The stock market attracted a record number of retail investors in 2025

A growing enthusiasm among the French for investing in equities

In 2025, just over 1.9 million French people bought or sold shares at least once, up 21% on the previous year (1.5 million). Thus, over the entire 2021-2025 period, the equity markets attracted more than 3.8 million retail investors.

In total, the AMF identified 56 million equity transactions carried out by retail investors in 2025 (41 million in 2024), a growing proportion of which were executed using institutions based in a European Union country other than France (26% in 2025, up from 18% a year earlier). Transactions carried out with these European service providers accounted for 15% of the total amounts traded in equities in 2025.

A doubling in the number of ETF transactions

In terms of ETFs, the number of French people who carried out at least one transaction in this instrument leapt by 83% in 2025 compared to the previous year, with more than 1.1 million investors (607,000 in 2024). Over the past five years, the AMF has recorded a nearly fivefold increase in the number of ETF investors (223,000 in 2020). 

The AMF has also seen a doubling in the number of ETF transactions carried out by the French in 2025 (14.4 million, compared with 6 million in 2024), 47% of which were made with institutions established in the European Union, but outside France (23% in 2024). The transactions carried out with these European service providers accounted for 20% of the total amounts traded in ETFs in 2025.

Ever more new investors 

Over the course of three years, 1.6 million new investors entered the stock market (780,000 in 2025, 516,000 in 2024 and 329,000 in 2023). A new investor is someone who has executed a purchase transaction for the first time since 1 January 2018. 

In 2025, for both equities and ETFs, the majority of new investors were clients of institutions established in a European Union country other than France: this was the case for 61% of new French equity investors (whose equity investments accounted for 14% of the amounts invested by new investors) and 49% of new French ETF investors (24% of the amounts invested by new ETF investors). 

At the same time, the AMF is observing a significant rejuvenation of investors in equities and ETFs. The average age of equity investors fell from 51 in the last quarter of 2024 to 48 in the same quarter of 2025. This trend is mirrored among ETF investors, whose average age has fallen from 41 to 38 over the same period.

A broader scope and enhanced data for the dashboard 

In order to provide a more complete picture of retail investor activity, the dashboard now includes French investors who carry out transactions using investment services providers (ISPs) based in the European Union (EU) in a financial instrument traded on a French market that is its main liquidity venue (i.e. under the jurisdiction of the AMF).

It distinguishes between two types of investors: 

• French retail investors carrying out transactions with service providers based in France;
• French retail investors carrying out transactions in financial instruments that are under AMF jurisdiction with service providers based in the EU, but outside France.

About the AMF
The AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected and that investors are provided with adequate information. The AMF also supervises the orderly operations of markets. Visit our website: https://www.amf-france.org/en