The National Bank of Denmark published fourth-quarter 2025 statistics showing Denmark’s net international investment position (IIP) rose sharply to DKK 3,220 billion at end-2025, its highest level and around five times higher than at end-H1 2024. The IIP measures Denmark’s financial assets abroad minus foreign-owned financial assets in Denmark, implying Danish investors overall hold more foreign assets than foreign investors hold in Denmark. The DKK 2,612 billion increase since the second half of 2024 was driven mainly by valuation losses on foreign investors’ Danish equity holdings on the liability side, particularly a fall in the value of foreign investments in Novo Nordisk shares that reduced those holdings by DKK 1,827 billion. A balance of payments surplus of DKK 565 billion over the same period also lifted the IIP, while other effects included gains on Danish holdings of foreign equities and offsetting exchange-rate losses from US dollar depreciation on USD-denominated foreign assets.
National Bank of Denmark 2026-03-31
National Bank of Denmark reports Denmark’s net international investment position increased fivefold to DKK 3,220 billion by end-2025
The National Bank of Denmark reported that Denmark’s net international investment position rose to a record DKK 3,220 billion at end-2025, around five times higher than at end-first half 2024. The increase was driven mainly by valuation losses on foreign investors’ Danish equity holdings, notably a DKK 1,827 billion fall in foreign investments in Novo Nordisk shares, alongside a DKK 565 billion balance of payments surplus and gains on Danish holdings of foreign equities, partly offset by exchange-rate losses on dollar-denominated assets.