Investments held by individual investors in Brazil reached R$9.1 trillion in June 2026, up 6.4% from December 2025. Figures cover investments by retail clients — both traditional and high-income — as well as private banking clients, who have more than R$5 million invested, according to data compiled by Anbima (Brazilian Financial and Capital Markets Association).

Among segments, high-income retail posted the strongest growth, rising 7.8% from December 2025. With R$3.4 trillion invested, this group accounts for 36.9% of total individual investments. 

Traditional retail, which represents 32.8% of the total, grew 6.1% to R$3 trillion. Private banking clients account for the remaining 30.3% and ended the first half of 2026 with R$2.8 trillion invested, up 5.2%.

Traditional retail 

Traditional retail investment in securities — including government bonds, equities, bank certificates of deposit (CDBs), real estate credit notes (LCIs) and agribusiness credit notes (LCAs) — rose 7.3% to R$1.3 trillion. The segment accounts for 30% of all individual investment in these products.

Government bond investment by traditional retail clients increased 27.4%, followed by LCIs, up 21.2%, and equities, up 12.1%.

“The growing participation of retail investors in more sophisticated products, such as equities and LCIs, reflects stronger financial literacy. Brazilians are increasingly showing greater knowledge of the alternatives available to them and a greater appetite for diversifying their investments,” said Luciane Effting, chair of Anbima’s Distribution Forum.

Government bonds and LCIs stand out

Government bonds posted the strongest percentage growth in the first half, rising 32.9%. The increase was led by private banking clients, up 56.9%, followed by traditional retail, up 27.4%, and high-income retail, up 26%.

“The high-interest-rate environment has made government bonds more attractive across all segments. In private banking, this was accompanied by a significant influx of new investors into the product: the number of government bond accounts rose by nearly 60% during the first half. In retail, growth also reflects measures that have made these investments more accessible to individuals, including simpler investment platforms and the creation of products designed for specific goals, such as Tesouro Educa+ and Renda+,” Effting said.

Tax-exempt products — including LCIs, LCAs, real estate receivables certificates (CRIs), agribusiness receivables certificates (CRAs) and tax-incentivized debentures — reached R$1.5 trillion, up 2% from December 2025.

LCIs stood out in terms of growth, totaling R$515.8 billion, an increase of 13.7%. Among traditional retail investors alone, investment rose 21.2%. Private banking clients increased their allocation to the product by 10.9%, while high-income retail investment grew 8.4%.

Structured funds and ETFs 

Investment funds were another highlight of the first half. Total investments in those products amounted to R$2.2 trillion, up 9.6%, with growth of 15.8% in traditional retail, 10.1% in high-income retail and 6.6% in private banking.

Growth was driven by structured funds. Among retail investors, real estate investment funds (FIIs) rose 24.2%, credit rights investment funds (FIDCs) increased 23.3%, and private equity investment funds (FIPs) grew 23%.

Private banking clients increased their exposure particularly to FIPs, up 31.5%, and FIIs, up 30.4%, while investment in FIDCs rose 8%.

“Growth in structured funds is being driven by different factors in each segment. In retail, in addition to the appeal of FIIs because of their recurring, tax-exempt income, growth may also have reflected public offerings, which more than doubled during the first half and reached the highest volume ever for the period. In private banking, investors are seeking diversification through alternative and less liquid assets. And this is not a one-off movement: FIPs posted positive net inflows throughout the entire first half,” Effting said.

ETFs posted the strongest percentage growth across all segments, rising 38.8% to R$25.4 billion, including a 41.3% increase among retail investors. Among private banking clients, investment rose 31%.

Effting said ETFs combine low costs, liquidity and tax efficiency, making them attractive to smaller investors. Even so, ETFs account for only 1.1% of the investment fund industry’s assets.

Equity holdings

Equity investments totaled R$816.9 billion, up 1.2%, with a 7.1% increase among retail investors. Among private banking clients, the amount invested fell 1.5%.

“We are seeing investors become more willing to diversify their wealth. This points to an increasingly close relationship between individual investors and the capital markets,” Effting said.

ANBIMA Data: turning data into decisions

These figures are also available on ANBIMA Data, our free platform bringing together information from Brazil’s financial and capital markets. Speed up your analysis and reporting with reliable, up-to-date data on government and corporate securities, investment funds and indexes, all in one place.