A growing number of Dutch investors are putting their money into defence companies, according to a report released on Tuesday by the central bank of the Netherlands (DNB).

For the first time, a defence company made the bank’s list of the 25 largest investments by Dutch households. Germany’s Rheinmetall is in 22nd place.

Of the defence investments by Dutch households, 63% went to Rheinmetall. The arms maker is benefiting from higher European spending on ammunition and weapons systems.

The value of investments in defence companies has increased significantly in recent years. In January 2023, some €87 million of household capital was invested in defence firms, but by the end of the second quarter of 2025, that number had jumped to €832 million.

The total size of investments by Dutch households rose to €193.9 billion in the second quarter of 2025, an increase of approximately 2.8% compared to the previous quarter.