A transparent antiperspirant composition in the form of a water-in-oil emulsion, containing a) 10-20 wt.% outer oil phase, containing a.i) at least one symmetrical, asymmetrical or cyclic ester of carbonic acid with linear or branched C 6 -C 22 alkanols, a.ii) at least one addition product of 1-14 propylene oxide units with monovalent or polyvalent C 3-16 alkanols and a.iii) cyclomethicone in a total amount of 0 to at most 3 wt.%, b) 75-90 wt.% dispersed aqueous phase, therein b.i) at least one compound, selected from water-soluble polyvalent C 2 -C 9 alkanols having 2-6 hydroxyl groups and water-soluble polyethylene glycols having 3-20 ethylene oxide units, in a total amount of from 20-60 wt.%, b.ii) 5-40 wt.% of at least one antiperspirant aluminum-zirconium compound, and b.iii) free (= not molecularly bound) and molecularly bound water in a total amount of from 5-40 wt.%, preferably 6-30 wt.%, particularly preferably 7-22 wt.%, c) at least one silicone-based water-in-oil emulsifier having at least one alkyl substituent R having 4-20 carbon atoms, d) no silicone-free water-in-oil emulsifier, the term silicone-free water-in-oil emulsifier including laureth-2, PEG-6 caprylic/capric glycerides, PPG-15 stearyl ethers, PEG-7 glyceryl cocoates and a mixture of polyglyceryl-4 diisostearates, polyhydroxy stearates and polyhydroxy sebacates, e) at least one polyethylene glycol ether of a linear or branched C 12 -C 22 alkanol having 20-150 ethylene oxide units, all wt.% amounts being based on the total weight of the emulsion, characterized in that at least 20 wt.% of the at least one antiperspirant aluminum-zirconium compound, based on the total amount of antiperspirant aluminum-zirconium compound, is solubilized in at least one compound, selected from water-soluble polyvalent C 2 -C 9 alkanols having 2-6 hydroxyl groups and water-soluble polyethylene glycols having 3-20 ethylene oxide units. a) 10-20 wt.% outer oil phase, containing a.i) at least one symmetrical, asymmetrical or cyclic ester of carbonic acid with linear or branched C 6 -C 22 alkanols, a.ii) at least one addition product of 1-14 propylene oxide units with monovalent or polyvalent C 3-16 alkanols and a.iii) cyclomethicone in a total amount of 0 to at most 3 wt.%, a.i) at least one symmetrical, asymmetrical or cyclic ester of carbonic acid with linear or branched C 6 -C 22 alkanols, a.ii) at least one addition product of 1-14 propylene oxide units with monovalent or polyvalent C 3-16 alkanols and a.iii) cyclomethicone in a total amount of 0 to at most 3 wt.%, b) 75-90 wt.% dispersed aqueous phase, therein b.i) at least one compound, selected from water-soluble polyvalent C 2 -C 9 alkanols having 2-6 hydroxyl groups and water-soluble polyethylene glycols having 3-20 ethylene oxide units, in a total amount of from 20-60 wt.%, b.ii) 5-40 wt.% of at least one antiperspirant aluminum-zirconium compound, and b.iii) free (= not molecularly bound) and molecularly bound water in a total amount of from 5-40 wt.%, preferably 6-30 wt.%, particularly preferably 7-22 wt.%, b.i) at least one compound, selected from water-soluble polyvalent C 2 -C 9 alkanols having 2-6 hydroxyl groups and water-soluble polyethylene glycols having 3-20 ethylene oxide units, in a total amount of from 20-60 wt.%, b.ii) 5-40 wt.% of at least one antiperspirant aluminum-zirconium compound, and b.iii) free (= not molecularly bound) and molecularly bound water in a total amount of from 5-40 wt.%, preferably 6-30 wt.%, particularly preferably 7-22 wt.%, c) at least one silicone-based water-in-oil emulsifier having at least one alkyl substituent R having 4-20 carbon atoms, d) no silicone-free water-in-oil emulsifier, the term silicone-free water-in-oil emulsifier including laureth-2, PEG-6 caprylic/capric glycerides, PPG-15 stearyl ethers, PEG-7 glyceryl cocoates and a mixture of polyglyceryl-4 diisostearates, polyhydroxy stearates and polyhydroxy sebacates, e) at least one polyethylene glycol ether of a linear or branched C 12 -C 22 alkanol having 20-150 ethylene oxide units,