Bucharest Stock Exchange (BVB) closed 2025 with a historic milestone: 285,582 investors, up 26% from the previous year, propelled by a standout capital markets year and fresh tax incentives aimed at boosting savings and equity exposure.

The BET index capped the year with a stellar return exceeding 50% including dividends (BET-TR), one of the best in recent memory, driven by robust listed company earnings, juicy payouts and surging investor appetite.

Why Romanians hoard state bonds but shun stocks

A conservative financial culture explains the gap. For decades, Romanians have favoured bank deposits or state-guaranteed instruments, viewing government bonds as safe havens with predictable yields and minimal risk. Even amid bull runs, stocks’ daily volatility can spook novices, keeping many on the sidelines despite blockbuster gains.

Pensions: The hidden stock market millions

What often flies under the radar: every contributor to Romania’s Pillar II or III private pensions is already a stock market player, indirectly. These funds allocate hefty chunks to BVB-listed equities and bonds, making them the exchange’s biggest buyers by far. 

Millions of Romanians thus ride the market’s ups and downs without realising it, a backdoor introduction that could pave the way for direct accounts. Forecasts point to breaching 300,000 accounts in the first half of 2026, as Romania’s retail investing wave gains unstoppable momentum.