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 27,352,200,000,000.00 2016
2 China 7,320,740,000,000.00 2016
3 Japan 4,955,300,000,000.00 2016
4 Hong Kong SAR, China 3,193,240,000,000.00 2016
5 France 2,156,830,000,000.00 2016
6 Canada 1,993,520,000,000.00 2016
7 United Kingdom 1,868,150,000,000.00 2008
8 Germany 1,716,040,000,000.00 2016
9 India 1,566,680,000,000.00 2016
10 Switzerland 1,403,360,000,000.00 2016
11 Australia 1,268,490,000,000.00 2016
12 Korea 1,254,540,000,000.00 2016
13 South Africa 951,320,000,000.00 2016
14 Netherlands 854,349,000,000.00 2016
15 Brazil 758,559,000,000.00 2016
16 Spain 704,551,000,000.00 2016
17 Singapore 640,428,000,000.00 2016
18 Russia 622,052,000,000.00 2016
19 Italy 587,312,000,000.00 2014
20 Saudi Arabia 448,831,000,000.00 2016
21 Thailand 432,956,000,000.00 2016
22 Indonesia 425,768,000,000.00 2016
23 Belgium 377,757,000,000.00 2016
24 Malaysia 359,788,000,000.00 2016
25 Mexico 350,810,000,000.00 2016
26 Sweden 289,877,000,000.00 2003
27 Philippines 239,738,000,000.00 2016
28 Norway 231,257,000,000.00 2016
29 Israel 213,984,000,000.00 2016
30 United Arab Emirates 213,213,000,000.00 2016
31 Chile 212,480,000,000.00 2016
32 Finland 183,765,000,000.00 2004
33 Turkey 171,765,000,000.00 2016
34 Qatar 154,824,000,000.00 2016
35 Denmark 151,350,000,000.00 2004
36 Poland 138,691,000,000.00 2016
37 Austria 120,977,000,000.00 2016
38 Ireland 119,829,000,000.00 2016
39 Iran 108,791,000,000.00 2016
40 Kuwait 107,063,000,000.00 2006
41 Colombia 103,819,000,000.00 2016
42 Peru 81,088,970,000.00 2016
43 New Zealand 80,048,460,000.00 2016
44 Vietnam 66,395,680,000.00 2016
45 Argentina 63,601,120,000.00 2016
46 Luxembourg 60,910,170,000.00 2016
47 Morocco 57,579,720,000.00 2016
48 Portugal 57,196,520,000.00 2016
49 Bangladesh 47,699,530,000.00 2011
50 Czech Republic 40,912,350,000.00 2008
51 Honduras 40,718,890,000.00 2001
52 Kazakhstan 40,161,210,000.00 2016
53 Greece 37,163,050,000.00 2016
54 Egypt 33,323,010,000.00 2016
55 Pakistan 32,567,930,000.00 2011
56 Nigeria 29,792,430,000.00 2016
57 Ukraine 25,654,060,000.00 2011
58 Jordan 24,573,950,000.00 2016
59 Oman 23,285,260,000.00 2016
60 Croatia 22,558,380,000.00 2011
61 Hungary 22,553,360,000.00 2016
62 Bahrain 19,394,200,000.00 2016
63 Sri Lanka 18,678,770,000.00 2016
64 Romania 14,023,920,000.00 2011
65 Panama 13,563,970,000.00 2016
66 Papua New Guinea 12,592,450,000.00 2011
67 Côte d'Ivoire 12,363,660,000.00 2016
68 Lebanon 12,122,530,000.00 2016
69 Kenya 10,202,610,000.00 2011
70 Tunisia 8,450,200,000.00 2016
71 Bulgaria 8,253,250,000.00 2011
72 Mauritius 7,568,297,000.00 2016
73 Slovenia 5,262,430,000.00 2016
74 Jamaica 5,008,860,000.00 2011
75 Slovak Republic 4,801,320,000.00 2013
76 Barbados 4,567,520,000.00 2011
77 Malta 4,433,150,000.00 2016
78 Serbia 4,055,580,000.00 2011
79 Venezuela 3,979,600,000.00 2002
80 Trinidad and Tobago 3,889,100,000.00 2001
81 Montenegro 3,787,240,000.00 2012
82 Zambia 3,184,470,000.00 2011
83 Ghana 3,098,510,000.00 2011
84 Cyprus 2,511,333,000.00 2016
85 Zimbabwe 2,460,690,000.00 1999
86 Costa Rica 1,498,420,000.00 2011
87 Botswana 977,610,000.00 2000
88 Ecuador 747,000,000.00 2000
89 Tanzania 398,100,000.00 2001
90 Cayman Islands 315,630,000.00 2015
91 Paraguay 312,800,000.00 1999
92 Uruguay 283,800,000.00 1996
93 Swaziland 234,260,000.00 2007
94 Azerbaijan 3,220,000.00 1999
95 Namibia 1,152,430.00 2011

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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