Dutch households' investments in Defense companies grow tenfold in 2.5 years: DNB

The size of Dutch household investments in defense companies has increased almost tenfold over the past 2.5 years, according to De Nederlandsche Bank (DNB). Defense stocks became more popular at the beginning of last year and the first half of this year, likely because of the European Union and then Germany’s plans to increase defense spending, DNB said.

In January 2023, Dutch households held €87 million worth of shares in defense companies. That grew to €832 million by the end of June 2025. This figure only includes direct shares in the companies, not investments through investment funds. Approximately 44 percent of the increase was due to increased defense stock purchases, with the remainder due to value increases.

The German Rheinmetall is by far the first choice for Dutch people when it comes to investing in defense companies. Its stock ranks 22nd among the most popular individual listed stocks. This is the first time since records began in December 2018 that a defense company has been in the top 25, according to DNB. The regulator considers a company a defense company if over a third of its revenues come from arms sales and military services.

The value of total investments by Dutch households grew by 2.8 percent last quarter to almost €194 billion, compared to the previous quarter. In early April, the American import tariffs announced by Donald Trump caused significant drops in global share prices.