- The weight of foreign investors in listed companies is almost double that in unlisted companies, where it is barely 25.1%
- More than 8,600 private institutional funds from around the world participate in the IBEX 35®, with a total combined amount of 207.3 billion euros at the end of the first quarter
- The participation of retail investors in the stock market falls in 2024 to 15.8%, its lowest level in 32 years, according to the BME Report on Ownership of listed Spanish stock
International investors continue to be the largest owners of the Spanish stock market, although their participation falls slightly, while that of families drops to a 32-year low and the public sector rises to its highest level in 27 years. These are the main conclusions of the Report on of Listed Spanish Stock published today by BME's Research Service with data as of the end of 2024.
The participation of international investors in the Spanish stock market stands at 48.7%, three tenths less than a year earlier. Within the group of foreign investors, institutional investors stand out. According to FactSet data, at the end of the first quarter of 2025, a total of 8,634 private funds participated in the IBEX 35®, with a market value of 207.3 billion euros. Of these, 70.7% of the number of funds and 48.7% of the capitalization are European funds, while North Americans account for 25% of the total and 46.9% of the capitalization.
There are 72 assets managers with more than 500 million euros of participation in the Spanish selective index, and of these, eleven have shares of all the companies in the IBEX 35® in their portfolios. By groups, BlackRock (32.395 billion), Vanguard (22.989 billion), and Capital Group (14.393 billion) stand out.
The report shows that being listed on the stock market attracts foreign investment. The weight of international capital in listed companies is almost double that of unlisted companies: 48.7% compared to 25%, according to data from the Financial Accounts of the Bank of Spain. In the last two decades, the percentage of foreign ownership of listed companies has grown by 11.6 percentage points, compared to just 2.7 percentage points for unlisted companies.
Meanwhile, the participation of the public sector in the Spanish stock market marks a 27-year high and reaches 4.1%, eight tenths more than the previous year. Through entities such as the State Industrial Participation Society (SEPI), Enaire, and the Fund for Orderly Bank Restructuring (FROB), the State maintains strategic positions in key companies such as Aena, CaixaBank, Indra, Telefónica, Enagás, and Redeia.
On the contrary, the participation of families in the ownership of shares falls to 15.8%, its lowest level in 32 years. This contrasts with the levels reached at the end of the last century, when retail investors widely participated in the major privatisations of public companies and their weight in the Spanish stock market exceeded 35%.
The report highlights the importance of promoting the presence of retail investors in the stock market, as pursued by the European initiative Saving and Investment Union (SIU), and is also shared by studies such as the OECD report on capital markets in Spain or BME's White Paper.
The structure of the ownership of Spanish shares is completed by non-financial companies (21.6%, three tenths less than the previous year), collective investment institutions (5.8%, one tenth less), and banks (4%, five tenths more).
You can consult the full report at this link.
