The value of investments by Dutch households decreased slightly in the first three months of 2025. This is according to figures from De Nederlandsche Bank (DNB). Shares in tech companies, in particular, resulted in losses.
At the end of March, the investments of Dutch households were worth almost 189 billion euros. Around the turn of the year, this was still 189.7 billion euros.
In the last three quarters of last year, DNB spoke of a record in outstanding investments. At the time, Dutch investors benefited from strongly rising stock prices, particularly in the United States.
In the first months of this year, stock prices fell sharply. Although the trade war only really broke out in April, US President Donald Trump had already threatened high import duties in the months before.
DNB saw the value of investments fall even before Trump wanted to tax products from almost all countries with high duties in April. The AEX index, which follows the prices of the 25 most traded shares in Amsterdam, was not yet so affected by this in the first quarter. This was the case for American tech shares.
American Investments in AI Appear to Be Worth Much Less
That led to tech shares making losses. At the end of March, Dutch households owned approximately 11.9 billion euros in shares in thirteen large tech companies. These include the Dutch ASML and ASMI, but also American tech giants such as Microsoft, Apple and Alphabet (from Google).
That 11.9 billion euros is a decrease of 15 percent compared to a quarter earlier. At the end of last year, the value of these investments was almost 14 billion euros.
In addition, tech giants in the US also struggled with problems because investments in artificial intelligence seemed to be worth much less. This was due to the presentation of a Chinese alternative to ChatGPT, which put further pressure on the stock prices of chip and tech companies.
Cheaper Dollar Plays a Role in American Shares
Exchange rate effects also played a role in investments in the major American tech companies. This was because the euro was worth more against the dollar. This is not beneficial for those who have invested euros in American shares.
The investments are insignificant compared to the money that Dutch households have in the bank. There is a total of approximately 497.4 billion euros in savings accounts.
Furthermore, there is 111 billion euros in current accounts at Dutch banks. In addition, many households also have other assets, such as their own home, pension provision or own company.