The World’s Biggest Stock Markets, by Country
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In this graphic, we’ve visualized the global market capitalization of stock markets by country, based on figures from S&P Dow Jones Indices. More specifically, this is based on the methodology of the S&P Global Broad Market Index (BMI), which captures over 14,000 stocks from developed and emerging markets.
As a point of reference, we’ve also illustrated the size of the “Magnificent Seven” stocks within the U.S. total.
The numbers we used to create this graphic are as of Feb. 29, 2024, and are listed in the table below. Only countries with stock markets of at least $1 trillion in capitalization were included.
| Country (or group) | Market Cap |
|---|---|
| 🇺🇸 U.S. | $52.6T |
| Magnificent Seven | $13.1T |
| 🇨🇳 China | $11.5T |
| 🇯🇵 Japan | $6.5T |
| 🇮🇳 India | $4.4T |
| 🇫🇷 France | $3.2T |
| 🇬🇧 UK | $3.1T |
| 🇸🇦 Saudi Arabia | $2.9T |
| 🇨🇦 Canada | $2.6T |
| 🇩🇪 Germany | $2.2T |
| 🇹🇼 Taiwan | $2.0T |
| 🇨🇭 Switzerland | $1.9T |
| 🇰🇷 South Korea | $1.8T |
| 🇦🇺 Australia | $1.6T |
| 🇳🇱 Netherlands | $1.1T |
After the U.S., we can see that the three largest stock markets are all located in Asia.
India Climbs the Ranks
India’s total market capitalization rose above $4 trillion for the first time ever in early 2024, cementing the country as the world’s fourth largest equity market.
According to reporting from Bloomberg, the market capitalization of companies listed on Indian exchanges has grown by $1 trillion in under three years, making the country one of the best performing emerging markets.
Meanwhile, stock markets in China and Hong Kong have moved in the opposite direction, wiping out an estimated $6 trillion in valuation since their 2021 peak. The Hang Seng Index, Hong Kong’s primary stock index, has shrunk by more than 40% over the past five years.
Might of the Magnificent Seven
Although Tesla is down 28% YTD in 2024, the Magnificent Seven continues to dominate thanks to Nvidia’s rapid ascension into a $2 trillion company. Overall, the group accounts for roughly a quarter of the overall U.S. stock market.
