Dutch households' oil shares buoyed Q1 investments

Dutch households' investments in six major listed oil companies, including Shell, Exxon Mobil, and BP, reached €5.3 billion by the end of the first quarter of 2026, an increase of €686 million.

This rise was driven by buoyant oil prices and subsequent share price gains, with over 90 percent of these holdings concentrated in Shell.

Despite the overall increase, households also sold €677 million worth of these 'Big Oil' shares, likely to capitalize on price gains.

Overall, the total value of Dutch households' portfolio investments rose by €3.8 billion to €207.6 billion in the first quarter.

This was primarily due to substantial net purchases of €4.0 billion and exchange rate gains, notably a €775 million increase from the rising dollar.

Early stock market gains, including the AEX surpassing 1,000 points in January, were later offset by volatility following the outbreak of war in the Middle East.

The €4.0 billion net purchases in portfolio investments during the first quarter continue a multi-year trend of strong January investments, reaching €3.0 billion in 2026.

Bonds notably gained popularity, with direct holdings rising 22 percent to €6.2 billion, reversing a previous decline.

Households favored less risky sovereign bonds.

Despite this growth, Dutch households' total securities holdings of €207.6 billion are dwarfed by their €540.6 billion in savings accounts and €107.2 billion in payment accounts.

Out of 8.4 million private households in the Netherlands, about 2.2 million actively invest.