In Sweden investment savings accounts (which are easy to use and lightly taxed) have produced a booming retail-investing scene. As a result, the country has become a hotspot for initial public offerings. In the past decade it enjoyed more listings than France, Germany, Spain and the Netherlands combined.

Among the ten most valuable Nordic companies, the figure is just 2%, compared with 12% for big firms in the rest of Europe and 46% for those in America.