Non-resident ownership of French CAC 40 shares rises to 50 percent
Non-resident ownership of French CAC 40 shares reached 50 percent at the end of 2024, a 0.5 percentage point increase from the previous year. Non-residents were net purchasers, acquiring EUR 3.3 billion more than they sold.
Foreign capital's growing footprint in CAC 40
At the end of 2024, non-residents held EUR 1,083 billion in French CAC 40 shares, representing 50 percent of the total market capitalisation of EUR 2,165 billion.
This marks a 0.5 percentage point increase from 2023. Non-residents were net purchasers of CAC 40 shares, acquiring EUR 3.3 billion more than they sold during the year.
These purchases were concentrated in healthcare and utility firms, while sales primarily occurred in industry and energy sectors.
The majority of non-resident investors are located in the euro area (40 percent) and the United States (34 percent).
However, the proportion held by US investors declined by 2.4 percentage points, reversing a trend observed since 2020, while euro area holdings began to rise.
Overall, 19 out of 35 French CAC 40 companies are majority-owned by non-resident investors.
France lags European peers in foreign ownership
Non-resident holdings in French companies totaled EUR 1,247 billion at the end of 2024, with 87 percent concentrated in CAC 40 companies.
The overall non-resident ownership rate for all French shares listed on Euronext was 46 percent in 2024. This figure is notably lower than in other major European economies; Germany's non-resident ownership rate reached 57 percent, while the Netherlands recorded 88 percent.
The vast majority of these non-resident holdings are classified as portfolio investments (92.9 percent), with direct investments, defined as stakes exceeding 10 percent, making up a smaller 7.1 percent of the total.
This composition has remained broadly stable over the past decade.
Slow internationalization, regional shifts
The slight rise in non-resident CAC 40 ownership signals slow internationalization, with France still trailing major European peers.
A rebalancing from US to euro area investors indicates a regional, not global, shift in capital flows.
This suggests foreign influence is growing, but remains less pronounced than in comparable economies.