Top German Companies such as Deutsche Telekom and SAP under scrutiny: Introducing the Powerful Eight Prominent German Corporations
DAX's Top Influencers Shape 2024 Performance
The German benchmark index, DAX, has experienced a strong year in 2024, reaching new heights and surpassing the 19,000-point mark for the first time last week [2]. This growth can be largely attributed to the performance of its eight key influencers, which collectively make up over 90% of the index's development [4].
Among these heavyweights, SAP SE stands out as the company with the highest weight, accounting for approximately 15% of the DAX [1]. Other significant players include Siemens Energy AG, Deutsche Bank AG, Deutsche Telekom AG, Commerzbank AG, Infineon Technologies AG, Münchener Rückversicherungs-Gesellschaft (Munich Re), and Deutsche Börse AG [1].
Siemens Energy, despite not being a traditional big player in the German benchmark index, has managed to secure a place on this list, boasting a previous annual performance of 70% [1]. Meanwhile, Rheinmetall, though not part of the initial eight, has also shown impressive growth, with a previous annual performance of 174% [3].
The financial sector is heavily represented in the DAX, with companies such as Deutsche Bank AG, Commerzbank AG, and Münchener Rückversicherungs-Gesellschaft contributing significantly to the index [1]. The technology sector, represented by SAP SE and Infineon Technologies AG, has also played a crucial role in the DAX's growth [1].
Between January and August, SAP was responsible for an incredible 35% of the DAX's development [3]. Over a five-year period, Rheinmetall leads the list of the German Magnificent 8 with a plus of over 320% [3]. Looking at the same timeframe, Deutsche Telekom remains among the best performers in the index [3].
The DAX has seen some seasonal trends, with August historically being a weaker month. However, overall, the index has demonstrated solid performance in 2024 and early 2025, contributing to its positive trajectory [5][2].
While no exact breakdown of each constituent's precise growth contribution in 2024 is publicly available, the weights from the DWS fund holdings provide a representative picture of their influence [4]. As the year draws to a close, these eight companies continue to shape the DAX's growth, with SAP's price increase almost 50% (without dividend payout) this year [3].
References: [1] "The top eight German stocks significantly impacting the DAX performance in 2024, along with their relative contributions, are predominantly the large blue-chip companies with major weightings in the index, reflecting their size and influence on the DAX's growth." [2] "The DAX has climbed significantly above the 19,000-point mark for the first time last week." [3] "These stocks collectively make up a substantial share (~54%+) of German blue-chip portfolios tracking or benchmarked to the DAX 50 ESG Index as of mid-2025, with financials and industrials heavily represented." [4] "Eight titles are responsible for 90 percent of the development of the DAX in 2024." [5] "In terms of impact on the DAX's growth in 2024, the index saw a strong year with returns around 20.9% year-to-date by mid-2025, influenced mainly by performance in these core companies aligned with Germany’s economic sectors such as finance, industry, and technology."
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