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Dividends account for a significant portion of the total return of stocks, especially over long periods. But how much do dividend yields, dividend growth, multiple expansion contribute to total returns? The following chart from Societe Generale provides the answer:

(click to enlarge)

(click to enlarge)

Via The Absolute Return Letter, Oct 2012, Absolute Return Partners LLP

The U.S. has the highest annualized total returns at 4.4% among the countries noted.While dividend yields account for about 3% of total returns in the U.S., the dividend yield is much lower in Japan. In both Japan and the U.S., multiple expansion plays a strong role compared to other countries. Australia and the U.K. have had high dividend yields since 1970. Unlike Japan, the U.S. and the U.K., dividend growth is high in France, Germany, Australia and Canada.

Ten dividend stocks to consider from the countries listed above (excluding Japan) are listed below:

1. Company: Royal Bank of Canada (RY)

  • Sector: Banking

  • Current Dividend Yield: 4.18%

  • Country: Canada

2. Company:British American Tobacco PLC (BTI)

  • Sector: Consumer products

  • Current Dividend Yield: 3.97%

  • Country: U.K.

3. Company: Telstra Corp Ltd (OTC:TLSYY)

  • Sector: Telecom

  • Current Dividend Yield: 7.23%

  • Country: Australia

4. Company: RWE AG (OTC:RWEOY)

  • Sector: Electric Utilities

  • Current Dividend Yield: 5.67%

  • Country: Germany

5. Company: National Grid PLC (NGG)

  • Sector: Electric Utilities

  • Current Dividend Yield: 5.53%

  • Country: U.K.

6. Company: Exelon Corp (EXC)

  • Sector: Electric Utilities

  • Current Dividend Yield: 5.85%

  • Country: U.S.A.

7. Company: National Australia Bank Ltd (OTC:NABZY)

  • Sector: Banking

  • Current Dividend Yield: 6.77%

  • Country: Australia

8. Company: Enbridge Inc. (ENB)

  • Sector: Natural Gas Utilities

  • Current Dividend Yield: 2.77%

  • Country: Canada

9. Company: Axa SA (OTC:AXAHY)

  • Sector: Life Insurance

  • Current Dividend Yield: 5.77%

  • Country: France

10. Company: Cullen/Frost Bankers Inc. (CFR)

  • Sector: Banking

  • Current Dividend Yield: 3.31%

  • Country: U.S.A.

Note: Dividends noted are as of October 5, 2012

Disclosure: Long AXAHY, RY, RWEOY

Source: 10 Dividend Payers From Major Global Markets