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Aalto Ownership Lab

Ownership of privately held firms in Finland

This study analyzes the prevalence and importance of privately held firms and documents patterns and trends in their ownership. Using detailed ownership data from Finland over the 2006-2002 period, coupled with comprehensive records of firm financials, it explores various aspects of ownership in these firms.

Below you can some of the key findings. 

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Importance of privately held firms compared to all firms, domestic firms, and non-listed domestic firms, 2022
Fraction of firms, revenue, and employment among privately held firms compared to all firms, domestic firms, and non-listed domestic firms.

Privately held firms are important. They represent 86% of the 106,000 active limited liability firms studied. They account for 30% of revenue and 49% of employment. Excluding foreign-owned and publicly listed firms, these fractions are 65% and 73%, respectively.

Owners as a fraction of population by gender, native language, and education
Owners as a fraction of population by gender, native language, and education.

Ownership in privately held firms is rare. About 170,000 individuals own shares in privately held firms. This number amounts to 3% of the population with 81% of owners holding shares in just one firm. Men, Swedish-speakers, and Master's graduates are more likely to own privately held firms. 

Cumulative distribution of business wealth among owners
Cumulative distribution of business wealth among owners. Each owner is assigned to a group corresponding to various percentiles of the business wealth distribution.

Business wealth is unevenly distributed among owners. The top 1% of owners according to business wealth account for 48% of total wealth whereas the cumulative top 5% and top 10% shares are 70% and 80%, respectively. 

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