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

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 France 2,365,950,000,000.00 2018
2 United Kingdom 1,868,150,000,000.00 2008
3 Germany 1,755,170,000,000.00 2018
4 Switzerland 1,441,160,000,000.00 2018
5 Netherlands 1,100,110,000,000.00 2017
6 Spain 723,691,000,000.00 2018
7 Italy 522,088,000,000.00 2008
8 Belgium 321,094,000,000.00 2018
9 Sweden 289,877,000,000.00 2003
10 Norway 267,382,000,000.00 2018
11 Finland 183,765,000,000.00 2004
12 Poland 160,483,000,000.00 2018
13 Denmark 151,350,000,000.00 2004
14 Turkey 149,264,000,000.00 2018
15 Austria 116,802,000,000.00 2018
16 Ireland 110,154,000,000.00 2018
17 Portugal 61,933,600,000.00 2018
18 Luxembourg 49,482,640,000.00 2018
19 Czech Republic 40,912,350,000.00 2008
20 Greece 38,370,850,000.00 2018
21 Hungary 28,934,570,000.00 2018
22 Croatia 20,508,990,000.00 2018
23 Romania 14,023,920,000.00 2011
24 Bulgaria 8,253,250,000.00 2011
25 Slovenia 7,266,520,000.00 2018
26 Malta 5,053,840,000.00 2018
27 Slovak Republic 4,801,320,000.00 2013
28 Ukraine 4,415,440,000.00 2018
29 Montenegro 3,787,240,000.00 2012
30 Cyprus 3,313,490,000.00 2018
31 Serbia 1,791,690,000.00 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