A display device according to one aspect of the present invention includes a first substrate including at least a pixel electrode and a pixel switching circuit portion, a second substrate arranged to face the first substrate, a liquid crystal layer arranged between the first substrate and the second substrate, and configured to modulate light, the light being propagated while reflected between the first substrate and the second substrate, and a reflecting layer arranged over a liquid crystal layer side of the pixel switching circuit portion, partially superimposed with the pixel switching circuit portion, and electrically coupled with the pixel electrode, the reflecting layer having higher reflectance of the light than any members included in the pixel switching circuit portion.