Researchers from De Nederlandsche Bank (DNB) published an article in ESB concluding that Dutch households invest comparatively little in capital markets, even though the Netherlands is among Europe’s largest investors overall. The analysis finds households allocate 23% of their freely disposable assets to investment portfolios on average, compared with a 36% European average. The article estimates total Dutch capital market investments at EUR 2,023 billion, equal to 77% of national wealth, with most invested via pension funds and insurers. It also reports that around 70% of Dutch household investments are made outside the European Union, including through investment funds. Against the European Commission’s 2025 launch of the Savings and Investment Union to channel more savings into European capital markets, DNB highlights obstacles such as a strong saving culture and the perceived complexity of cross-border investing within the EU, including differing national rules such as bankruptcy protection, which can reinforce domestic financing and investment preferences.
De Nederlandsche Bank 2025-11-13
De Nederlandsche Bank research finds Dutch households invest below the European average despite high national capital market holdings
De Nederlandsche Bank (DNB) research shows Dutch households invest 23% of their freely disposable assets in capital markets, below the European average of 36%. Despite significant overall investment, 70% of Dutch household investments occur outside the EU, mainly via pension funds and insurers. DNB cites barriers to increasing EU investments, including a strong saving culture and complex cross-border regulations.