Banks’ contribution to the broader economy
Taxes
- Banks are among Sweden’s largest taxpayers. During 2023, the seven largest banks in Sweden paid 19 billion kronor in corporate taxes, which is equivalent to 9 per cent of the total corporate tax in Sweden.
- Many of the banks also pay a so-called risk tax, which in 2023 totaled 6.4 billion kronor.
- In addition, banks every year pay several billion kronor into the various reserves and funds that have been established to protect society against financial crises and maintain financial stability.
- In 2024, SEB Group paid 14 billion kronor in taxes and social security charges, as well as 5 billion kronor in imposed levies.
Export och employment
- The financial companies are one of Sweden’s largest exporters of services and together accounted for 4.9 per cent of Sweden’s GDP in 2024.
- They are also a large and important employer, and employ some 116,000 people in Sweden, which is equivalent to 2.1 per cent of the total workforce in Sweden.
- SEB alone paid some 16 billion kronor in salaries, pensions and employee benefits in 2024.
Returning money to society
- Every year, banks return billions to society’s economic cycle, for example through share dividends, which benefits millions of Swedes through pension funds and fund savings.
- For example, SEB distributed an average of 14 billion kronor per year to its shareholders between 2020–2024. SEB’s dividend also indirectly contributes to research and education through our owners Investor AB and the Wallenberg Foundations – where the foundations every year grant some 2.8 billion kronor to Swedish universities.
- The banks also return money through interest rate payments to customers and bondholders. For example, SEB paid 67 billion kronor in interest to its customers in 2024, and 37 billion kronor to its bondholders.
Source: Finance Sweden as well as SEB’s Annual Report 2024.