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Which Stock Market is the Most Liquid?

Stocks Traded, Turnover Ratio (As % of Market Capitalisation) (%), 2024 or latest
Investments & Pensions | September 1, 2025
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Excel Sheet

Based on a comparison of 73 countries in 2024, China ranked the highest in stocks traded as a percentage of market capitalisation with 297% followed by Turkey and South Korea. On the other end of the scale was Armenia with 0.044%, Uzbekistan with 0.054% and Luxembourg with 0.094%.

Average stocks traded as a percentage of market capitalisation reached 93.8% in 2024 in the World according to OECD. This is 1.46 % less than in the previous year and -35.7 % less than 10 years ago.

Historically, average stocks traded as a percentage of market capitalisation reached an all time high of 250% in 2008 and an all time low of 30.0% in 1982. The average annual growth amounted to 2.21 % since 1975.

Data for more countries are available at Stocks Traded, Turnover Ratio (As % of Market Capitalisation) indicator page.

Stocks Traded, Turnover Ratio (As % of Market Capitalisation) Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Australia % 61.3% 56.1% 71.3% 56.6% 64.9%
Brazil % 83.9% 87.5% 139% 173% 163%
Canada % 70.9% 59.5% 74.0% 66.3% 81.5%
China % 207% 213% 257% 280% 283%
Egypt % 34.5% 24.2% 38.9% 43.1% 28.9%
Germany % 92.8% 65.0% 80.4% 61.0% 68.4%
Hong Kong % 59.4% 37.2% 50.1% 74.9% 62.4%
India % 30.4% 55.8% 72.2% 64.8% 49.8%
Japan % 119% 82.3% 94.3% 96.9% 109%
Qatar % ... 11.6% 8.34% 14.0% 16.9% 26.4%
South Korea % 174% 130% 239% 252% 185%
Thailand % 77.2% 64.5% 88.6% 99.8% 79.1%
Turkey % 248% 188% 366% 389% 271%
USA % 161% 107% 98.8% 94.5% 110%
Vietnam % 34.4% 21.1% 30.6% 68.2% 95.3%