In 2025 the capitalization of the Italian stock market reached the historical record of 1.077 billion of euros, despite the number of companies listed on the regulated market having fallen below 200 units. These are some of the data contained in the Capital Markets in Italy report, published by Consob.
The study highlights how, in the last decade, on Euronext Milan the exchanged value in one year on the total capitalization has gone, on average, from almost 100% in 2015 to 88% in 2025. All this in a context in which the capitalization of top ten companies on Euronext Milan represents the 55% of the total compared to 37% in 2015.
Since 2010, the report estimates that the impact of the flow of listings and delistings on the Italian market has been negative by approximately €96 billion, of which €72 billion in the last five years. In general, Consob explains, the stock market continues to display dimensions that are not in line with the potential of the country's economy: it represents only 0,8% of the global stock market, despite Italian GDP is worth more than 2% of the global one.
Private equity is growing
In this context, the growth continues private equityIn the first half of 2025, investments recorded a rise of 17%, despite a drop in collections, in line with the sharp contraction in global collections (-33%).
“Over the last ten years, the resources made available to Italian companies by private equity have been almost triple the proceeds of all IPOs on Euronext Milan and Euronext Growth Milan”, the study underlines.
Household wealth is over 6 trillion
“A greater development of the capital market appears achievable in light of the high financial wealth of Italian families", underlines Consob. In numbers, in June 2025, we are talking about 6.148 billion euros.
A significant portion of this wealth (26%) is today represented by cash and deposits: a significant value if compared with the data of the United States (11%), but still lower than the average of theeuro area (32%). The portion allocated to bonds is higher than the Eurozone average (8% versus 3%), while 19% is placed in insurance and pension products, a lower share than that observed in the Eurozone (27%) and the United States (28%).
Savings managed at 70% of GDP
The domestic industry of the managed savings still show small dimensions compared to the potential of the national economy, standing at 70% of GDP (a value far from 350% in the UK, 187% in the Netherlands and 180% in France) and a still limited exposure to Italian stocks (7% of assets). pension fund assets Instead, they represent 9% of GDP, in line with Germany and France but still smaller than the Netherlands (146%) and Sweden (51%).
"The analyses confirm the importance of measures aimed at fostering greater capital market development, such as the initiatives to simplify bond prospectuses conducted by Consob in recent years: in 2025, the impact on the total number of bonds issued by Italian companies and listed on domestic markets was higher than the average recorded in the previous ten years (14% compared to 3,5%)," Consob concludes.
