Countries with the Most Active Stock Markets (2025)
Source: World Bank·25 countries·Updated 2025
High turnover indicates liquid, active markets. {#1} has the highest stock market turnover at {#1_value} of GDP.
Hong Kong SAR, China leads with stock market turnover (% of GDP) of 1372.4%.
China ranks #2 at 303.7%.
Japan ranks #3 at 187.9%.
United States ranks #4 at 180.3%.
Korea, Rep. ranks #5 at 176.3%.
Top 25 Countries by Stock Market Turnover (% of GDP)
| # | Country | Stock Market Turnover (% of GDP) | Year |
|---|---|---|---|
| 1 |  Hong Kong SAR, China | 1372.4% | 2025 |
| 2 |  China | 303.7% | 2025 |
| 3 |  Japan | 187.9% | 2025 |
| 4 |  United States | 180.3% | 2025 |
| 5 |  Korea, Rep. | 176.3% | 2025 |
| 6 |  Canada | 126.0% | 2025 |
| 7 |  Switzerland | 85.6% | 2025 |
| 8 |  India | 72.7% | 2025 |
| 9 |  South Africa | 66.5% | 2025 |
| 10 |  Australia | 61.2% | 2025 |
| 11 |  Turkiye | 61.2% | 2025 |
| 12 |  Kuwait | 52.2% | 2025 |
| 13 |  Thailand | 50.3% | 2025 |
| 14 |  Brazil | 45.3% | 2025 |
| 15 |  Viet Nam | 44.0% | 2025 |
| 16 |  Malaysia | 29.9% | 2025 |
| 17 |  Germany | 29.4% | 2025 |
| 18 |  Israel | 26.9% | 2025 |
| 19 |  Saudi Arabia | 26.1% | 2025 |
| 20 |  Spain | 24.6% | 2025 |
| 21 |  United Arab Emirates | 21.8% | 2024 |
| 22 |  United Kingdom | 18.6% | 2023 |
| 23 |  Greece | 17.1% | 2025 |
| 24 |  Chile | 15.4% | 2025 |
| 25 |  Indonesia | 14.9% | 2025 |
Data from 78 countries is available. View full rankings →
FAQ
What is the highest stock market turnover (% of GDP) in 2025?
Hong Kong SAR, China has the highest stock market turnover (% of GDP) at 1372.4% in 2025.
How many countries are included in this ranking?
This article features the top 25 countries out of 78 with available data. Full rankings available on the indicator page.
Where does this data come from?
Data is sourced from the World Bank. It is updated regularly as new releases become available.