The Central Bank of Russia published its Review of Key Indicators of Brokers for 2025 Q4, reporting that retail investors deposited RUB 2.5 trillion into brokerage accounts in 2025, 1.5 times the 2024 level and a four-year high. Retail investor assets rose 16% year on year to RUB 12.3 trillion, supported by the record inflow of new funds and higher bond prices. Most of the inflow came from qualified investors, whose number approached one million. The number of clients with holdings above RUB 10,000 increased from 4.9 million to 5.5 million, with the fastest growth among investors with portfolios of RUB 1 million or more. Against falling interest rates, investors shifted towards fixed-coupon corporate bonds and long-term federal government bonds, lifting the share of debt securities in aggregate portfolios from 32% to 38%, while the share of equities fell from 30% to 25%.
Central Bank of Russia 2026-03-10
Central Bank of Russia reports RUB 2.5 trillion retail inflows to brokerage accounts and rising bond allocations in 2025
The Central Bank of Russia's Review of Key Indicators of Brokers for 2025 Q4 shows retail investors deposited RUB 2.5 trillion into brokerage accounts, a four-year high and 1.5 times the 2024 level. Retail investor assets increased 16% year on year to RUB 12.3 trillion, driven by new fund inflows and higher bond prices. Investors shifted towards fixed-coupon corporate and long-term federal government bonds, raising the share of debt securities in portfolios from 32% to 38%.