Using comprehensive register data on the shareholders of Finnish limited liability firms in 2006–2022, this paper studies the prevalence and importance of privately held firms and documents pa erns and trends in their ownership. In 2022, privately held firms account for 86 % of companies, 30 % of revenue, and 49 % of employment. Only 3 % of the population own shares in these firms with 81 % of owners holding just one firm. Men, Swedish-speakers, and Master’s degree holders are more likely to own privately held firms. The wealthiest 1 % of owners account for 48 % of business wealth, with average business wealth being the highest in Helsinki, Joensuu, Vaasa, and Turku. Owners are responsible for 12 % of the country’s personal income tax bill and 31 % of corporate income taxes. The owner population shows significant turnover with only 35 % of its members in 2006 surviving as owners until 2022. Emigrating owners have moved to foreign ownership an estimated 6 % of total business wealth during the sample period.
Samuli Knüpfer (Wed,) studied this question.