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Which Country Has the Largest Stock Market vs. the Economy?

Market Capitalisation of Listed Companies (As % of GDP) (%), 2024 or latest
Investments & Pensions | September 1, 2025
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Excel Sheet

Based on a comparison of 74 countries in 2024, Hong Kong ranked the highest in market capitalisation of listed companies as of GDP with 1,118% followed by South Africa and Saudi Arabia. On the other end of the scale was Qatar with 0.078%, Azerbaijan with 2.20% and Costa Rica with 3.22%.

Average market capitalisation of listed companies as of GDP reached 130% in 2024 in the World according to OECD. This is 19.5 % more than in the previous year and 47.6 % more than 10 years ago.

Historically, average market capitalisation of listed companies as of GDP reached an all time high of 132% in 2020 and an all time low of 23.1% in 1978. The average annual growth amounted to 3.25 % since 1975.

Data for more countries are available at Market Capitalisation of Listed Companies (As % of GDP) indicator page.

Market Capitalisation of Listed Companies (As % of GDP) Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia % 88.4% 107% 130% 121% 99.3%
Canada % 112% 138% 160% 163% 126%
Hong Kong % 1,056% 1,349% 1,777% 1,473% 1,273%
India % 153% 76.3% 95.4% 112% 101%
Japan % 105% 121% 133% 130% 126%
Malaysia % 111% 111% 129% 111% 93.5%
Saudi Arabia % 56.0% 271% 316% 272% 213%
Singapore % 182% 185% 187% 152% 122%
South Africa % 214% 271% 311% 272% 288%
South Korea % 81.9% 89.9% 132% 122% 98.2% ...
Switzerland % 199% 254% 270% 285% 221%
Thailand % 98.8% 105% 109% 118% 122%
USA % 147% 158% 195% 205% 155%
United Arab Emirates % 54.2% 59.0% 84.4% 134% 174%
United Kingdom % ... ... ... ... ... ... 121% 99.4% ... ...