Equities

Stock market size by country

68 economies for 2025 · market capitalization, depth, liquidity and breadth · World Bank WDI (data: World Federation of Exchanges)

US listed equities: USD 68.9 tn at the end of 2025, 48.8% of the World Bank world total, or 52.7% excluding India, whose 2025 value is not comparable. The ten largest comparable markets hold 88%; world market capitalization rose 22.8% in 2025 as reported, +18.9% excluding India (shares and growth: Global Macro Expert calculation).

World market cap, USD▲ 22.8% y/y

World Bank world total2025

141.3USD tn

Excl. India: +18.9% y/y · GME

World market cap / GDP

World Bank world total2025

149%

Incl. India (n.c.)

World value traded

Stocks traded, % of GDP2025

159%

World turnover ratio

Value traded / market cap2024

94%

Listed companies

World total, domestic2025

53,087

United States share

Of World Bank world total2025

48.8%

52.7% excl. India · GME

China share

Of World Bank world total2025

11.0%

11.9% excl. India · GME

Japan share

Of World Bank world total2025

5.4%

5.8% excl. India · GME

Not in the 2025 data: United Kingdom, France, Belgium, Ireland, Portugal, Netherlands, Italy, Finland, Sweden and Taiwan. The World Bank world total covers reporting economies only, so European markets in particular are under-represented.

Largest stock markets, 2025

Market capitalization of listed domestic companies, end of year, USD tn · top 20 · n.c. = not comparable, not ranked

1 United States

68.9

2 China²

15.5

– India n.c.^1,4

10.6

3 Japan

7.6

4 Hong Kong SAR, China

6.1

5 Canada

4.6

6 Germany

2.9

7 Korea, Rep.

2.8

8 Switzerland

2.5

9 Saudi Arabia

2.4

10 Australia

2.0

11 South Africa

1.4

12 Spain³

1.3

13 United Arab Emirates

1.1

14 Indonesia

0.9

15 Brazil

0.9

16 Singapore

0.8

17 Mexico

0.6

18 Thailand

0.5

19 Malaysia

0.5

World Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15

History and comparison

Annual, end of year · choose an indicator and up to two economies · dashed lines mark breaks (see notes)

USD tn

World Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15 · Breaks are marked and footnoted, never smoothed

All economies, 2025

Click a header to sort · filter by region · superscripts point to the notes below · on phones the first column stays in place, swipe for more

#	Economy	Region	Market cap, USD tn	Share of WB world total, %	Share excl. n.c., %	Market cap, % GDP²³	Value traded, % GDP	Turnover, % (2024)	Listed companies
1	United States	North America	68.94	48.8	52.7	224	180	69	3,908
2	China²	East Asia & Pacific	15.51	11.0	11.9	80	304	297	11,149
n.c.	India^1,4	South Asia	10.56	7.5	n.c.	267	73	65	8,510
3	Japan	East Asia & Pacific	7.61	5.4	5.8	172	188	117	3,942
4	Hong Kong SAR, China	East Asia & Pacific	6.09	4.3	4.7	1,425	1,372	66	2,508
5	Canada	North America	4.62	3.3	3.5	199	126	64	4,377
6	Germany	Europe & Central Asia	2.90	2.1	2.2	57	29	45	416
7	Korea, Rep.	East Asia & Pacific	2.76	2.0	2.1	147	176	201	2,653
8	Switzerland	Europe & Central Asia	2.51	1.8	1.9	241	86	36	201
9	Saudi Arabia	Middle East, North Africa, Afghanistan & Pakistan	2.36	1.7	1.8	185	26	17	391
10	Australia	East Asia & Pacific	2.05	1.4	1.6	114	61	49	1,782
11	South Africa	Sub-Saharan Africa	1.40	1.0	1.1	327	67	26	212
12	Spain³	Europe & Central Asia	1.30	0.9	1.0	68	25	37	272
13	United Arab Emirates	Middle East, North Africa, Afghanistan & Pakistan	1.11	0.8	0.9	–	–	11	153
14	Indonesia	East Asia & Pacific	0.95	0.7	0.7	66	15	–	956
15	Brazil	Latin America & Caribbean	0.87	0.6	0.7	38	45	138	357
16	Singapore	East Asia & Pacific	0.82	0.6	0.6	137	–	–	394
17	Mexico	Latin America & Caribbean	0.56	0.4	0.4	31	7	26	–
18	Thailand	East Asia & Pacific	0.51	0.4	0.4	89	50	58	868
19	Malaysia	East Asia & Pacific	0.49	0.3	0.4	103	30	37	1,072
20	Chile	Latin America & Caribbean	0.49	0.3	0.4	136	15	11	433
21	Turkiye	Europe & Central Asia	0.40	0.3	0.3	25	61	253	569
22	Poland	Europe & Central Asia	0.32	0.2	0.2	31	12	41	737
23	Viet Nam	East Asia & Pacific	0.32	0.2	0.2	61	44	78	400
24	Philippines	East Asia & Pacific	0.23	0.2	0.2	48	5	9	279
25	Austria	Europe & Central Asia	0.21	0.1	0.2	36	7	25	67
26	Iran, Islamic Rep.	Middle East, North Africa, Afghanistan & Pakistan	0.19	0.1	0.1	51	6	11	630
27	Qatar	Middle East, North Africa, Afghanistan & Pakistan	0.18	0.1	0.1	82	13	172	54
28	Kuwait	Middle East, North Africa, Afghanistan & Pakistan	0.17	0.1	0.1	109	52	33	135
29	Kazakhstan	Europe & Central Asia	0.16	0.1	0.1	52	0	1	80
30	Colombia	Latin America & Caribbean	0.13	0.1	0.1	29	2	7	61
31	Greece	Europe & Central Asia	0.13	0.1	0.1	46	17	38	139
32	Morocco	Middle East, North Africa, Afghanistan & Pakistan	0.11	0.1	0.1	63	7	8	78
33	Peru	Latin America & Caribbean	0.11	0.1	0.1	31	0	5	176
34	New Zealand	East Asia & Pacific	0.10	0.1	0.1	39	5	14	106
35	Nigeria	Sub-Saharan Africa	0.09	0.1	0.1	30	1	3	165
36	Romania	Europe & Central Asia	0.07	0.1	0.1	17	1	6	83
37	Pakistan	Middle East, North Africa, Afghanistan & Pakistan	0.07	0.0	0.1	17	8	38	535
38	Luxembourg	Europe & Central Asia	0.07	0.0	0.1	69	0	0	28
39	Egypt, Arab Rep.	Middle East, North Africa, Afghanistan & Pakistan	0.06	0.0	0.0	17	7	48	244
40	Hungary	Europe & Central Asia	0.06	0.0	0.0	25	5	18	70
41	Czechia	Europe & Central Asia	0.06	0.0	0.0	14	2	10	26
42	Oman	Middle East, North Africa, Afghanistan & Pakistan	0.04	0.0	0.0	38	9	–	108
43	Croatia	Europe & Central Asia	0.04	0.0	0.0	36	1	1	81
44	Jordan	Middle East, North Africa, Afghanistan & Pakistan	0.04	0.0	0.0	61	5	6	162
45	Cyprus	Europe & Central Asia	0.03	0.0	0.0	68	0	1	87
46	Panama	Latin America & Caribbean	0.03	0.0	0.0	30	1	2	40
47	Bangladesh	South Asia	0.03	0.0	0.0	6	2	15	360
48	Sri Lanka	South Asia	0.03	0.0	0.0	24	3	8	288
49	Uzbekistan	Europe & Central Asia	0.02	0.0	0.0	16	0	0	85
50	Kenya	Sub-Saharan Africa	0.02	0.0	0.0	17	1	3	59
51	Bahrain	Middle East, North Africa, Afghanistan & Pakistan	0.02	0.0	0.0	44	3	4	39
52	Slovenia	Europe & Central Asia	0.02	0.0	0.0	26	1	4	17
53	Ghana	Sub-Saharan Africa	0.02	0.0	0.0	14	0	1	31
54	Zambia	Sub-Saharan Africa	0.01	0.0	0.0	52	0	0	20
55	Tunisia	Middle East, North Africa, Afghanistan & Pakistan	0.01	0.0	0.0	21	2	7	75
56	Jamaica	Latin America & Caribbean	0.01	0.0	0.0	51	2	4	100
57	Bulgaria	Europe & Central Asia	0.01	0.0	0.0	9	0	2	203
58	Tanzania	Sub-Saharan Africa	0.01	0.0	0.0	11	0	1	22
59	Mauritius	Sub-Saharan Africa	0.01	0.0	0.0	55	2	3	92
60	Belarus	Europe & Central Asia	0.01	0.0	0.0	6	0	0	12
61	Malta	Middle East, North Africa, Afghanistan & Pakistan	0.01	0.0	0.0	19	0	1	35
62	West Bank and Gaza	Middle East, North Africa, Afghanistan & Pakistan	0.00	0.0	0.0	29	2	4	48
63	Botswana	Sub-Saharan Africa	0.00	0.0	0.0	21	2	–	23
64	Rwanda	Sub-Saharan Africa	0.00	0.0	0.0	20	0	2	5
65	Bermuda	North America	0.00	0.0	0.0	–	–	1	9
66	Azerbaijan	Europe & Central Asia	0.00	0.0	0.0	2	0	0	36
67	Seychelles	Sub-Saharan Africa	0.00	0.0	0.0	27	3	0	15

World Bank, World Development Indicators (source: World Federation of Exchanges), CC BY 4.0, accessed 2026-10-15 · Shares of world: Global Macro Expert calculation

Not in the ranking

Major markets without a 2025 World Bank figure, newest data first: shown with their last value (or only the year, if older than 2015), never mixed into the 2025 ranking

United Kingdom¹⁵: USD 3.10 tn (last reported 2022)
France⁵: USD 2.37 tn (last reported 2018)
Belgium⁷: USD 0.32 tn (last reported 2018)
Ireland¹³: USD 0.11 tn (last reported 2018)
Portugal¹⁴: USD 0.06 tn (last reported 2018)
Netherlands⁶: USD 1.10 tn (last reported 2017)
Italy⁸: no data since 2014
Finland¹¹: no data since 2004
Sweden¹⁰: no data since 2003

Notes, definitions and sources

India: Break in 2018: listed domestic companies rise from 5,615 (2017) to 6,988 and fall to 1,955 in 2019; market capitalization rises from USD 2.6 tn to USD 4.1 tn (+62%, World total −11%) and falls back to USD 2.2 tn in 2019. 2018 is consistent with BSE and NSE being summed (companies listed on both counted twice), 2019–2024 with a single exchange. Treat 2018 as not comparable; company counts before 2018 are not comparable with those from 2019. Global Macro Expert note; the World Bank publishes no footnote for this.
China: Break in 2019: listed domestic companies jump from 3,584 (2018) to 12,730 while market capitalization rises from USD 6.3 tn to USD 8.6 tn. The company count is not comparable with earlier years. Global Macro Expert note; the World Bank publishes no footnote for this.
Spain: Break 2021–2024: listed domestic companies fall from 2,558 (2021) to 277 (2024) while market capitalization moves from USD 0.78 tn to USD 0.75 tn. The company count is not comparable across these years. Global Macro Expert note; the World Bank publishes no footnote for this.
India: Break in 2025: listed domestic companies jump from 2,673 (2024) to 8,510 and market capitalization from USD 5.1 tn to USD 10.6 tn. The jump is consistent with both BSE and NSE being counted from 2025, in which case companies listed on both exchanges are counted twice. Treat 2025 as not comparable with earlier years: India is left out of the 2025 ranks, and like-for-like world figures exclude India in both years (Global Macro Expert calculation). The World Bank World total includes it. Global Macro Expert note; the World Bank publishes no footnote for this.
France: No WDI data after 2018 (Euronext).
Netherlands: No WDI data after 2017 (Euronext).
Belgium: No WDI data after 2018 (Euronext).
Italy: No WDI data after 2014.
Norway: No WDI data after 2019.
Sweden: No WDI data after 2003 (Nasdaq Nordic).
Finland: No WDI data after 2004 (Nasdaq Nordic).
Denmark: No WDI data after 2004 (Nasdaq Nordic).
Ireland: No WDI data after 2018.
Portugal: No WDI data after 2018 (Euronext).
United Kingdom: No WDI data after 2022.
Euro area: Aggregate not published after 2018. Global Macro Expert does not build its own euro area sum: with France, the Netherlands, Italy and Belgium missing it would be incomplete.
European Union: Aggregate not published after 2018.
Taiwan: Taiwan is not covered by the World Bank, so it is missing from this data and from the World total of the World Bank.
n.c. = not comparable. A value flagged in a break note is shown as published but is not ranked; like-for-like world figures leave the economy out in both years of a comparison (Global Macro Expert calculation). 2025: India.
Ranking year 2025: the latest year in which at least 80% of the curated major economies that still report have data (20 of 21). One year only: values from different years are never mixed in the ranking.
Turnover ratio of domestic shares: the World Bank has not yet published 2025 for most economies, so 2024 is shown (same 80% coverage rule, one year per column).
Shares of the world total, like-for-like shares and growth, and ranks are Global Macro Expert calculations from the World Bank data. The world total is the World Bank aggregate; it covers only the economies that report (see “Not in the ranking”) and includes values marked n.c.
% of GDP: market capitalization of the companies listed on the economy's exchanges divided by that economy's GDP (World Bank). In the World Bank definition, listed domestic companies include foreign companies which are exclusively listed (World Bank WDI, CM.MKT.LDOM.NO).
Market capitalization of listed domestic companies (CM.MKT.LCAP.CD), World Bank definition: Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values converted to U.S. dollars using corresponding year-end foreign exchange rates. (World Bank WDI)
Market capitalization (CM.MKT.LCAP.GD.ZS), World Bank definition: Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values. (World Bank WDI)
Stocks traded, total value (CM.MKT.TRAD.GD.ZS), World Bank definition: The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data. Data are end of year values. (World Bank WDI)
Turnover ratio of domestic shares (CM.MKT.TRNR), World Bank definition: Turnover ratio is the value of domestic shares traded divided by their market capitalization. The value is annualized by multiplying the monthly average by 12. (World Bank WDI)
Listed domestic companies (CM.MKT.LDOM.NO), World Bank definition: Listed domestic companies, including foreign companies which are exclusively listed, are those which have shares listed on an exchange at the end of the year. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status, are excluded. A company with several classes of shares is counted once. Only companies admitted to listing on the exchange are included. (World Bank WDI)
World Bank note on the series: Stock market data were previously sourced from Standard & Poor's until they discontinued their "Global Stock Markets Factbook" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology. (World Bank WDI metadata)