Non-resident ownership of French CAC 40 shares increased very slightly in 2024
Bulletin No. 261, article 3. At the end of 2024, non-residents held EUR 1,083 billion worth of shares in French CAC 40 firms, out of a total stock market capitalisation of EUR 2,165 billion. The rate of non-resident ownership therefore stood at 50%, representing a slight rise of 0.5 percentage point compared with 2023.
Non-residents were net purchasers of CAC 40 shares over the year, acquiring EUR 3.3 billion more than they sold. The purchases were primarily in healthcare and utility firms, whereas sales were mainly concentrated in industry and energy firms.
The bulk of non-resident investors were located in the euro area (40%) and the United States (34%). However, both regions saw a reversal of the trends observed since 2020. The proportion of shares held by euro area investors began to rise, while the proportion held by US investors declined by 2.4 percentage points.
1 Non-residents held 50% of French CAC 40 shares in 2024
Investments in French companies by non-residents mainly go to those listed in the CAC 40
At the end of 2024, non-residents held 50% of the capital of the 35 French resident companies listed in the CAC 40, representing a slight 0.5 percentage-point rise compared with the end of 2023 (see Chart 1).
Non-resident holdings consist primarily of portfolio investments (92.9%), with direct investments accounting for just 7.1% of the total (see Chart 2). The proportion of direct investments has remained broadly stable over the past decade.
Non-resident holdings in French companies totalled EUR 1,247 billion at the end of 2024, of which 87% (or EUR 1,083 billion) were in CAC 40 companies. For the rest of the firms, non-resident ownership of French listed companies stood at 32% at the end of the year. Consequently, the rate of non-resident ownership of all French shares listed on Euronext was 46% in 2024 (see Chart 3).
Half of French CAC 40 companies are majority-owned by non-residents
As at 31 December 2024, 19 of the 35 French companies listed in the CAC 40 were more than 50%-owned by non-residents, 11 were 30-50%-owned by non-residents, and 5 were less than 30%-owned by non-residents. Seven French firms had at least one foreign direct investor (i.e. with a stake of over 10%; see Table 1). The breakdown changed very little over 2024, despite significant adjustments to the composition of the CAC 40 index (two entries and two exits).
The dispersion of non-resident ownership rates for French CAC 40 shares also remained stable in 2024 (see Chart 4). The average ownership rate for companies with the smallest foreign-held stake was unchanged at 23%, while the average rate for those with the biggest foreign-held stake remained stable at 78%.
The largest foreign-held stakes are in healthcare and utility firms
The capital stake held by non-residents in healthcare and utility companies rose by 2.6 percentage points in 2024, driven primarily by one company in these sectors. In all other sectors, foreign investors reduced their holdings over the year. The biggest fall was in the industry and energy sector grouping, where the overall foreign-held stake declined by 1.1 percentage points (see Chart 5). …
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Updated on the 21st of January 2026