International investors consolidate their position as the largest owners of the Spanish stock market, reaching a new historic high, while retail households regain part of their lost ground. These are some of the main conclusions of the BME Report on the Ownership of Listed Spanish Shares, prepared by the BME Research Department using data as of year-end 2025 and, for institutional investment, as of June 2026.
The stake of international investors in the Spanish stock market stands at 50.4%, up 1.7 percentage points from a year earlier and setting a new all-time high. Since 2000, when they represented 34.7%, their weight has increased by 15.7 percentage points. In unlisted companies, foreign ownership stands at 24.6%, meaning the weight of international investors in listed companies is now double that in unlisted ones.
The presence of major institutional investors is also expanding. As of June 2026, 9,226 private institutional funds held positions in Ibex 35 companies, with a combined value of €307.634 billion—a 48.4% increase compared to March 2025. Europe accounts for 51% of the value (€156.898 billion), and North America accounts for 45.6% (€140.340 billion), with the United States as the leading country of origin (€135.890 billion).
The number of major asset managers with over €500 million invested in the Ibex 35 grew from 72 to 106 between March 2025 and June 2026, while those with a presence across all 35 index constituents rose from 11 to 15. BlackRock (€46.560 billion), Vanguard (€38.295 billion), and Capital Group (€15.227 billion) lead by investment volume, jointly accumulating €100.083 billion—up 43.4% from March 2025.
Meanwhile, Spanish household ownership of listed shares rebounded in 2025 to 16.7%, up nine-tenths of a percentage point from the previous year and its best level in the last four years, following the historic low recorded in 2024. However, it remains below the peak of 35.1% reached in 1998. According to the Bank of Spain’s Survey of Household Finances, 12.2% of households—around 2.4 million—directly own listed shares.
As of year-end 2025, Public Administrations held a 4% stake, down one-tenth of a percentage point from the previous year and the second-highest figure in the last 28 years, with an approximate value of €45 billion. Notable primary positions include SEPI’s 27.99% stake in Indra and the State’s 10% stake in Telefónica. Sovereign wealth and public pension funds also maintain a significant presence in the Ibex 35, led by Norges Bank Investment Management with €16.075 billion.
Completing the ownership structure of listed Spanish shares are non-financial corporations at 19.4%; collective investment undertakings, insurance companies, and other non-banking financial entities at 5.5%; and banks and savings banks at 4.1%. The stake held by non-financial corporations fell by 1.2 percentage points, reaching its lowest level in ten years, while banks accumulated an increase of one percentage point over the past three years.
As of year-end 2025, the ownership structure of the Spanish stock market breaks down as follows: 50.4% held by international investors, 19.4% by non-financial corporations, 16.7% by retail households, 5.5% by collective investment undertakings, insurance, and other non-banking financial entities, 4.1% by banks and savings banks, and 4% by Public Administrations.
