Countries with the Largest Stock Markets (2026) (2025)
Source: World Bank·25 countries·Updated 2025
Stock market depth reflects financial development. {#1} has a market capitalization of {#1_value} of GDP.
Hong Kong SAR, China leads with stock market capitalization (% of GDP) of 1425.0%.
South Africa ranks #2 at 327.2%.
India ranks #3 at 266.9%.
Switzerland ranks #4 at 240.9%.
United States ranks #5 at 224.0%.
Top 25 Countries by Stock Market Capitalization (% of GDP)
| # | Country | Stock Market Capitalization (% of GDP) | Year |
|---|---|---|---|
| 1 |  Hong Kong SAR, China | 1425.0% | 2025 |
| 2 |  South Africa | 327.2% | 2025 |
| 3 |  India | 266.9% | 2025 |
| 4 |  Switzerland | 240.9% | 2025 |
| 5 |  United States | 224.0% | 2025 |
| 6 |  Canada | 199.2% | 2025 |
| 7 |  United Arab Emirates | 190.9% | 2024 |
| 8 |  Saudi Arabia | 184.7% | 2025 |
| 9 |  Japan | 171.6% | 2025 |
| 10 |  Korea, Rep. | 147.2% | 2025 |
| 11 |  Singapore | 136.5% | 2025 |
| 12 |  Chile | 136.2% | 2025 |
| 13 |  Australia | 113.9% | 2025 |
| 14 |  Kuwait | 109.5% | 2025 |
| 15 |  Malaysia | 103.2% | 2025 |
| 16 |  United Kingdom | 97.3% | 2022 |
| 17 |  Thailand | 88.8% | 2025 |
| 18 |  Qatar | 82.1% | 2025 |
| 19 |  China | 79.5% | 2025 |
| 20 |  Luxembourg | 68.6% | 2025 |
| 21 |  Spain | 68.1% | 2025 |
| 22 |  Cyprus | 67.7% | 2025 |
| 23 |  Indonesia | 65.7% | 2025 |
| 24 |  Morocco | 62.5% | 2025 |
| 25 |  Viet Nam | 61.4% | 2025 |
Data from 79 countries is available. View full rankings →
FAQ
What is the highest stock market capitalization (% of GDP) in 2025?
Hong Kong SAR, China has the highest stock market capitalization (% of GDP) at 1425.0% in 2025.
How many countries are included in this ranking?
This article features the top 25 countries out of 79 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.