Market capitalization of listed domestic companies (% of GDP) - 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.

Source: World Federation of Exchanges database.

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 Hong Kong SAR, China 1,053.05 2018
2 South Africa 234.96 2018
3 Switzerland 204.38 2018
4 Singapore 188.73 2018
5 United States 148.15 2018
6 Netherlands 132.25 2017
7 Canada 113.11 2018
8 Malaysia 111.00 2018
9 Japan 106.55 2018
10 Kuwait 105.43 2006
11 Thailand 99.16 2018
12 Finland 93.23 2004
13 Montenegro 92.65 2012
14 Australia 88.07 2018
15 Korea 87.30 2018
16 Sweden 87.24 2003
17 Qatar 85.20 2018
18 France 85.18 2018
19 Chile 84.08 2018
20 Philippines 78.01 2018
21 India 76.63 2018
22 Papua New Guinea 70.02 2011
23 Luxembourg 69.81 2018
24 Mauritius 69.25 2018
25 Barbados 68.84 2018
26 United Kingdom 63.92 2008
27 Saudi Arabia 63.11 2018
28 Norway 61.59 2018
29 Denmark 60.21 2004
30 Belgium 59.16 2018
31 Bahrain 57.92 2018
32 United Arab Emirates 56.85 2018
33 Vietnam 54.10 2018
34 Jordan 53.85 2018
35 Morocco 51.80 2018
36 Spain 51.00 2018
37 Israel 50.59 2018
38 Brazil 49.06 2018
39 Indonesia 46.71 2018
40 China 46.48 2018
41 Germany 44.46 2018
42 Trinidad and Tobago 44.07 2001
43 Peru 42.06 2018
44 New Zealand 42.03 2018
45 Zimbabwe 35.88 1999
46 Russia 34.76 2018
47 Malta 34.73 2018
48 Jamaica 34.68 2011
49 Croatia 33.64 2018
50 Pakistan 32.97 2016
51 Mexico 31.54 2018
52 Colombia 31.37 2018
53 Ireland 28.80 2018
54 Bangladesh 28.24 2018
55 Poland 27.40 2018
56 Portugal 25.73 2018
57 Austria 25.65 2018
58 Kenya 24.32 2011
59 Panama 24.05 2018
60 Iran 23.93 2017
61 Oman 23.69 2018
62 Italy 21.76 2008
63 Tunisia 20.89 2018
64 Kazakhstan 20.63 2018
65 Turkey 19.35 2018
66 Hungary 18.33 2018
67 Greece 17.60 2018
68 Sri Lanka 17.52 2018
69 Czech Republic 17.36 2008
70 Lebanon 17.08 2018
71 Namibia 16.95 2018
72 Botswana 16.89 2000
73 Egypt 16.74 2018
74 Bulgaria 14.37 2011
75 Zambia 13.57 2011
76 Slovenia 13.45 2018
77 Cyprus 13.27 2018
78 Argentina 8.85 2018
79 Nigeria 7.93 2018
80 Ghana 7.83 2011
81 Romania 7.64 2011
82 Eswatini 6.75 2007
83 Cayman Islands 6.70 2015
84 Costa Rica 5.18 2017
85 Slovak Republic 4.86 2013
86 Venezuela 4.28 2002
87 Ecuador 4.08 2000
88 Serbia 3.64 2011
89 Paraguay 3.54 1999
90 Ukraine 3.37 2018
91 Tanzania 2.93 2001
92 Uruguay 1.38 1996
93 Algeria 0.21 2018
94 Azerbaijan 0.07 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: Weighted average

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