Countries by Market capitalization of listed domestic companies (% of GDP)

Ranking 2024

Values shown in %.

Analysis

This metric measures the total market value of listed domestic companies as a share of gross domestic product, expressed in percent. According to the source definition, market capitalization 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. A higher percentage indicates a larger equity market relative to the size of the economy. The dataset covers 88 countries, with 80 of 88 (90.9%) having data from the last seven years and 100% of datapoints classified as official quality. The data year is 2024, with 68 of 88 countries (77.3%) reporting values for that specific year. Eleven extreme outliers were identified using a 3-standard-deviation threshold, and the metric range runs from 0.08% to 1,118.24%.

The top of the ranking is dominated by financial hub economies and major developed markets. Hong Kong SAR, China ranks first at 1,118.24%, a value roughly 4.5 times that of second-ranked South Africa at 245.72%. Saudi Arabia ranks third at 219.95%, closely followed by the United States at 216.29% (rank 4) and Switzerland at 210.49% (rank 5). The United Arab Emirates ranks sixth at 190.86%, and Japan seventh at 156.69%. Canada (rank 8, 150.40%), India (rank 9, 131.24%), and the Netherlands (rank 10, 129.69%) round out the top ten. Singapore ranks 11th at 116.49% and Malaysia 12th at 106.45%, both exceeding 100% of GDP.

Notable placements appear throughout the middle and lower portions of the ranking. South Africa's position at rank 2 with 245.72% stands out as the highest value among emerging markets by a wide margin. Lebanon ranks 31st at 45.73%, a counterintuitive placement given its widely reported economic difficulties visible in the data. Iran ranks 38th at 36.10%, placing it above several European Union members including Greece (rank 40, 32.47%), Portugal (rank 50, 25.58%), and Austria (rank 51, 22.58%). Germany, the largest economy in the European Union by GDP, ranks only 34th at 43.63%, below countries such as Chile (rank 19, 79.33%) and Mauritius (rank 23, 61.09%). Qatar, a major hydrocarbon exporter, ranks last at 0.08%, while Algeria ranks 87th at 0.19%, both far below the global median visible in the dataset.

This metric has several limitations. Because it expresses market cap as a share of GDP, countries with small GDPs but large cross-listed or regionally significant exchanges can appear disproportionately large, as seen with Hong Kong. Conversely, large economies with underdeveloped equity markets will score low regardless of overall economic size. End-of-year valuations mean the figures are sensitive to market conditions on a single date and can shift substantially with price movements. The exclusion of investment funds and holding companies means the figures do not capture all equity-related activity. Coverage gaps exist: 20 of 88 countries have data older than seven years, and only 77.3% report values specifically for 2024, meaning some rankings reflect earlier years. Reporting reliability also varies across countries, and differences in listing rules or accounting standards can affect cross-country comparability.

Methodology

Data are drawn from the World Bank World Development Indicators, indicator code CM.MKT.LCAP.GD.ZS, for the reference year 2024. The metric is defined as follows: 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. The unit is percent of GDP, and higher values indicate larger domestic equity markets relative to economic output. The dataset covers 88 countries, exceeding the 80-country coverage threshold. Of these, 80 of 88 (90.9%) have data from the last seven years, and 100% of datapoints are classified as official quality. Data for 2024 specifically are available for 68 of 88 countries (77.3%). Eleven extreme outliers were identified using a 3-standard-deviation threshold. The value range is 0.08% to 1,118.24%, a spread of over 1,438,000%, and the average year-over-year change across the dataset is 26.7%, below the 50% volatility threshold.

Sources

• World Bank