Pickering emulsions, which are finely disperse systems of the water-in-oil or oil-in-water type, comprising (1) an oil phase which contains a wax and/or an oil thickener, (2) a water phase, (3) at least one type of microfine particles which a) have an average particle size of less than 200 nm, which b) display both hydrophilic and lipophilic properties, i.e. which have amphiphilic character, and are dispersible both in water and in oil and which c) have optionally been coated on the surface, (4) at least one type of non-amphiphilic metal oxide pigments and (5) at most 0.5% by weight of one or more emulsifiers.