Global dividends reached a third-quarter record of $546bn in 2026, up 7.5% on a core basis, according to asset manager Capital Group’s latest Dividend Watch.
Core growth strips out currency moves, one-off special dividends and other technical factors. On the same measure, payouts rose 7% over the first nine months of the year.
UK companies were among the strongest contributors, with core growth of 13.2%, the fourth-fastest among major markets. A year earlier, Capital Group’s 2025 Dividend Watch showed UK core dividends falling 0.9% in the corresponding quarter, among the weakest of the major markets.
Some 88% of companies in the Capital Group index raised their dividends or held them steady. Median dividend growth was 5.9%, showing the rise was not confined to a handful of very large payers. Headline growth, which includes currency and special dividends, was 4.9%. Special dividends were almost $7bn lower than a year earlier.
Capital Group’s third-quarter equity-market analysis showed “few signs of a meaningful near-term slowdown”, according to Alexandra Haggard, head of product, Europe and Asia-Pacific at the firm.
“AI continues as an important driver of growth and increasingly one that extends beyond the technology sector. The resulting investment cycle is fuelling demand across the wider industrial economy, while the improving profitability across materials, financials, industrials and parts of healthcare is providing a broader base for dividend growth,” she said.
“Risks remain, including elevated energy costs, trade tensions and divergent monetary policy, but the underlying backdrop remains healthy, supported by strong cash generation and generally robust balance sheets.”
Financials were the biggest contributor to global growth, accounting for one third of the increase. General financials, a group that includes asset managers and exchanges, grew payouts 17.6% on strong capital markets, trading activity and fee income. Banks raised payouts broadly in line with the market.
Mining and chemicals recorded the fastest growth at 21.7%, with mining alone accounting for around one-sixth of the global increase as stronger commodity prices improved cash generation. Technology added another one-sixth, led by Asian companies.
Oil companies were more restrained despite elevated energy prices. The majors continued to favour buybacks, where a company purchases its own shares, as a more flexible way to return surplus cash than raising ordinary dividends.
In the UK, dividends reached £32.2bn (£24bn). Mining accounted for half the increase, helped by stronger commodity prices – particularly copper – and better operating performance. Banks contributed a further third, supported by higher net interest income, resilient fee revenues and strong capital generation.
The US delivered core growth of 5.8%, with 96% of companies maintaining or increasing payouts. Asia-Pacific excluding Japan and China grew 13.3%, with Australia (through mining) and Taiwan (through technology) accounting for 82% of the regional increase. China lagged the global average, while Japan was ahead at 15.7%
Europe grew too, although the third quarter is a quiet dividend season in the region, which makes individual large payments unusually influential.
The stronger-than-expected quarter led Capital Group to raise its 2026 global dividend forecast to a record $2.2trn. Both headline and core growth are now expected at 6.8%, up from 6.4% and 6.0% three months ago. The fourth-quarter outlook has also improved, supported by resilient earnings and strong cash generation across financials, mining and technology.