In 2023 private investors funneled more than 1.1 trillion rubles into securities traded on the Moscow Stock Exchange. This figure, drawn from the trading platform that tracks every deal, every trade, and every shift in market sentiment, tells a story beyond a simple tally. It reflects growing participation and rising confidence among individual investors in Russia’s key capital market.
Throughout the year, the market averaged roughly 3 million people engaging in asset transactions each month. By comparison, the prior year averaged about 2.2 million monthly participants. This upward trajectory signals stronger interest in personal wealth management and the accessibility of trading tools, research, and brokerage services that empower more individuals to take part in markets long dominated by professionals.
The asset mix reveals clear preferences among private investors. Shares led the pack with 178.1 billion rubles invested by year-end, underscoring continued enthusiasm for equity growth and dividend opportunities. Exchange-traded funds followed closely, with 215.4 billion rubles allocated over the year. This tilt toward ETFs indicates a shift toward diversified exposure, reduced single-security risk, and the convenience of bundled investments that fit modern, cost-conscious portfolios reported by market observers and the platform data users rely on annually.
Bonds remained a steady choice, though somewhat less popular. Private investors put 715 billion rubles into bonds during the year. Within this segment, 72 percent of the capital went to corporate bonds, while 28 percent went to OFZ and regional bonds. The distribution highlights a balanced approach to risk and income generation, with corporate debt offering potential yields tied to company health and growth, and government-backed or regional issuances providing security and diversification within a fixed-income sleeve.
Geography matters for understanding market access and regional economic activity. The top three regions by the number of people holding brokerage accounts in the stock market were Moscow with about 2.59 million accounts, the Moscow region with around 1.69 million, and St. Petersburg with roughly 1.29 million. This metropolitan concentration shows how urban centers drive participation, liquidity, and investment literacy, while smaller regions indicate room for growth as access improves and educational resources spread through digital channels.
A similar pattern appears in the distribution of open individual investment accounts IIAs, mirroring the urban concentration. The same trio of regions led in the number of open IIAs, reflecting population density and the presence of financial services ecosystems that support education, onboarding, and ongoing investment activity. Practically, this means more residents in these hubs actively build, monitor, and adjust their portfolios throughout the year.
Looking at the broader year, market activity reached substantial levels. The reported trading volume on the Moscow Stock Exchange reached about 1.3 trillion rubles, indicating robust turnover and a healthy pace of buying and selling across asset classes. The combined effect of rising participation, diversified investment choices, and regional penetration helped create a dynamic picture of a market evolving with its investors, rather than merely existing as a framework for trades.
For readers in Canada and the United States evaluating private investment trends in major emerging markets, these figures illustrate several important themes. The appeal of equities persists, with growth potential driving interest in direct stock ownership and indexed products such as funds. Fixed income remains a backbone for risk management and income generation, while ETFs continue to attract capital due to their simplicity and broad exposure. Regional participation patterns reveal how urban markets serve as early indicators for overall market development, offering valuable insights for cross-border investment planning and comparative market analysis. Investors can draw practical lessons from the Moscow data, including the value of diversified portfolios, the importance of understanding regional access to brokerage services, and the evolving role of ETFs in building resilient investment strategies across different geographies. The analysis comes from careful review of platform-level data and market reporting that analysts and investors rely on to gauge momentum and risk in a rapidly changing landscape.