Market capitalization of listed domestic companies (current US$) - Country Ranking

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.

Source: World Federation of Exchanges database.

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 United States 30,436,300,000,000.00 2018
2 China 6,324,880,000,000.00 2018
3 Japan 5,296,810,000,000.00 2018
4 Hong Kong SAR, China 3,819,220,000,000.00 2018
5 France 2,365,950,000,000.00 2018
6 India 2,083,480,000,000.00 2018
7 Canada 1,937,900,000,000.00 2018
8 United Kingdom 1,868,150,000,000.00 2008
9 Germany 1,755,170,000,000.00 2018
10 Switzerland 1,441,160,000,000.00 2018
11 Korea 1,413,720,000,000.00 2018
12 Australia 1,262,800,000,000.00 2018
13 Netherlands 1,100,110,000,000.00 2017
14 Brazil 916,824,000,000.00 2018
15 South Africa 865,328,000,000.00 2018
16 Spain 723,691,000,000.00 2018
17 Singapore 687,257,000,000.00 2018
18 Russia 576,116,000,000.00 2018
19 Italy 522,088,000,000.00 2008
20 Thailand 500,741,000,000.00 2018
21 Saudi Arabia 496,353,000,000.00 2018
22 Indonesia 486,766,000,000.00 2018
23 Malaysia 398,019,000,000.00 2018
24 Mexico 385,051,000,000.00 2018
25 Belgium 321,094,000,000.00 2018
26 Sweden 289,877,000,000.00 2003
27 Norway 267,382,000,000.00 2018
28 Philippines 258,156,000,000.00 2018
29 Chile 250,740,000,000.00 2018
30 United Arab Emirates 235,451,000,000.00 2018
31 Israel 187,466,000,000.00 2018
32 Finland 183,765,000,000.00 2004
33 Qatar 163,047,000,000.00 2018
34 Poland 160,483,000,000.00 2018
35 Denmark 151,350,000,000.00 2004
36 Turkey 149,264,000,000.00 2018
37 Iran 143,548,000,000.00 2018
38 Vietnam 132,653,000,000.00 2018
39 Austria 116,802,000,000.00 2018
40 Ireland 110,154,000,000.00 2018
41 Kuwait 107,063,000,000.00 2006
42 Colombia 103,848,000,000.00 2018
43 Peru 93,385,360,000.00 2018
44 Pakistan 91,863,740,000.00 2016
45 New Zealand 86,132,630,000.00 2018
46 Bangladesh 77,390,500,000.00 2018
47 Portugal 61,933,600,000.00 2018
48 Morocco 61,080,780,000.00 2018
49 Luxembourg 49,482,640,000.00 2018
50 Argentina 45,986,050,000.00 2018
51 Egypt 42,005,550,000.00 2018
52 Czech Republic 40,912,350,000.00 2008
53 Greece 38,370,850,000.00 2018
54 Kazakhstan 37,005,250,000.00 2018
55 Nigeria 31,520,550,000.00 2018
56 Hungary 28,934,570,000.00 2018
57 Jordan 22,740,040,000.00 2018
58 Bahrain 21,862,700,000.00 2018
59 Croatia 20,508,990,000.00 2018
60 Oman 18,782,400,000.00 2018
61 Panama 15,647,730,000.00 2018
62 Sri Lanka 15,575,020,000.00 2018
63 Romania 14,023,920,000.00 2011
64 Papua New Guinea 12,592,450,000.00 2011
65 Kenya 10,202,610,000.00 2011
66 Mauritius 9,847,530,000.00 2018
67 Lebanon 9,675,180,000.00 2018
68 Tunisia 8,328,990,000.00 2018
69 Bulgaria 8,253,250,000.00 2011
70 Slovenia 7,266,520,000.00 2018
71 Malta 5,053,840,000.00 2018
72 Jamaica 5,008,860,000.00 2011
73 Slovak Republic 4,801,320,000.00 2013
74 Ukraine 4,415,440,000.00 2018
75 Venezuela 3,979,600,000.00 2002
76 Trinidad and Tobago 3,889,100,000.00 2001
77 Montenegro 3,787,240,000.00 2012
78 Barbados 3,541,580,000.00 2018
79 Cyprus 3,313,490,000.00 2018
80 Zambia 3,184,470,000.00 2011
81 Ghana 3,098,510,000.00 2011
82 Costa Rica 3,010,800,000.00 2017
83 Namibia 2,461,910,000.00 2018
84 Zimbabwe 2,460,690,000.00 1999
85 Serbia 1,791,690,000.00 2011
86 Botswana 977,610,000.00 2000
87 Ecuador 747,000,000.00 2000
88 Tanzania 398,100,000.00 2001
89 Algeria 371,418,600.00 2018
90 Cayman Islands 315,630,000.00 2015
91 Paraguay 312,800,000.00 1999
92 Uruguay 283,800,000.00 1996
93 Eswatini 234,260,000.00 2007
94 Azerbaijan 3,220,000.00 1999

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Development Relevance: Stock market size can be measured in various ways, and each may produce a different ranking of countries. The development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information which can lower transaction costs and subsequently improve resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks. Open economies with sound macroeconomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations.

Limitations and Exceptions: Data cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards.

Statistical Concept and Methodology: Market capitalization figures include: shares of listed domestic companies; shares of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange); common and preferred shares of domestic companies; and shares without voting rights. Market capitalization figures exclude: collective investment funds ; rights, warrants, ETFs, convertible instruments ; options, futures ; foreign listed shares other than exclusively listed ones; 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; and companies admitted to trading (i.e., companies whose shares are traded at the exchange but not listed at the exchange).

Aggregation method: Sum

Periodicity: Annual

General Comments: 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