More people than ever in Germany invested money in shares or equity funds last year. The number of investors rose by around two million year on year to 14.1 million, according to figures released on Tuesday by the Deutsches Aktieninstitut (DAI). DAI chief economist Gerrit Fey said the growing interest in equities is being driven mainly by the younger generation under the age of 40.
With the rise to 14.1 million shareholders, the “very positive long-term trend” has become firmly established, Fey said. In 2006, the institute counted 10.3 million shareholders. A significant increase to 12.4 million was recorded in 2020.
According to the DAI, people currently investing in the stock market most often choose an ETF (exchange-traded fund), which tracks the performance of an index, or another equity fund. An estimated 9.2 million people opted for this approach last year. Around two million people invested directly in shares of individual companies, while 2.9 million combined direct and indirect investments.
Savings plans, meaning standing orders for the regular purchase of shares or equity funds such as ETFs, are becoming “increasingly popular,” the DAI said. Last year, 5.3 million people used a savings plan for regular investments in shares and equity funds, 1.7 million more than the previous year. Savings plans are therefore a “key factor in the overall positive development,” the institute noted. They are particularly popular among ETF investors, more than half of whom use this instrument.
Young people in particular are now investing in shares and funds. In the under-40 age group, a total of 4.9 million people invested in 2025, including 1.2 million new investors. Since 2024, under-40s have been the largest investor group, according to the DAI. “A new generation of equity investors is emerging that approaches the topic in a very natural way,” Fey said. Investors under 40 tend to prefer ETFs or savings plans, while older investors are more likely to choose managed equity funds.
In 2025 as well, share ownership was more common among men and people with higher incomes. However, the number of female investors rose sharply last year by 24% to 5.4 million, the institute highlighted. Birgit Homburger, head of the DAI’s Berlin office, pointed to the federal government’s planned early-start pension scheme. In countries with such a measure, women and men hold equal shares of equity investments. She predicted that Germany would see a similar effect.
The shareholder figures are based on a representative survey in which around 28,000 people aged 14 and over are questioned about their investment behavior in ten survey waves. The DAI is supported by major listed companies in Germany. On Tuesday, the institute also noted that a savings plan investing in shares of the DAX would have generated an average annual return of almost 9% over the past 20 years. In 2024, the DAX rose by 19%, followed by a 23% increase in 2025.
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