Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Denmark has record-high investments abroad
The value of Danish direct investments abroad reached its highest level ever at kr. 1,910 billion by the end of 2024. This continues the trend over the past twenty years of generally increasing direct investments abroad. The USA is the country in which Danish companies invest the most, but investments in EU countries as a whole are larger. The value of foreign direct investments in Denmark was kr. 1,081 billion at the end of 2024, which is on par with the previous two years, where the USA is the largest investor with 18 per cent. By the end of 2024, Denmark's investments abroad thus amount to kr. 829 billion more than foreign investments in Denmark.
Record-high direct investments abroad
Note:
Stock of direct investments excluding pass-through investments calculated according to directional principle. Find chart data here.
The USA is the country in which Danish companies invest the most
When dividing Danish direct investments abroad by individual countries, the largest are in the USA, where they have risen to a record high level of kr. 440 billion by the end of 2024. Danish direct investments in the USA increased by kr. 131 billion during 2024, corresponding to the largest annual percentage increase in the past twenty years. The increase in direct investments in the USA is partly due to Novo Nordisk's acquisition of Catalent in the USA. Novo Nordisk was the final buyer of Catalent through Novo Holdings, which has stated in a press release that the total purchase value is kr. 119 billion. The acquisition is one of the largest Danish corporate transactions ever.
Overall, investments in EU countries are greater than in the USA
The direct investments in EU countries as a whole are greater than in the USA and amount to kr. 758 billion in 2024, corresponding to 40 per cent of total outward investments. The level of direct investments in the EU has remained relatively stable over the past year. DSV's acquisition of German DB Schenker is another significant corporate transaction that was mentioned in 2024, but it is not included in the statistics as the deal was not finally approved until 2025.
Denmark invests the most in the EU and the USA
Note:
Stock of direct investments excluding pass-through investments calculated according to directional principle.
Few corporations account for a large part of Danish direct investments abroad
Few large Danish corporations account for a significant portion of direct investments abroad. The five business groups with the largest direct investments abroad at the end of 2024 were Novo Nordisk, A. P. Møller – Mærsk, Ørsted, DSV, and Carlsberg, which together account for nearly 30 per cent of the outward direct investments.
The USA is the largest investor country in Denmark
Foreign direct investments in Danish companies often pass through one or more transit countries before reaching Denmark. This is due in part to ownership structures with multiple layers, where investments from the country of origin are made via holding companies or funds based in other countries. Luxembourg, the Netherlands, and Ireland are examples of transit countries. By examining ownership structures, one can trace back to the country from which the investments originate. Measured by ultimate investor country, the USA is the largest investor in Denmark with kr. 193 billion. Countries such as Italy and France are also countries that increasingly invest in Denmark through transit countries. Denmark also acts as an ultimate investor country, where investments have circulated through transit countries.
A large part of investments from the USA first passes through other countries.
Note:
Stock of inward direct investments for the 15 largest ultimate investor countries. Investments include direct investments excluding pass-through investments calculated according to directional principle.
What are direct investments?
Direct investments are investments in companies across national borders, where the investor has a significant influence in the company that is being invested in. A distinction is made between inward and outward direct investments, where outward direct investments are Danish direct investments abroad, and inward are foreign direct investments in Denmark. In most cases of outward direct investments, there are subsidiaries abroad, where the Danish investor owns 100 per cent of the company.
Inward direct investments are reported based on both the first investor country and the ultimate investor country. The first investor country is the most recent counterparty country for an investment, and the ultimate investor country is the country from which the investment originally comes. Investments are often made in multiple layers through various funds or holding companies based in other countries. Thus, for example, a direct investment from an Italian company in a Danish company may first pass through a fund in Luxembourg. By examining all layers in ownership structures, one can identify the ultimate investor country from which investments originate.