Inaugural Kantar BrandZ Top 30 Most Valuable Swedish Brands 2023 ranking values Swedish brands at $76.3bn

IKEA tops ranking worth $20.8bn – one of six retail brands in the Top 30.
25 April 2023
Kantar BrandZ Sweden
Christine Voelcker

CEO of Kantar Sweden

Get in touch

The most valuable Swedish brands have a combined value of $76.3 billion (around 811 billion Swedish Krona), according to the Kantar BrandZ Top 30 Most Valuable Swedish Brands 2023 report released today. Launched for the first time in Sweden, the BrandZ ranking provides the most extensive and robust analysis of the country’s brands, combining financial data and brand equity research with extensive consumer opinion.

IKEA is the number one most valuable Swedish brand with a brand value of $20.8bn, one of six retail brands to appear in the top 30. The success of IKEA’s mission to provide ‘A better everyday life for the many people’ has helped the retailer achieve the number one spot, with the brand understanding its customers, knowing its purpose, and embedding its Swedish DNA into everything it does wherever it is in the world. IKEA is not afraid to evolve, embracing digitalisation and developing new store concepts such as ‘plan and order points’, which offer customers bespoke design consultations.

The overall value of the ranking puts Swedish brands in a league of their own, with the per capita value of the top 30 outperforming the five biggest European economies, as well as high growth markets in other regions. Swedish brands perform particularly well on the global stage, with many starting out in Sweden and becoming household names around the world. It’s this success that is helping to power the brand value of the top brands. It’s no surprise that IKEA tops the ranking, recognised everywhere but still able to retain its ‘Swedishness’, along with disruptive and innovative brands like Spotify and Klarna, which we are proud to call local success stories.

The Kantar BrandZ brand valuation study recognises strong brand performance through three key criteria: salience (coming easily to mind), difference (being unique vs. competitors and/or setting trends) and meaning (meeting people’s needs in relevant ways and/or building affinity). Brands can then identify what is driving their brand value and what they need to change or do differently to build stronger connections with customers in the future.

While Retail is the biggest category in terms of brand value and number of brands, worth $25.7bn in total, the ranking includes brands across 15 different categories, representing all areas of Swedish life, from Cars and Utilities to Banks and Telecoms. In the top 10 alone, there are brands from nine categories, with Media and Entertainment industry disruptor Spotify ranked second ($10.3bn) and state-owned utilities company, Vattenfall ($7.5bn) third. Apparel brand H&M (No.4; $5.2bn) and telecoms provider, Telia (No.5; $3.6bn) make up the top 5 brands in the Swedish brand ranking.

Brand equity benefits the bottom line

Despite the challenges of the past few years and ongoing concerns over the economy, high inflation, and the proximity of the war in Ukraine, Swedish brands have managed to create value by predisposing consumers to choose them, and adding qualities that they are willing to pay more for even when money is tight.

Strong, valuable brands tend to see their share price outperform the stock market – in good times and bad. They lose less of their value in times of crisis and recover faster when conditions start to improve. In the current tough economic climate, brands need to be able to balance salience, difference and being meaningful.

The Kantar BrandZ Top 10 Most Valuable Swedish Brands 2023

Rank 2023



Brand Value 2023 (USD mil)







Media and Entertainment












Telecom Providers






















Other key highlights from the Kantar BrandZ Top 30 Most Valuable Swedish Brands report include:

  • Brands build value over time – Vattenfall is one of the oldest brands in the top 30 Swedish ranking, but also one of the most forward-looking in terms of sustainability, scoring highly with consumers on salience and being meaningful. Other established brands that have created value over time include iconic Swedish car maker Volvo (No.10; $2.0bn) and global home appliances firm, Electrolux (No.23; $622m) which started life more than 100 years ago.
  • Market disruptors make their presence known – fintech unicorn and payments disruptor, Klarna (No.9; $2.1bn) joins Spotify in the top 10, while Gothenburg-based Polestar ($1.3bn) is driving the electric vehicle revolution at number 14.
  • Sustainability driving customer choice – consumers in Sweden expect brands to be environmentally responsible, while Kantar’s Sustainability Sector Report shows that Swedes are more focused on societal challenges than consumers in many other markets. Top 30 brands are tapping into this, including non-dairy brand Oatly (No.27; $514m) and IKEA, which is moving its production to renewable resources and no longer printing its catalogue.

The 2023 Kantar BrandZ Top 30 Most Valuable Swedish Brand ranking, report and extensive analysis are available now at

Get in touch
Related solutions
Position your brand correctly for growth. Identify and seize opportunities, make your brand stand out, and measure what matters.
Kantar BrandZ Sweden Report
Discover Sweden’s brand leaders and how strong equity influences financial value. 
Download the report