Analysis by Capital Group
Global dividends got off to a positive start in 2026, rising by 8.2% in total terms (excluding currency effects and one-off payments) to reach a record high of $419,000 million in the first quarter, slightly above expectations.
This means they have more than doubled in just ten years, driven by rising corporate profits and an increasingly widespread culture of dividend payments. The total figure was boosted by exchange rates and by one-off special dividends of a larger magnitude; the underlying growth rate (excluding one-offs and net of currency effects), which is more significant, stood at 5.2% year-on-year, in line with the average growth rate at company level.
For the remainder of 2026, Capital Group forecasts total payments of $2.20 trillion, representing a year-on-year increase of 5.1%, but special dividends and exchange rates are contributing more than we had anticipated in January, meaning that underlying growth is slightly slower than previously estimated, standing at 4.7% for the full year.
At sector level, mining companies were the main drivers of growth, a very welcome turnaround after several years of cuts. Together with chemical companies, they increased payouts by 17.2% year-on-year in the first quarter. Ninety-seven per cent of the mining groups in our index increased their dividends and, collectively, they contributed a fifth of overall first-quarter growth.
It was the gold sector that experienced the fastest growth, driven by historically high prices for the yellow metal in 2025. Most chemical companies, which share a sector with mining, recorded lower payouts, reflecting the difficult trading conditions that many groups around the world have been enduring.The financial sector as a whole also made a significant contribution, with underlying growth of 16.2 per cent.
