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Stockholding in Germany


  • Lothar Essig

    () (Munich Center for the Economics of Aging (MEA))


Germany is not a country of stock holders – but this may change. This paper analyses the main trends in stockholding – either directly or indirectly through mutual funds and other managed investment accounts – among German households. We find a significant shift towards riskier portfolios and an increase in stock market and in mutual funds participation in the past decade. We document how stockownership evolves during the life cycle and the relation between stock market participation and wealth, education, and other demographic characteristics. Similar to other countries, we find that stockholding is concentrated among the wealthy households. Unlike to the Anglo-Saxon countries, however, the share of households who do not hold stocks is large even in the richest segment of the German population.

Suggested Citation

  • Lothar Essig, 2002. "Stockholding in Germany," MEA discussion paper series 02019, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  • Handle: RePEc:mea:meawpa:02019

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    References listed on IDEAS

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    Cited by:

    1. Börsch-Supan, Axel & Bucher-Koenen, Tabea & Goll, Nicolas & Maier, Christina, 2016. "15 Jahre Riester - eine Bilanz," Working Papers 12/2016, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    2. Becker, Gideon, 2014. "The portfolio structure of German households: A multinomial fractional response approach with unobserved heterogeneity," University of Tuebingen Working Papers in Economics and Finance 74, University of Tuebingen, Faculty of Economics and Social Sciences.
    3. Annamaria Lusardi, 2002. "Saving Viewed from a Cross-National Perspective," MEA discussion paper series 02024, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    4. Christian Helmenstein & Alexia Prskawetz & Yuri Yegorov, 2002. "Wealth and cohort size: stock market boom or bust ahead?," MPIDR Working Papers WP-2002-051, Max Planck Institute for Demographic Research, Rostock, Germany.

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    JEL classification:

    • Z00 - Other Special Topics - - General - - - General


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