European Investors Now Hold $10 Trillion in U.S. Equities Amid Geopolitical Shifts
European ownership of U.S. stocks has surged 91% over three years to a record $10 trillion, nearly matching the rest of the world’s combined holdings at $10.9 trillion. Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the UK dominate with $5.7 trillion in exposure—55% of Europe’s total stake and 49% of all foreign-held U.S. equities.
Deutsche Bank’s George Saravelos notes European NATO countries hold $8 trillion in U.S. securities, doubling the rest of the world’s exposure. Private sector institutions—pension funds, insurers, banks—drive this accumulation, not governments. Yet Federal Reserve data suggests even higher totals: $12.6 trillion in U.S. assets held by European NATO members.
Nordic investors are reassessing allocations as geopolitical tensions rise. The private sector’s dominance hints at structural confidence in U.S. markets, though currency risks and regulatory divergence loom.
