National Bank of Denmark reports Danish households’ US equity value gains largely offset by 2025 dollar weakness and rising Magnificent 7 concentration

The National Bank of Denmark published an analysis showing that Danish households’ investments in US equities rose by DKK 2.4 billion since the beginning of 2025, as stock price gains of DKK 29.5 billion were largely offset by a DKK 27.7 billion currency loss from a weaker US dollar. Net purchases of US equities totalled DKK 0.6 billion over the period, and measured in US dollars the increase in holdings was larger because the currency effect does not apply. Since 2018, households’ US equity investments have increased by DKK 176 billion, driven mainly by stock price gains, with smaller contributions from net purchases and currency movements. The analysis also highlights increased concentration in seven large US tech companies known as the Magnificent 7, whose share of households’ US equity holdings rose from 18% at the beginning of 2018 to 39% in September 2025, with most of the associated DKK 82 billion value increase attributed to DKK 78 billion in stock price gains. The figures include US equity exposure held via Danish investment funds on a look-through basis.