Establishments, enterprises and accounts;Banking and financial markets
aksjer, Shares and dividend payments, limited companies, public limited companies, share capital, share dividends, share premium, shares, shareholders, stockholders, protection allowanceSecurities markets , Ownership and roles , Banking and financial markets, Establishments, enterprises and accounts

Shares and dividend payments


Next update

Not yet determined

Key figures


NOK billion in dividend payments

Received dividends, by holding sector
20192018 - 2019
NOK millionSharePer cent
Total514 269100-7
Non-financial corporations264 61251-12
Financial corporations35 148712
General government47 4639-2
Non-profit institutions serving households3 22519
Households61 10212-1
Rest of the world94 56118-4
Unspecified sector8 15827

See selected tables from this statistics

Table 1 
Limited companies, nominal share capital and dividend payments, by main industry

Limited companies, nominal share capital and dividend payments, by main industry
Number of limited companiesNominal share capital. NOK millionDividend payments. NOK millionNumber of limited companiesNominal share capital. NOK millionDividend payments. NOK million
1Preliminary figures.
Total315 044955 124553 014326 237955 504514 269
Agriculture, forestry and fishing4 85713 97516 3025 02814 44919 362
Mining and quarrying1 303107 342109 7051 295107 625118 178
Manufacturing13 388110 12469 38513 272109 32641 169
Electricity, gas, steam and air conditioning supply1 53292 89133 4291 60191 72727 190
Water supply, sewerage, waste8192 9224978462 473604
Construction44 89237 66732 11346 12638 07327 990
Wholesale and retail trade: repair of motor vehicles and motorcycles45 10551 84339 22944 51250 39631 546
Transportation and storage10 11694 36023 98610 12695 06528 144
Accommodation and food service activities10 29410 8311 97410 4696 4081 623
Information and communication15 45938 19186 35515 99336 19651 038
Financial and insurance activities24 465181 02648 47423 980186 72951 715
Real estate activities60 733134 12954 97262 821134 56864 345
Professional, scientific and technical activities38 09844 73720 76239 33142 79320 289
Administrative and support service activities13 31119 8676 68213 65218 81713 354
Education4 0267443304 157753886
Human health and social work activities9 3612 9933 9119 7102 9902 658
Arts, entertainment and recreation5 0263 6089555 2943 747929
Other service activities4 9161 9639595 0992 0961 503
Missing7 3435 9092 99512 92511 27211 746

Table 2 
Nominal share capital and received dividends, by owner sector. NOK million

Nominal share capital and received dividends, by owner sector. NOK million
Nominal share capitalReceived dividendsNominal share capitalReceived dividends
Sum all holding sectors955 124553 014955 503514 269
Non-financial corporations513 425302 238505 738264 612
Financial corporations130 92231 428135 09535 148
General government58 24248 30758 04447 463
Non-profit institutions serving households14 5512 95514 5783 225
Households72 54161 91170 55961 102
Rest of the world153 05498 580159 74194 561
Unspecified sector12 3897 59511 7488 158

Table 3 
Individuals who owned shares, nominal share capital, received dividends and received previously paid-up share capital and share premium, by sex and age

Individuals who owned shares, nominal share capital, received dividends and received previously paid-up share capital and share premium, by sex and age
Number of individuals who owned shares 31 DecemberNominal share capital. NOK millionReceived dividends. NOK millionReceived share capital. NOK million2Received share premium. NOK million2Number of individuals who owned shares 31 DecemberNominal share capital. NOK millionReceived dividends. NOK millionReceived share capital. NOK million2Received share premium. NOK million2
1Preliminary figures.
2Does not include capital paid back in connection with liquidation or partial liquidation of limited companies.
Both sexes
Total682 59072 34861 7031 1623 965699 27070 36560 8871 0423 635
0-19 years8 8685141783138 9395031431510
20-29 years48 3932 3351 1981307153 5622 1031 2071064
30-39 years101 7086 8665 16395249107 4076 4824 92069175
40-49 years137 61714 16614 145261482137 74813 69113 448291406
50-59 years147 80220 27319 104298783150 88519 65519 004201867
60-69 years122 65717 19414 6212351 597122 80816 74514 5202051 661
70-79 years81 9778 6176 21311842783 8718 6646 544212380
80 years or older33 5682 3831 0802234534 0502 5221 1003872
Total472 40955 46650 3119073 108484 44753 95749 6047032 975
0-19 years5 439253126225 670246105144
20-29 years35 9101 5487671144340 0051 457832643
30-39 years73 3275 0403 8907212077 2974 6523 56148127
40-49 years97 68410 28211 17420634297 61710 02410 824104251
50-59 years102 25615 47415 817225608104 09514 88915 767160693
60-69 years84 77914 45012 5391681 38284 88214 04612 2781601 503
70-79 years54 1147 0245 20310133755 5757 1375 493176301
80 years or older18 9001 3967941927219 3061 5057433554
Total210 18116 88211 392255857214 82316 40811 282339661
0-19 years3 429261511103 2692583816
20-29 years12 483787430162713 557645375421
30-39 years28 3811 8261 2732312930 1101 8311 3592148
40-49 years39 9333 8852 9715514040 1313 6662 625187155
50-59 years45 5464 7993 2877217546 7904 7663 23641174
60-69 years37 8782 7442 0826721437 9262 6992 24245159
70-79 years27 8631 5931 011179028 2961 5261 0503779
80 years or older14 66898728737214 7441 017357318

Table 4 
Nominal share capital and received dividend payments for foreign shareholders, by selected countries. NOK million

Nominal share capital and received dividend payments for foreign shareholders, by selected countries. NOK million
Nominal share capitalReceived dividendsNominal share capitalReceived dividends
1Preliminary figures.
Total153 05498 580159 74194 561
Sweden21 25917 06721 24812 647
United Kingdom24 4658 78423 8029 463
United States10 7239 21610 7719 481
Denmark5 7804 2075 5833 911
France8 58014 2238 0129 444
Netherlands12 31321 04613 12627 022
Luxembourg9 7977 3478 6984 868
Germany7 4331 4587 9141 237
Cyprus8793141 425163
Spain..1 342..1 865
Switzerland2 8872 9193 4191 446
Belgium2 6411 0302 697861

Table 5 
Individuals who owned shares, nominal share capital and received dividends, by county, sex and age

Individuals who owned shares, nominal share capital and received dividends, by county, sex and age
Number of individuals who owned shares 31 DecemberNominal share capital (NOK million)Percentage share of residents who owned shares 31 DecemberNumber of individuals who received dividendsReceived dividends (NOK million )Percentage share of residents who received dividends
Total699 27070 36513.0384 98960 8877.2
Østfold (-2019)30 8112 42410.316 9102 5165.6
Akershus (-2019)89 5158 61814.150 8499 5608.0
Oslo104 26214 28315.056 57113 7258.2
Hedmark (-2019)21 7531 76411.012 0691 3586.1
Oppland (-2019)22 9421 95612.113 6431 3757.2
Buskerud (-2019)35 9413 30812.620 2463 4697.1
Vestfold (-2019)30 7462 96412.216 6642 8856.6
Telemark (-2019)22 9521 71413.213 1881 2027.6
Aust-Agder (-2019)13 2371 24411.26 0611 0835.1
Vest-Agder (-2019)21 6573 11311.510 0791 9045.3
Rogaland67 2447 77714.041 6695 0998.7
Hordaland (-2019)74 5576 44814.140 6985 9637.7
Sogn og Fjordane (-2019)17 0501 44715.69 4251 0308.6
Møre og Romsdal33 8024 00712.718 2952 4686.9
Trøndelag - Trööndelage58 0694 62312.430 7314 0876.6
Nordland29 2332 12712.116 2851 6786.7
Troms - Romsa (-2019)17 7001 76810.68 5331 1395.1
Finnmark - Finnmárku (-2019)7 79978110.33 0733484.1
Total484 44753 95717.9262 91449 6049.7
0-19 years5 6702460.93 3091050.5
20-29 years40 0051 45710.918 1218324.9
30-39 years77 2974 65220.633 6123 5619.0
40-49 years97 61710 02426.346 75710 82412.6
50-59 years104 09514 88928.955 53315 76715.4
60-69 years84 88214 04629.151 89612 27817.8
70-79 years55 5757 13726.438 8715 49318.5
80 years or older19 3061 50521.314 81574316.4
Total214 82316 4088.1122 07511 2824.6
0-19 years3 2692580.52 056380.3
20-29 years13 5576453.96 1843751.8
30-39 years30 1101 8318.513 0871 3593.7
40-49 years40 1313 66611.419 1892 6255.4
50-59 years46 7904 76613.626 0603 2367.6
60-69 years37 9262 69913.023 9182 2428.2
70-79 years28 2961 52612.620 3151 0509.0
80 years or older14 7441 01710.511 2663578.0

About the statistics

The statistics give an overview of ownership of Norwegian limited and public limited companies, how much the companies pay in dividends and who receives the dividends.


Definitions of the main concepts and variables

A limited (liability) company is an enterprise where the owners' personal responsibilities for the firm's obligations are limited to the amount the owners have invested. The firm is considered an independent juridical entity. The company must have a deed of incorporation, obtain share capital and the company must be registered with the Brønnøysund Register Centre. A company is a Public limited company if it claims to be so in the ordinance and it is registered as such in the Brønnøysund Register Centre. All or a large part of the shares must be publicly traded and these must be registered with Norwegian Central Securities Depository. More information about the requirements can be found in the Limited Company Act and the Public limited Company Act.

A share is a unit of ownership in a limited company.

A primary capital certificate (PCC) is issued by a savings bank and is very similar to a share. The main differences is that the holders of the PCCs only own a limited part of the bank and has limited influence over the governance of the bank. The dividends are also limited.

Class of shares . The Board of directors can choose to divide the shares into different categories. Each category can have different dividend and voting rights or other characteristics specified at the date of issue.

A shareholder is a natural person or juridical person or other entity that owns shares in a limited company or public limited company.

Share capital . At the formation of a limited company the shareholders must invest a certain amount of capital. The minimum requirement of capital is NOK 100 000 for a limited company and NOK 1 million for a public limited company. The share capital may be increased at a later time by increasing the nominal value, or by issuing new shares. If a shareholder pays more than nominal value, a share premium has been paid. Limited companies can later reduce and repay both share capital and share premium to the shareholders. The share capital statistics include companies that were in existence 31 December in the fiscal year.

Nominal value is the value of the share when issued. The nominal value times the number of shares issued should be equal to the share capital. Nominal value can change due to stock split or a reverse stock split.

Paid dividend is the actual amount of dividend paid out to shareholders during the fiscal year. The paid dividend statistics include all dividends distributed to shareholders by limited companies during the fiscal year whether or not the limited companies were in existence at the year-end or liquidated during the year.

Received dividend is the dividend received by shareholder during the fiscal year.

Received share capital is that part of share capital by which the limited company has reduced its share capital and repayed to its shareholders. It is a non-taxable transfer.

Received share premium is that part of share premium by which the limited company has reduced its share premium and repayed to its shareholders. It is a non-taxable transfer.

Received other paid-in capital is that part of other paid-in capital by which the limited company has reduced its other paid-in capital and repayed to its shareholders. It is a non-taxable transfer.

Capital gains on sale of shares . If a shareholder sells shares and the selling price exceeds the cost price, a capital gain arise.

Risk-free return . With the introduction of the shareholder model as from 1 January 2006, dividends and capital gains on sale of shares for personal shareholders are taxed if they are above the calculated opportunity rate of return, named the risk-free return. As a rule, the risk-free return is computed by multiplying the cost price of the share by an opportunity rate of interest. It is the shareholder who owns the share at the time the risk-free return is calculated (31 December every year) who are entitled to the allowance. The risk-free return can also be used to reduce profit when the share is sold. If the risk-free return or part of it is not used in a given year, it can be carried forward and used later.

Taxable dividend is that part of the received dividend that exceeds the risk-free return.

Taxable capital gains on sale of shares is the part of the capital gains on sale of shares that exceeds the risk-free return.

Listed/non-listed . Listed shares are shares listed and traded at the Oslo Stock Exchange per 31.12 in the fiscal year. Non-listed shares are not listed at the Oslo Stock Exchange per 31.12 in the fiscal year. As of the statistics covering 2007, shares listed on Oslo Axess is also included.

Standard classifications

Classification of industry is in accordance with the revised Norwegian Standard Industrial Classification (SN94), which is based on the EU industrial standard NACE Rev. 1 and the UN industrial standard ISIC Rev. 3. As of 2004, the revised standard SN2002 is used. This standard is based on the EU industrial standard NACE Rev. 1.1. As of 2007, the revised standard SN2007, which is based on the EU industrial standard NACE Rev. 2, is used. For companies that engage in several industries, the entire business will be placed under the business that contributes the most to the overall added value. Further information can be found on the Statistics Norway web page.

Institutional sector is a statistical categorizing of the shareholders based mainly on the economic function, but also organization structure and ownership. Institutional sector categories are based on United Nations standards "System of National Accounts" (SNA) from 1993. As of fiscal year 2012, the statistics use a new institutional sector classification which is based on the UN's "System of National Accounts" (SNA) from 2008 and the EU's "European System of National Accounts' (ESA) from 2010.

The country and region classification is based on ISO standard 3166 and the UNs Standard Country and Area Codes Classifications (M49) . The statistics are classified by the country where the shareholder is registered. If a company, for instance an American company, owns a holding company in the Netherlands, and this holding company owns shares in a Norwegian limited company, the shareholder in the Norwegian company will be classified as Dutch in the statistisics, eventhough the ultimate owner is American.

Administrative information

Name and topic

Name: Shares and dividend payments
Topic: Establishments, enterprises and accounts

Responsible division

Division for Accounting Statistics and Business Register

Regional level

National level

Frequency and timeliness

Frequency: Annual, preliminary and final figures.

Timeliness: Preliminary figures are published 26 weeks after the year-end.

International reporting

Not relevant.


Final statistics files are documented and stored.


Background and purpose

The purpose of the stock statistics is to present the value of shares and dividends of Norwegian limited companies and public limited companies by ownership.

Statistics Norway has published annual stock statistics since 1984 with the exception of the period between 1991-1993 and 2000-2003.

Users and applications

The stock statistics is used by the Ministry of Finance, internal and external research institutes, the Bank of Norway (Norges Bank) and they are used in the National Accounts.

The statistics can be used to analyse the structure of a group of companies, the ownership structure of limited companies, the distribution of dividends from the companies to the shareholders etc.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 8 am. Prior to this, a minimum of three months' advance notice is given inthe Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The stock statistics cover nearly the same population as accounting statistics for non-financial limited companies. The register-based accounting statistics include the profit and loss account and the balance sheet, thus providing more detailed figures broken down by industry and other variables.

Tax statistics for companies include both limited companies and public limited companies. The tax statistics are based on the Directorate of Taxes' register of non-personal taxation entities, and gives inter alia overall ordinary income.

The tax statistics for personal taxpayers comprise all taxable individuals. The tax statistics contains data about received dividend and it includes dividend from both Norwegian and foreign companies.

Legal authority

The Statistics Act section 3-2.

EEA reference

Not relevant.



Starting in the fiscal year 2004 the statistics incorporate all limited companies and public limited companies. As of 2006, the statistics also cover primary capital certificates (PCC). The statistics on taxable capital gains on sale of shares also include sale of equity fund shares.

Previously the statistics included all Norwegian limited companies registered on the Directory of Taxes' Register of Shares. Between 1997-1998 the statistics for non-listed companies did not included firms that were subject to tax regulation for electric power stations.

Data sources and sampling

Starting in 2004 the statistics are based on data from the Directorate of Taxes' Register of Shareholders. In the statistics on taxable dividend, data on dividend reported electronically to the Directorate of Taxes are also used.

Between 1984 and 1999 the statistics were based on the Directory of Taxes' Register of Shares and annual statistics of listed companies from Oslo Stock Exchange (Oslo Børs).

For each company additional data regarding industry and institutional sector is obtained from the Central Register of Establishments and Enterprises.

Collection of data, editing and estimations

Starting with the fiscal year 2004 Statistics Norway collected data from the Directorate of Taxes' Register of Shareholders. The registers consist of all Norwegian limited companies, specifying the number of shares issued, the share capital, the share premium, and proposed and paid dividend. In addition the register gives information about the shareholders and received dividends. Statistics Norway also collect information about received dividends that the tax payers report electronically to the Directorate of Taxes.

Between 1984 and 1999 Statistics Norway gathered data from the Register of Shares, which is a part of the Directories of Taxes' Register for Non-Personal Taxpayers. The Register of Shares contains information about the nominal value and the number of shares for Norwegian limited companies, as well as the tax value and proposed dividend for non-listed companies. Information about the listed companies was obtained from the Oslo Stock Exchange, partly through their published statistics and partly as an electronic data request.

The Tax Authorities control that the necessary and correct data is registered. In addition Statistics Norway carry out quality controls to ensure coherence and consistency within and with other available statistics.

The analysis unit is the limited company and the shareholder. The statistics are estimated by counting all units with a certain characteristic, e.g. the number of limited companies by main industry, and by aggregating a certain characteristic for all units in the statistics, e.g. received dividend.

Seasonal adjustment

Not relevant


As a main rule a figure is not published if it is based on less than three units, if one single company amounts for 90 per cent or more of the value, or if two companies amount for 95 per cent or more of the value.

Comparability over time and space

A change of source means that starting in 2004 the stock statistics are not directly comparable to earlier statistics. Some of the variables are redefined, e.g. previously the statistics included proposed dividends and as of 2004 the statistics include paid dividends.

The statistics are comparable for the period 1994 to 1999.

Prior to 1991 the stock statistics showed the estimated market value of non-listed companies. An estimate of the market value was obtained by simply using the tax value of the firm unless the tax value was zero, in which case the face value was used.

Prior to 1990 the amount published as paid dividend was the proposed dividend in the previous year. Starting in 1994 the dividend figure published included the proposed dividend to be paid out in the following year.

Adjustments to the tax system and to the accounting regulation over the years are reflected in the data and influence the continuity of the timeseries.

Adjustment of industry categorisation or structural changes within the industries might have an impact on the figure and impede the comparison over the years.

The introduction of a new institutional sector classification in 2012 means that the sector classified statistics are not fully comparable with previous years. This particularly affects the demarcation between financial and non-financial corporations.

Accuracy and reliability

Sources of error and uncertainty

The dataset is based on information given by the companies in the Shareholder Registration form, and errors arise if the information given is erroneous or inaccurate. If mistakes are not corrected during the quality controls the information of the Shareholder Registration form might be incorrect. Mistakes can also occur during the processing, the correction or the registration of the data. The quality control is mainly concerned with mistakes that can have a significant impact on the statistics. As a result, less significant errors, which have no impact on the total amounts, may not be corrected.

Some errors made during the collecting and processing of the data are unavoidable and include coding, editing and data processing errors etc. Extensive efforts have been made to minimize these errors, and we regard these types of errors to be relatively insignificant.

The statistics are based on an administration register of the population. Still there could be that some companies are not included in the register. The non-response rate is between 3 and 7 per cent of the total population of limited companies. Non-response can typically be caused by limited companies that are establish during the year or are no longer in business. When the owner is a foreign company or the general government, we also see a larger non-response rate. This is most likely caused by the fact that these shareholders are not taxed by the shareholder model, and thus the incentive to report is smaller.

The quality of the register and the linked data from administrative registers also have an impact on the quality of the finished result. Both the administrative and statistics registers are regularly updated, and will therefore change during the production process.

The stock statistics present figures for both limited companies and shareholders. Comparing these figures on might find that for items such as share capital and dividend paid there will be some differences.


Revisions are planned adjustments made to previously published figures (for instance when preliminary figures are revised and replaced with final figures). In Shares and capital returns, preliminary figures covering the recent income year are publised together with final figures covering the previous income year. To get more information about revisions, please see Principles for revisions in Statistics Norway.