareholder" means a private individual or juridical person that owns shares. A unique shareholder is only counted once, regardless of whether the shareholder owns shares in one or more than one company. 2 The group of foreign shareholders consists primarily of foreign companies and institutions. 3 Market value refers to all Swedish listed companies for which there is a registered market capitalisation registered at 31 December 2017. 3 PRIVATE SHAREHOLDING At present, just over 1.8 million Swedes, almost one in The proportion of Swedes owning shares in relation every five people, own shares in Swedish companies. to the population as a whole is still at historically low The number of unique shareholders has varied over levels. Despite the fact that the number of unique the past ten years. Between 2007 and 2014, share- shareholders has risen, the proportion of the pop- holding among private individuals fell by 148,900. The ulation owning shares has remained constant over proportion of the population owning shares therefore the past three years as a consequence of a general fell from 21.6 per cent to 18.2 per cent. The number increase in the population 4. of unique shareholders in Sweden gradually rose from 2014 onwards. SHAREHOLDING AMONG PRIVATE INDIVIDUALS 22 % 2 000 000 20 % 1 800 000 18 % 1 600 000 16 % 1 400 000 14 % 1 200 000 12 % 1 000 000 10 % 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 NUMBER OF SHAREHOLDERS PROPORTION OF THE POPULATION 4 https://www.scb.se/hitta-statistik/statistik-efter-amne/befolkning/befolkningens-sammansattning/befolkningsstatistik/ 4 MORE MEN THAN WOMEN OWN SHARES Of the just over 1.8 million private individuals that own period, there is a difference of one percentage point shares in Swedish limited companies, around 1.1 mil- between the quarter when the proportion of women lion are men and around 750,000 are women. In terms was highest – 41.3 per cent (in the third quarter of percentages, this distribution is just under 59.6 per of 2012) – and the quarter when the proportion of cent for men and 40.4 per cent for women. In terms of women was lowest – 40.3 per cent (in the fourth quar- market value, men own approximately two thirds and ter of 2016). Taken over the past ten years, female women own approximately one third. shareholders have on average accounted for 40.9 per cent of the share-owning private individuals in The proportion of women and men who own shares Sweden – marginally higher than the current level of has remained stable over time. Over the past ten-year 40.4 per cent SHAREHOLDERS, PRIVATE INDIVIDUALS MARKET VALUE, HOLDINGS IN SWEDEN, 31 DECEMBER 2017 PRIVATE INDIVIDUALS, 31 DECEMBER 2017 33,8 % 40,4 % 59,6 % 66,2 % MEN MEN WOMEN WOMEN ANNUAL CHANGES IN HOLDINGS – WOMEN/MEN CHANGE IN TERMS OF PERCENTAGE, An analysis of the extent to which women and men NUMBER OF SHARES WOMEN/MEN change their holdings over time indicates small differ- ences in how active women and men are. However, 30 % they have changed their holdings at slightly different 20 % times over the past five years. Both women and men 5 reduced their holdings in 2013 when the stock market 10 % rose by 20.7 per cent. In 2014, when the stock market rose by 9.8 per cent, men increased their holdings 0 % whereas women reduced their holdings. In 2015, when -10 % the stock market fell by 1.2 per cent, men made no net changes on average, whereas women increased their -20 % holdings. Both women and men have subsequently -30 % increased their holdings in 2016 and 2017. 2013 2014 2015 2016 2017 MEN WOMEN 5 OMX Stockholm 30 Index 5 INCREASED SHAREHOLDING AMONG YOUNG ADULTS The 61–70 age group owns the largest proportion passed on through inheritance. However, since there – 17.7 per cent – of the total number of shares in is no corresponding decrease in the age group of Swedish companies. An almost comparable level of 71 and older which, on the contrary, has increased ownership occurs in all age groups between 40 and its ownership, an alternative explanation may be that 80 and the distribution among the age groups has younger people are investing in shares to a greater not changed much over time. Taken over a five-year extent than previously. period, the most noticeable changes have taken place in the 21–30 age group. That age group has increased There may be several factors behind this greater inter- its proportion of the ownership from 7.4 per cent to est in shares. One of the factors might be that there is 10.3 per cent, which corresponds to a proportional the trend towards digitalisation in the financial sector, increase of 39.2 per cent. One possible explanation which makes it easy to trade shares using computers for this increase is that individual shares are being and mobile phones. PROPORTION OF SHAREHOLDING IN SWEDEN PER AGE GROUP 25 % 20 % 15 % 10 % 5 % 0 % 0–10 11–20 21–30 31–40 41–50 51–60 61–70 71–80 81–90 91– 2013 2017 GEOGRAPHICAL DIFFERENCES Most of the shareholders in Sweden are located in From a national perspective, in a rough distribution in the large metropolitan areas. In total, 51.2 per cent Svealand, Götaland and Norrland, regional differ- of the total number of shareholders lives in Stock- ences in shareholding largely reflect the distribution holm, Göteborg or Malmö. There are 480,543 unique among the population of the country as a whole. shareholders in Stockholm, which corresponds to However, upon closer inspection, it may be seen that 25.5 per cent of the total number of shareholders in regional differences do exist. One such difference Sweden. The number of shareholders in the large is that in some companies, the shareholders pre- metropolitan areas reflects the total population living dominantly come from the part of the country where in those areas. the company is based. For example, shareholders from Dalarna are predominant in Clas Ohlson and Stockholm also has the largest proportion of female shareholders from Skåne are predominant in Lindab shareholders – 41.6 per cent – and Malmö has the International.
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