Your question is challenging, not only because the information is not
all in one place, but because the phrase ?institutional investor? can
mean many things. The raw data you seek regarding the number of
shareholders is not available for most exchanges. However, I have
collected market-share data for individual and institutional investors
for a number of countries.
Stock exchanges are not required to release this information, and many
do not. Those that do disclose the information use drastically
different formats. Because of the differences in data presentation, I
had to take some liberties with the information and shoehorn some
exchanges into categories they did not use in their own disclosure.
However, I believe I captured the spirit of the shareholder breakdown.
When government ownership was available, I listed it. When corporate
ownership was available, I listed it. I listed individual ownership,
which for some countries like Japan considers only Japanese
individuals. When foreign ownership was available, I listed it.
Remember, countries that report foreign ownership probably underreport
institutional, corporate, and individual ownership, because all three
foreign groups probably own stock. But if you read it under
international, it means no breakdown was available. Pretty much
everything else is lumped into institutional. If you see a blank, that
does not mean 0%, it simply means that the country did not report any
of that kind of ownership. For instance, China?s Shenzhen Exchange
reports no corporate or government ownership, but lumps everything
into institutional.
There was some overlap on the numbers, and sums that round to more or
less than 100%, and I let this stand. Many of the corporate owners are
also institutions. Some of the countries broke it out easily, but some
included corporate institutional investors under both corporate and
institutional. For instance, Portugal reported 81% corporate
ownership, 8% government ownership, and 15% institutional ownership.
The logical reason is that some of the corporate institutions were
double-counted. Please understand that hard-and-fast data is simply
not available for most of the developing countries, and many of the
numbers are estimates. They?re based on detailed survey data, and the
estimates are of high quality, but they are estimates nonetheless.
The data is as current as I can find, but in some cases, that?s not
very current. The GDP information is taken from the CIA Factbook, and
the year is listed in the spreadsheet. All populations are estimates
as of July 2005. As for the stock-ownership information, I?ve listed
the year from which the data is drawn. I used nothing older than 2002.
I collected most of the information about developed countries from
http://www.fibv.com/WFE/home.asp?action=document&menu=266&nav=ie,
which provides market data from a number of countries.
I got most of the data on developing nations from the 2002 study at
http://home.business.utah.edu/~finkvl/LinsJFQA8_502.pdf. This study
cites several others that suggest block ownership accounts for most of
the stock ownership in developing countries. As such, I?ve provided
you with block-ownership data for a variety of emerging economies,
broken down by who owns the blocks.
On average, individuals own about 1% of the stock in the markets cited
in the study above, most of which are low-GDP markets. Government and
management ownership tends to be very high. Both individual and
institutional (traditionally considered pension funds, investment
companies, etc.) ownership in most developed countries is much higher,
though institutional ownership is increasing steadily as a percentage
of the market, particularly in Europe.
The market statistics are listed below, but you were also interested
in GDP and population information for African countries. Below the
market data is a list of African countries, with 2005 populations
estimates and the most current per-capita GDP available. All
information is taken from the CIA Factbook.
Country GDP Per Capita GDP
Date Population Corporate Government Foreign Institutional Individuals Other Year
of Data
Indonesia $3,500 2004 est. 241,973,879 84% 7% 2% 8% 0% 2002 Study
Sri Lanka $4,000 2004 est. 20,064,776 85% 0% 14% 0% 0% 2002 Study
Philippines $5,000 2004 est. 87,857,473 89% 9% 6% 0% 0% 2002 Study
Peru $5,600 2004 est. 27,925,628 90% 0% 10% 0% 0% 2002 Study
China -- Shenzhen Exchange $5,600 2004 est. 1,306,313,812 3% 64% 34% ???
Turkey $7,400 2004 est. 69,660,559 75% 18% 4% 0% 4% 2002 Study
Thailand $8,100 2004 est. 64,185,502 19% 11% 47% 23% 2003
Brazil $8,100 2004 est. 186,112,794 3% 26% 50% 21% 2002
World $8,800 2004 est. 6,446,131,400
Malaysia $9,700 2004 est. 23,953,136 80% 13% 8% 0% 0% 2002 Study
Chile $10,700 2004 est. 15,980,912 96% 0% 7% 0% 0% 2002 Study
South Africa $11,100 2004 est. 44,344,136 73% 0% 26% 1% 0% 2002 Study
Argentina $12,400 2004 est. 39,537,943 100% 0% 0% 0% 0% 2002 Study
Czech Republic $16,800 2004 est. 10,241,138 100% 0% 10% 0% 0% 2002 Study
Portugal $17,900 2004 est. 10,566,212 81% 8% 15% 0% 0% 2002 Study
South Korea $19,200 2004 est. 48,640,671 18% 4% 40% 17% 21% 2004
Israel $20,800 2004 est. 6,276,883 40% 5% 8% 12% 36% 2003
Taiwan $25,300 2004 est. 22,894,384 92% 3% 2% 1% 2% 2002 Study
Singapore $27,800 2004 est. 4,425,720 76% 12% 11% 0% 1% 2002 Study
Sweden $28,400 2004 est. 9,001,774 10% 9% 34% 31% 17% 2002
Japan $29,400 2004 est. 127,417,244 22% 24% 34% 20%
Australia $30,700 2004 est. 20,090,437 3% 40% 35% 22% 2004
Australia $30,700 2004 est. 20,090,437 3% 40% 35% 22% 2004
Denmark $32,200 2004 est. 5,432,335 29% 6% 47% 18% 0% 2003
Hong Kong $34,200 2004 est. 6,898,686 96% 1% 2% 0% 1% 2002 Study
Norway $40,000 2004 est. 4,593,041 24% 5% 10% 11% 50% 0% 2003
The CIA Factbook has population data
http://www.cia.gov/cia/publications/factbook/rankorder/2119rank.html
and GDP per capita data
http://www.cia.gov/cia/publications/factbook/rankorder/2004rank.html
for the following African countries:
Country GDP Per Capita GDP Date Population
Algeria $6,600 2004 est. 32,531,853
Angola $2,100 2004 est. 11,827,315
Benin $1,200 2004 est. 7,649,360
Botswana $9,200 2004 est. 1,640,115
Burkina Faso $1,200 2004 est. 13,491,736
Burundi $600 2004 est. 7,795,426
South Africa $11,100 2004 est. 44,344,136
Cameroon $1,900 2004 est. 16,988,132
Cape Verde $1,400 2002 est. 418,224
Central African Republic $1,100 2004 est. 4,237,703
Chad $1,600 2004 est. 9,657,069
Comoros $700 2002 est. 671,247
Congo, Democratic Republic of the $700 2004 est. 60,764,490
Congo, Republic of the $800 2004 est. 3,602,269
Djibouti $1,300 2002 est. 476,703
Equatorial Guinea $2,700 2002 est. 529,034
Eritrea $900 2004 est. 4,669,638
Ethiopia $800 2004 est. 73,053,286
Gabon $5,900 2004 est. 1,394,307
Gambia, The $1,800 2004 est. 1,595,086
Ghana $2,300 2004 est. 21,946,247
Guinea $2,100 2004 est. 9,452,670
Guinea-Bissau $700 2004 est. 1,413,446
Kenya $1,100 2004 est. 33,829,590
Lesotho $3,200 2004 est. 2,031,348
Liberia $900 2004 est. 2,900,269
Libya $6,700 2004 est. 5,765,563
Madagascar $800 2004 est. 18,040,341
Malawi $600 2004 est. 12,707,464
Mali $900 2004 est. 11,415,261
Mauritania $1,800 2004 est. 3,086,859
Mauritius $12,800 2004 est. 1,230,602
Mayotte $2,600 2003 est. 193,633
Morocco $4,200 2004 est. 32,725,847
Mozambique $1,200 2004 est. 19,406,703
Namibia $7,300 2004 est. 2,030,692
Niger $900 2004 est. 12,162,856
Nigeria $1,000 2004 est. 128,765,768
Reunion $6,000 2004 est. 776,948
Rwanda $1,300 2004 est. 8,440,820
Sao Tome and Principe $1,200 2003 est. 187,410
Senegal $1,700 2004 est. 11,706,498
Seychelles $7,800 2002 est. 81,188
Sierra Leone $600 2004 est. 5,867,426
Somalia $600 2004 est. 8,591,629
Sudan $1,900 2004 est. 40,187,486
Swaziland $5,100 2004 est. 1,138,227
Tanzania $700 2004 est. 36,766,356
Togo $1,600 2004 est. 5,399,991
Tunisia $7,100 2004 est. 10,074,951
Uganda $1,500 2004 est. 27,269,482
Zambia $900 2004 est. 11,261,795
Zimbabwe $1,900 2004 est. 12,160,782
I hope this aids you in your research,
V
Search strategy:
"stock market" "individual ownership" various country names
"stock market" "institutional ownership" various country names |
