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Stock Market Capitalisation by Country 2026

Stock Market Capitalisation by Country 2026: 45 economies ranked by stock market capitalisation (% of GDP), with nominal & PPP figures, 10-year trends, regional breakdowns, charts and a downloadable dataset. South Africa leads at 327.2%; Sweden is not in this ranking. Source: World Bank. Free to cite.

By Affärslivet Research · Published 2026-07-01 · Updated 2026-07-08 · Version 1.1 · CC BY 4.0

327.2%Highest (South Africa)World Bank, 2025
—Sweden's rankof 45 economies
n/aSwedenstock market capitalisation (% of GDP), None
50.0%European Unionreference
168.8%OECDreference
148.5%Worldreference

Executive summary

This index ranks 45 of the world's largest economies by stock market capitalisation (% of GDP), using World Bank Open Data for cross-country comparability, and goes beyond a single snapshot: it shows the nominal figure, a ten-year history, a regional breakdown and the biggest movers. South Africa leads at 327.2% (2025); Ukraine is lowest among those ranked at 3.4%. Sweden is not in this ranking. As reference points, the EU stands at 50.0%, the OECD at 168.8% and the world at 148.5%. Every figure carries its World Bank series and reference year, and the complete dataset is free to download as CSV and JSON under a CC BY 4.0 licence.

Key findings

01327.2%of 45 economies

South Africa tops the ranking

South Africa has the highest stock market capitalisation (% of GDP) among the 45 economies in this index at 327.2% (2025).

Source: World Bank Open Data · 2025 · confidence: High

02—n/a

Where Sweden ranks

Sweden is not in this ranking, below the OECD reference of 168.8%.

Source: World Bank Open Data · None · confidence: High

035 economiesSouth Africa, India, Switzerland, United States, Canada

Top five

The five highest by stock market capitalisation (% of GDP) are South Africa (327.2%), India (266.9%), Switzerland (240.9%), United States (224.0%), Canada (199.2%).

Source: World Bank Open Data · 2025 · confidence: High

Data vintage — July 2026

Figures reflect the most recent year available in the World Bank Open Data API for each economy (shown next to every value). This index of stock-market capitalisation as a share of GDP by country regenerates automatically as new data is published.

Overview

Stock-market capitalisation as a share of GDP measures how large and central public equity markets are to an economy. This index ranks countries by the total market value of listed domestic companies relative to GDP (World Bank, compiled from national exchanges).

The ratio separates the deeply market-based economies — the United States, Switzerland, Singapore, the Nordics — from bank-based or bank-dominated systems where firms rely more on lending than on public equity.

What drives the ranking

A high ratio reflects a large listed sector, deep pension and retail investing, and investor confidence; it also rises and falls with valuations, so a booming market lifts the ratio even without new listings.

Sweden punches far above its weight here — one of Europe's deepest equity cultures, underpinned by tax-advantaged ISK accounts and a large roster of listed industrials, which is core to Affärslivet's coverage.

By region

Median stock market capitalisation (% of GDP) by world region among the ranked economies. Regional medians reveal patterns the country ranking alone can hide.

RegionEconomiesMedianHighestLowest
Europe1936.4%240.9%3.4%
Asia-Pacific1296.0%266.9%39.1%
Americas738.2%224.0%8.4%
Middle East & Africa761.0%327.2%17.2%

Biggest movers

The largest changes in stock market capitalisation (% of GDP) over the available window — where the action has been.

CountryChangeΔPeriod
India95.4% → 266.9%+171.5%2020–2025
United Arab Emirates56.9% → 190.9%+134.0%2019–2024
Saudi Arabia316.3% → 184.7%-131.6%2020–2025
Chile72.6% → 136.2%+63.6%2020–2025
Netherlands77.0% → 129.7%+52.7%2012–2017
Singapore185.8% → 136.5%-49.3%2020–2025
Ireland70.0% → 27.8%-42.2%2013–2018
Japan129.5% → 171.6%+42.1%2020–2025

Full ranking — 45 economies

Complete ranking by stock market capitalisation (% of GDP), most recent World Bank data, with world region. Region aggregates (EU, OECD, World) appear in the At-a-glance box as reference points.

#CountryStock Market Capitalisation (% Of Gdp)RegionYear
1South Africa327.2%Middle East & Africa2025
2India266.9%Asia-Pacific2025
3Switzerland240.9%Europe2025
4United States224.0%Americas2025
5Canada199.2%Americas2025
6United Arab Emirates190.9%Middle East & Africa2024
7Saudi Arabia184.7%Middle East & Africa2025
8Japan171.6%Asia-Pacific2025
9South Korea147.2%Asia-Pacific2025
10Singapore136.5%Asia-Pacific2025
11Chile136.2%Americas2025
12Netherlands129.7%Europe2017
13Australia113.9%Asia-Pacific2025
14Malaysia103.2%Asia-Pacific2025
15United Kingdom97.3%Europe2022
16Thailand88.8%Asia-Pacific2025
17France85.1%Europe2018
18China79.5%Asia-Pacific2025
19Norway69.7%Europe2019
20Spain68.1%Europe2025
21Indonesia65.7%Asia-Pacific2025
22Viet Nam61.4%Asia-Pacific2025
23Israel61.0%Middle East & Africa2024
24Belgium59.2%Europe2018
25Germany57.4%Europe2025
26Philippines47.6%Asia-Pacific2025
27Greece46.0%Europe2025
28New Zealand39.1%Asia-Pacific2025
29Brazil38.2%Americas2025
30Austria36.4%Europe2025
31Russia31.8%Europe2023
32Mexico30.6%Americas2025
33Poland30.6%Europe2025
34Nigeria29.9%Middle East & Africa2025
35Colombia29.0%Americas2025
36Ireland27.8%Europe2018
37Italy27.0%Europe2014
38Portugal25.6%Europe2018
39Hungary25.4%Europe2025
40Turkiye25.3%Middle East & Africa2025
41Egypt17.2%Middle East & Africa2025
42Romania16.5%Europe2025
43Czechia14.2%Europe2025
44Argentina8.4%Americas2022
45Ukraine3.4%Europe2018

Scoreboard (machine-readable data)

Every headline indicator with its value, period, source and confidence. Free to reuse under CC BY 4.0.

↓ CSV · ↓ JSON

IndicatorValuePeriodSourceConf.
South Africa327.24 %2025World Bank Open DataHigh
India266.92 %2025World Bank Open DataHigh
Switzerland240.94 %2025World Bank Open DataHigh
United States224.04 %2025World Bank Open DataHigh
Canada199.2 %2025World Bank Open DataHigh
United Arab Emirates190.86 %2024World Bank Open DataHigh
Saudi Arabia184.71 %2025World Bank Open DataHigh
Japan171.6 %2025World Bank Open DataHigh
South Korea147.23 %2025World Bank Open DataHigh
Singapore136.51 %2025World Bank Open DataHigh
Chile136.2 %2025World Bank Open DataHigh
Netherlands129.69 %2017World Bank Open DataHigh
Australia113.87 %2025World Bank Open DataHigh
Malaysia103.23 %2025World Bank Open DataHigh
United Kingdom97.32 %2022World Bank Open DataHigh
Thailand88.8 %2025World Bank Open DataHigh
France85.06 %2018World Bank Open DataHigh
China79.54 %2025World Bank Open DataHigh
Norway69.66 %2019World Bank Open DataHigh
Spain68.06 %2025World Bank Open DataHigh
Indonesia65.69 %2025World Bank Open DataHigh
Viet Nam61.4 %2025World Bank Open DataHigh
Israel61.02 %2024World Bank Open DataHigh
Belgium59.17 %2018World Bank Open DataHigh
Germany57.39 %2025World Bank Open DataHigh
Philippines47.64 %2025World Bank Open DataHigh
Greece45.96 %2025World Bank Open DataHigh
New Zealand39.07 %2025World Bank Open DataHigh
Brazil38.22 %2025World Bank Open DataHigh
Austria36.44 %2025World Bank Open DataHigh
Russia31.79 %2023World Bank Open DataHigh
Mexico30.58 %2025World Bank Open DataHigh
Poland30.56 %2025World Bank Open DataHigh
Nigeria29.9 %2025World Bank Open DataHigh
Colombia28.97 %2025World Bank Open DataHigh
Ireland27.83 %2018World Bank Open DataHigh
Italy27.02 %2014World Bank Open DataHigh
Portugal25.58 %2018World Bank Open DataHigh
Hungary25.39 %2025World Bank Open DataHigh
Turkiye25.31 %2025World Bank Open DataHigh
Egypt17.21 %2025World Bank Open DataHigh
Romania16.54 %2025World Bank Open DataHigh
Czechia14.16 %2025World Bank Open DataHigh
Argentina8.35 %2022World Bank Open DataHigh
Ukraine3.37 %2018World Bank Open DataHigh

Methodology & verification

Economies are ranked by stock market capitalisation (% of GDP) using the World Bank Open Data API, which harmonises national statistics for cross-country comparison. Each value is the most recent year available for that economy, shown alongside the figure; the trend table uses each economy's reported history. Economies with no reported value are omitted rather than estimated. Region aggregates (EU, euro area, OECD, World) are reference points, not ranked. Market cap is a stock (point-in-time valuation) divided by an annual flow (GDP), so the ratio swings with market prices; cross-listings and foreign-domiciled firms complicate comparison. Confidence: High (official multilateral source).

Data dictionary

FieldTypeDescription
metricstringWorld Bank indicator code : country ISO3
labelstringCountry name
valuenumberstock market capitalisation (% of GDP) value
unitstring%
periodstringReference year
geographystringCountry
source_urlstringWorld Bank indicator page

Frequently asked questions

Which country has the highest stock market capitalisation (% of GDP)?

South Africa, at 327.2% (2025). Source: World Bank Open Data.

Where does Sweden rank by stock market capitalisation (% of GDP)?

Sweden is not in this ranking. Source: World Bank.

What are the top five by stock market capitalisation (% of GDP)?

South Africa (327.2%), India (266.9%), Switzerland (240.9%), United States (224.0%), Canada (199.2%). Source: World Bank.

How is stock market capitalisation (% of GDP) defined?

Stock market capitalisation (% of GDP), as reported by the World Bank. See the methodology and glossary for details.

How many economies are ranked?

45 of the world's largest economies, plus the EU, OECD and World aggregates as reference points.

What is the caveat with this metric?

Market cap is a stock (point-in-time valuation) divided by an annual flow (GDP), so the ratio swings with market prices; cross-listings and foreign-domiciled firms complicate comparison.

Where does the data come from?

The World Bank Open Data API, which harmonises national statistics for cross-country comparison. Every figure shows its reference year and links to its World Bank indicator page.

How current is it, and how often does it update?

Each figure is the latest year the World Bank reports for that economy. The index regenerates automatically as new data is released.

Can I download this ranking?

Yes — the full ranking is available as CSV and JSON under a CC BY 4.0 licence, free to reuse with attribution to Affärslivet.

Glossary

Stock Market Capitalisation (% Of Gdp)
Stock market capitalisation (% of GDP) — as reported by the World Bank. ↗
World Bank Open Data
A free, authoritative database of harmonised economic indicators for every country. ↗
Purchasing-power parity (PPP)
A conversion that equalises the price of a comparable basket of goods across countries, so output and incomes can be compared in real terms rather than at market exchange rates. ↗
Nominal (current US$)
A value converted at prevailing market exchange rates and not adjusted for differences in price levels. ↗
GNI per capita
Gross national income per person — like GDP per capita but including net income earned abroad; useful where cross-border corporate flows are large. ↗
Reference year
The year a figure applies to; it can differ across countries because national statistics are published on different schedules. ↗
Region aggregate
A World Bank grouping (e.g. European Union, OECD, World) whose value is a weighted regional total or average, shown here for reference rather than ranked. ↗

How to cite this report

APA

Affärslivet Research. (2026). Stock Market Capitalisation by Country 2026. Affärslivet. Version 1.1. https://xn--affrslivet-s5a.com/en/reports/stock-market-capitalisation-by-country

MLA

Affärslivet Research. "Stock Market Capitalisation by Country 2026." Affärslivet, 2026-07-01, https://xn--affrslivet-s5a.com/en/reports/stock-market-capitalisation-by-country.

BibTeX

@techreport{affarslivet_stock_market_capitalisation_by_country,
  title  = {Stock Market Capitalisation by Country 2026},
  author = {{Affärslivet Research}},
  year   = {2026},
  note   = {Version 1.1},
  url    = {https://xn--affrslivet-s5a.com/en/reports/stock-market-capitalisation-by-country}
}

Sources