Stock Market Capitalization by Country 2025
The market value of domestic companies listed on each country’s stock exchanges (share price times shares outstanding), in current US dollars, with the value as a share of GDP and the number of listed companies.
The United States has the highest stock market capitalization of listed domestic companies: $68.94T in 2025. Next are China ($15.51T), India ($10.56T), Japan ($7.61T) and Hong Kong ($6.09T). Seychelles has the lowest stock market capitalization of listed domestic companies: $646.4M in 2025. The median across the 72 countries is $104.17B, counting each country once, so it is not a world average.
Source: World Bank World Development Indicators. 72 of 217 countries and territories have a figure. 68 of 72 countries show 2025; the other 4 show their latest available year (2023 or 2024).
- Highest
- $68.94T
- United States, 2025
- Lowest
- $646.4M
- Seychelles, 2025
- Median
- $104.17B
- Counting each country once, so it is not a world average
- Coverage
- 72 of 217
- Countries and territories with a figure; mostly 2025 data
- Sum of the table
- $138.06T
- Sum of 68 countries with 2025 figures, not an official world figure
| # | Country | Market capitalization (US$) | Year | Market cap (% of GDP) | Listed companies |
|---|---|---|---|---|---|
| 1 | United States | $68.94T | 2025 | 224.0% | 3,908 |
| 2 | China | $15.51T | 2025 | 79.5% | 11,149 |
| 3 | India | $10.56T | 2025 | 266.9% | 8,510 |
| 4 | Japan | $7.61T | 2025 | 171.6% | 3,942 |
| 5 | Hong Kong | $6.09T | 2025 | 1425.0% | 2,508 |
| 6 | Canada | $4.62T | 2025 | 199.2% | 4,377 |
| 7 | Germany | $2.90T | 2025 | 57.4% | 416 |
| 8 | South Korea | $2.76T | 2025 | 147.2% | 2,653 |
| 9 | Switzerland | $2.51T | 2025 | 240.9% | 201 |
| 10 | Saudi Arabia | $2.36T | 2025 | 184.7% | 391 |
| 11 | Australia | $2.05T | 2025 | 113.9% | 1,782 |
| 12 | South Africa | $1.40T | 2025 | 327.2% | 212 |
| 13 | Spain | $1.30T | 2025 | 68.1% | 272 |
| 14 | United Arab Emirates | $1.11T | 2025 | 190.9%2024 | 153 |
| 15 | Indonesia | $949.59B | 2025 | 65.7% | 956 |
| 16 | Brazil | $871.44B | 2025 | 38.2% | 357 |
| 17 | Singapore | $824.34B | 2025 | 136.5% | 394 |
| 18 | Russia | $650.49B | 2023 | 31.8% | 194 |
| 19 | Mexico | $560.41B | 2025 | 30.6% | 1312023 |
| 20 | Thailand | $512.38B | 2025 | 88.8% | 868 |
| 21 | Malaysia | $487.45B | 2025 | 103.2% | 1,072 |
| 22 | Chile | $486.73B | 2025 | 136.2% | 433 |
| 23 | Türkiye | $404.35B | 2025 | 25.3% | 569 |
| 24 | Israel | $330.88B | 2024 | 61.0% | 511 |
| 25 | Poland | $316.50B | 2025 | 30.6% | 737 |
| 26 | Vietnam | $316.00B | 2025 | 61.4% | 400 |
| 27 | Philippines | $232.06B | 2025 | 47.6% | 279 |
| 28 | Austria | $211.14B | 2025 | 36.4% | 67 |
| 29 | Iran | $185.64B | 2025 | 51.2% | 630 |
| 30 | Qatar | $176.91B | 2025 | 82.1% | 54 |
| 31 | Kuwait | $172.13B | 2025 | 109.5% | 135 |
| 32 | Kazakhstan | $158.41B | 2025 | 51.7% | 80 |
| 33 | Colombia | $132.51B | 2025 | 29.0% | 61 |
| 34 | Greece | $128.98B | 2025 | 46.0% | 139 |
| 35 | Morocco | $114.01B | 2025 | 62.5% | 78 |
| 36 | Peru | $105.16B | 2025 | 31.4% | 176 |
| 37 | New Zealand | $103.17B | 2025 | 39.1% | 106 |
| 38 | Nigeria | $86.94B | 2025 | 29.9% | 165 |
| 39 | Romania | $70.89B | 2025 | 16.5% | 83 |
| 40 | Pakistan | $70.29B | 2025 | 17.3% | 535 |
| 41 | Luxembourg | $69.41B | 2025 | 68.6% | 28 |
| 42 | Egypt | $62.88B | 2025 | 17.2% | 244 |
| 43 | Hungary | $62.59B | 2025 | 25.4% | 70 |
| 44 | Czechia | $55.36B | 2025 | 14.2% | 26 |
| 45 | Oman | $41.30B | 2025 | 37.7% | 108 |
| 46 | Croatia | $37.90B | 2025 | 36.1% | 81 |
| 47 | Jordan | $37.37B | 2025 | 60.7% | 162 |
| 48 | Cyprus | $27.93B | 2025 | 67.7% | 87 |
| 49 | Panama | $27.18B | 2025 | 30.0% | 40 |
| 50 | Bangladesh | $26.22B | 2025 | 5.7% | 360 |
| 51 | Sri Lanka | $26.11B | 2025 | 24.0% | 288 |
| 52 | Uzbekistan | $23.70B | 2025 | 16.1% | 85 |
| 53 | Kenya | $22.83B | 2025 | 16.8% | 59 |
| 54 | Bahrain | $21.31B | 2025 | 43.5% | 39 |
| 55 | Slovenia | $20.74B | 2025 | 26.0% | 17 |
| 56 | Ghana | $16.44B | 2025 | 14.4% | 31 |
| 57 | Zambia | $14.91B | 2025 | 51.6% | 20 |
| 58 | Tunisia | $11.98B | 2025 | 20.8% | 75 |
| 59 | Jamaica | $11.59B | 2025 | 51.0% | 100 |
| 60 | Bulgaria | $11.18B | 2025 | 8.5% | 203 |
| 61 | Tanzania | $9.78B | 2025 | 10.8% | 22 |
| 62 | Mauritius | $8.89B | 2025 | 55.0% | 92 |
| 63 | Belarus | $5.54B | 2025 | 5.9% | 12 |
| 64 | Malta | $5.35B | 2025 | 19.3% | 35 |
| 65 | West Bank and Gaza | $4.94B | 2025 | 28.8% | 48 |
| 66 | Armenia | $4.85B | 2024 | 18.7% | 12 |
| 67 | Botswana | $4.28B | 2025 | 21.5% | 23 |
| 68 | Rwanda | $3.20B | 2025 | 19.6% | 5 |
| 69 | Namibia | $2.48B | 2024 | 18.2% | 12 |
| 70 | Bermuda | $2.26B | 2025 | 21.0%2024 | 9 |
| 71 | Azerbaijan | $1.57B | 2025 | 2.1% | 36 |
| 72 | Seychelles | $646.4M | 2025 | 27.1% | 15 |
Each figure is the latest available for that country, so rows can refer to different years; compare years before comparing values. Values are rounded for display; the CSV download has full precision.
Not ranked because their latest figure is older than 2023: Argentina (2022), Barbados (2020), Cayman Islands (2020), Costa Rica (2022), Côte d'Ivoire (2020), Lebanon (2021), United Kingdom (2022).
145 countries and territories have no figure
Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Antigua and Barbuda, Argentina, Aruba, Bahamas, Barbados, Belgium, Belize, Benin, Bhutan, Bolivia, Bosnia and Herzegovina, British Virgin Islands, Brunei, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Cayman Islands, Central African Republic, Chad, Channel Islands, Comoros, Costa Rica, Côte d'Ivoire, Cuba, Curaçao, Denmark, Djibouti, Dominica, Dominican Republic, DR Congo, Ecuador, El Salvador, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, Faroe Islands, Fiji, Finland, France, French Polynesia, Gabon, Georgia, Gibraltar, Greenland, Grenada, Guam, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Iceland, Iraq, Ireland, Isle of Man, Italy, Kiribati, Kosovo, Kyrgyzstan, Laos, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Macao, Madagascar, Malawi, Maldives, Mali, Marshall Islands, Mauritania, Micronesia, Moldova, Monaco, Mongolia, Montenegro, Mozambique, Myanmar, Nauru, Nepal, Netherlands, New Caledonia, Nicaragua, Niger, North Korea, North Macedonia, Northern Mariana Islands, Norway, Palau, Papua New Guinea, Paraguay, Portugal, Puerto Rico, Republic of the Congo, Saint Martin, Samoa, San Marino, Sao Tome and Principe, Senegal, Serbia, Sierra Leone, Sint Maarten, Slovakia, Solomon Islands, Somalia, South Sudan, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Sudan, Suriname, Sweden, Syria, Tajikistan, The Gambia, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Turkmenistan, Turks and Caicos Islands, Tuvalu, U.S. Virgin Islands, Uganda, Ukraine, United Kingdom, Uruguay, Vanuatu, Venezuela, Yemen, Zimbabwe.
Embed this map
<a href="https://statisticsoftheworld.com/stock-market-capitalization-by-country"><img src="https://statisticsoftheworld.com/maps/CM.MKT.LCAP.CD.svg" width="960" height="500" alt="World map of stock market capitalization of listed domestic companies, mostly 2025 data. Source: World Bank World Development Indicators."></a>
<p>Source: World Bank World Development Indicators. Map: <a href="https://statisticsoftheworld.com/stock-market-capitalization-by-country">Statistics of the World</a></p>Then and now
By region
| Region | Countries | Highest | Lowest | Median, each country counted once | Sum of same-year figures |
|---|---|---|---|---|---|
| East Asia & Pacific | 12 | China ($15.51T) | New Zealand ($103.17B) | $886.96B | $37.44T (12 countries, 2025) |
| Europe & Central Asia | 21 | Germany ($2.90T) | Azerbaijan ($1.57B) | $69.41B | $8.32T (19 countries, 2025) |
| Latin America & Caribbean | 7 | Brazil ($871.44B) | Jamaica ($11.59B) | $132.51B | $2.20T (7 countries, 2025) |
| Middle East, North Africa, Afghanistan & Pakistan | 15 | Saudi Arabia ($2.36T) | West Bank and Gaza ($4.94B) | $70.29B | $4.37T (14 countries, 2025) |
| North America | 3 | United States ($68.94T) | Bermuda ($2.26B) | $4.62T | $73.56T (3 countries, 2025) |
| South Asia | 3 | India ($10.56T) | Sri Lanka ($26.11B) | $26.22B | $10.61T (3 countries, 2025) |
| Sub-Saharan Africa | 11 | South Africa ($1.40T) | Seychelles ($646.4M) | $9.78B | $1.57T (10 countries, 2025) |
A regional sum adds the countries with 2025 figures; it is not an official regional figure.
Where major economies rank
- United States: $68.94T in 2025, rank 1 of 72.
- China: $15.51T in 2025, rank 2 of 72.
- India: $10.56T in 2025, rank 3 of 72.
- Japan: $7.61T in 2025, rank 4 of 72.
- Germany: $2.90T in 2025, rank 7 of 72.
- Brazil: $871.44B in 2025, rank 16 of 72.
- Canada: $4.62T in 2025, rank 6 of 72.
- Nigeria: $86.94B in 2025, rank 38 of 72.
About stock market capitalization
Market capitalization counts domestic companies listed in the country, at year-end prices. Investment funds and companies whose only business is holding shares in other listed companies are left out. A company listed in several countries is counted where it is domestic.
The figures come from the World Federation of Exchanges and national sources, published by the World Bank. Coverage is uneven: many smaller economies have no figure, and Taiwan, which has a large market, is not in the World Bank’s data.
Only readings from 2023 or later are ranked, because share prices move enough in a year that an older figure is not comparable; economies whose latest figure is older are listed under the table.
About these figures
Definition. Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values converted to U.S. dollars using corresponding year-end foreign exchange rates. (The publisher's definition of “Market capitalization of listed domestic companies (current US$)”, copied from the World Bank (World Development Indicators) on 2026-09-07.)
Unit. current US dollars
Coverage. 72 of 217 countries and territories have a figure. 68 of 72 countries show 2025; the other 4 show their latest available year (2023 or 2024).
The median and any other summary on this page count each country once, so they are not world averages. Values are rounded for display; the CSV download has full precision.
The publisher revises past years when it updates the series, so a figure here can change after it first appears.
Questions about these figures
Which country has the highest stock market capitalization of listed domestic companies?
The United States has the highest stock market capitalization of listed domestic companies: $68.94T in 2025. The figures come from the World Bank World Development Indicators.
Which country has the lowest stock market capitalization of listed domestic companies?
Seychelles has the lowest stock market capitalization of listed domestic companies: $646.4M in 2025.
How many countries are ranked, and for which years?
72 countries and territories have a figure in this ranking. 68 of 72 countries show 2025; the other 4 show their latest available year (2023 or 2024).
What is the median stock market capitalization of listed domestic companies across countries?
The median is $104.17B: half of the 72 countries are above it and half below. The most common year of the figures is 2025. It counts each country once, so it is not a world average.
How much of the combined total do the largest countries account for?
Among the 68 countries with 2025 figures, the ten largest account for 89.7% of their combined total.
Where does the United States rank on stock market capitalization of listed domestic companies?
The United States ranks 1 of 72, at $68.94T in 2025.
Which country has the highest stock market capitalization of listed domestic companies in each region?
East Asia & Pacific: China ($15.51T); Europe & Central Asia: Germany ($2.90T); Latin America & Caribbean: Brazil ($871.44B); Middle East, North Africa, Afghanistan & Pakistan: Saudi Arabia ($2.36T); North America: the United States ($68.94T); South Asia: India ($10.56T); Sub-Saharan Africa: South Africa ($1.40T). Figures are for 2025 unless another year is shown. Regions follow the World Bank's groups.
Use and cite this data
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Statistics of the World. Stock Market Capitalization by Country: 2025 Rankings. Data: World Bank World Development Indicators, figures for 2023 to 2025. https://statisticsoftheworld.com/stock-market-capitalization-by-country