The New York Stock Exchange (NYSE) is the largest stock exchange in the world, with an equity market capitalization of just below 32 trillion U.S. dollars as of January 2025. The following three exchanges were the NASDAQ, Shanghai Stock Exchange, and the Japan Exchange Group. What is a stock exchange? A stock exchange is a marketplace where stockbrokers, traders, buyers, and sellers can trade in equities products. The largest exchanges have thousands of listed companies. These companies sell shares of their business, giving the general public the opportunity to invest in them. The oldest stock exchange worldwide is the Frankfurt Stock Exchange, founded in the late sixteenth century. Other functions of a stock exchange Since these are publicly traded companies, every firm listed on a stock exchange has had an initial public offering (IPO). The largest IPOs can raise billions of dollars in equity for the firm involved. Related to stock exchanges are derivatives exchanges, where stock options, futures contracts, and other derivatives can be traded.

The value of global domestic equity market increased from 65.04 trillion U.S. dollars in 2013 to 124.63 trillion U.S. dollars in 2023. The United States was by far the leading country with the largest share of total world stocks as of 2024. Global market capitalization in different regions The market capitalization of domestic companies listed varied across different regions of the world. As of Decmber 2024, the Americas region had the largest domestic equity market, totaling 62 trillion U.S. dollars. This region is home to the NYSE and Nasdaq, which are the two largest stock exchange operators in the world. The market capitalization of these two exchanges alone exceeded 60 billion U.S. dollars as of January 2025, larger than the total market capitalization in the Asia-Pacific, and in the EMEA regions in the same period. Largest Stock Exchanges in Latin America As of December 2024, the B3 (Brasil Bolsa Balcao) was the biggest stock exchange in Latin America in terms of market capitalization and the second-largest in terms of number of listed companies. Following the B3 were the Mexican Stock Exchange and the Santiago Stock Exchange in Chile. The most valuable company in Latin America is listed on the Mexican Stock Exchange: Fomento Económico Mexicano, a multinational beverage and retail company headquartered in Monterrey, had market cap of 177 billion U.S. dollars as of March 2025.

Global equity markets have seen significant growth and regional shifts over the past decade. The Americas region has solidified its position as the dominant player, with its domestic equity market value surging from 28.3 trillion U.S. dollars in 2013 to an impressive 67.26 trillion U.S. dollars by 2024. U.S. dominance in global stock markets The United States continues to be the powerhouse of global equity markets, accounting for approximately 60 percent of world stocks in 2024. This dominance is largely driven by the New York Stock Exchange (NYSE) and NASDAQ, which are the two largest stock exchange operators worldwide. The NYSE alone boasts an equity market capitalization exceeding 31 trillion U.S. dollars as of December 2024, making it the largest stock exchange globally, which underscores the country's central role in global finance and investment. Regional market dynamics and emerging players While the Americas region leads in market capitalization, other regions are also experiencing growth and evolution. The Asia-Pacific region has seen its market value increase from 18.52 trillion U.S. dollars in 2013 to 37.76 trillion U.S. dollars in 2024, reflecting the rising economic influence of countries in this area. Notably, the Teheran Exchange has emerged as a significant player in the derivatives market, ranking first globally in single stock options contracts traded in 2024, which highlights the increasing sophistication and diversity of global financial markets beyond traditional powerhouses.

In 2024, stock markets in the United States accounted for roughly 60 percent of world stocks. The next largest country by stock market share was Japan, followed by the United Kingdom. The New York Stock Exchange (NYSE) and the NASDAQ are the largest stock exchange operators worldwide. What is a stock exchange? The first modern publicly traded company was the Dutch East Industry Company, which sold shares to the general public to fund expeditions to Asia. Since then, groups of companies have formed exchanges in which brokers and dealers can come together and make transactions in one space. Stock market indices group companies trading on a given exchange, giving an idea of how they evolve in real time. Appeal of stock ownership Over half of adults in the United States are investing money in the stock market. Stocks are an attractive investment because the possible return is higher than offered by other financial instruments.

Market Capitalization: Qatar Stock Exchange data was reported at 613,439.531 QAR mn in Feb 2025. This records a decrease from the previous number of 623,714.762 QAR mn for Jan 2025. Market Capitalization: Qatar Stock Exchange data is updated monthly, averaging 501,752.624 QAR mn from Oct 2003 (Median) to Feb 2025, with 257 observations. The data reached an all-time high of 760,834.898 QAR mn in Mar 2022 and a record low of 94,004.000 QAR mn in Oct 2003. Market Capitalization: Qatar Stock Exchange data remains active status in CEIC and is reported by Qatar Stock Exchange. The data is categorized under Global Database’s Qatar – Table QA.Z002: Qatar Stock Exchange: Market Capitalization.

United States US: Market Capitalization: Listed Domestic Companies data was reported at 32,120.703 USD bn in 2017. This records an increase from the previous number of 27,352.201 USD bn for 2016. United States US: Market Capitalization: Listed Domestic Companies data is updated yearly, averaging 11,322.354 USD bn from Dec 1980 (Median) to 2017, with 38 observations. The data reached an all-time high of 32,120.703 USD bn in 2017 and a record low of 1,263.561 USD bn in 1981. United States US: Market Capitalization: Listed Domestic Companies data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Financial Sector. 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 converted to U.S. dollars using corresponding year-end foreign exchange rates.; ; World Federation of Exchanges database.; Sum; Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

Japan JP: Market Capitalization: Listed Domestic Companies data was reported at 6,222.825 USD bn in 2017. This records an increase from the previous number of 4,955.300 USD bn for 2016. Japan JP: Market Capitalization: Listed Domestic Companies data is updated yearly, averaging 3,005.697 USD bn from Dec 1975 (Median) to 2017, with 43 observations. The data reached an all-time high of 6,222.825 USD bn in 2017 and a record low of 21.530 USD bn in 1977. Japan JP: Market Capitalization: Listed Domestic Companies data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.WDI: Financial Sector. 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 converted to U.S. dollars using corresponding year-end foreign exchange rates.; ; World Federation of Exchanges database.; Sum; Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

The New York Stock Exchange (NYSE) continues to dominate the Americas' financial landscape, boasting a staggering market capitalization of over 28 trillion U.S. dollars as of March 2024. This figure dwarfs its closest regional competitor, Nasdaq, which stands at approximately 25.4 trillion U.S. dollars. The sheer scale of these American exchanges underscores their critical role in global finance, with the NYSE alone surpassing the combined market cap of all other listed exchanges in the Americas. Global competition and innovation While U.S. exchanges lead in market capitalization, other global markets are showing strength in different areas. India's stock exchanges, for instance, have become hotbeds for initial public offerings (IPOs). In 2024, the National Stock Exchange of India and Bombay Stock Exchange collectively hosted 327 IPO deals, more than double the 137 deals on Nasdaq. This surge in IPO activity reflects India's growing economic influence and the increasing appeal of its capital markets to both domestic and international companies. Diversity in exchange metrics Market capitalization is just one measure of an exchange's significance. While third in market cap among American exchanges, for instance, the TMX Group in Canada leads the continent in the number of listed companies with 3,569 as of December 2024. This diversity in metrics highlights the multifaceted nature of stock exchange comparisons and the importance of considering various factors when assessing their global impact and appeal to companies seeking public listing.

Costa Rica CR: Market Capitalization: Listed Domestic Companies data was reported at 2.232 USD bn in 2022. This records an increase from the previous number of 2.041 USD bn for 2021. Costa Rica CR: Market Capitalization: Listed Domestic Companies data is updated yearly, averaging 1.901 USD bn from Dec 1993 (Median) to 2022, with 25 observations. The data reached an all-time high of 3.011 USD bn in 2017 and a record low of 357.000 USD mn in 1993. Costa Rica CR: Market Capitalization: Listed Domestic Companies data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Costa Rica – Table CR.World Bank.WDI: Financial Sector. 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 converted to U.S. dollars using corresponding year-end foreign exchange rates.;World Federation of Exchanges database.;Sum;Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

While nearly every country in Europe has a stock exchange, only five are considered major, and have a market capital of over one trillion U.S dollars. European stock exchanges make up two of the top ten global major stock markets. Europe’s biggest stock exchanges are the Euronext which combines five markets, and the London Stock Exchange. Since the Covid-19 outbreak all of Europe’s largest exchanges all saw large drops in total market capital value between January and March 2020. Since March, all major stock exchanges in Europe have been in recovery. Coronavirus First reported from Wuhan, China, on 31 December 2019, the Coronavirus disease (COVID-19) has massively affected stock exchanges and the financial sector globally. Approximately 210 countries and territories worldwide have been affected by the COVID-19 virus. Euronext As Europe’s largest stock exchange, Euronext consists of the Amsterdam, Brussels, Dublin, Lisbon and Paris stock markets. As of the end of 2022, companies trading on the Euronext stock exchange had a combined market capitalization of approximately seven trillion euros.

Market capitalization (% of GDP) of World sank by 19.24% from 130.9 % in 2021 to 105.7 % in 2022. Since the 23.44% jump in 2020, market capitalization (% of GDP) plummeted by 20.32% in 2022. Market capitalization (also known as market value) is the share price times the number of shares outstanding. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. Listed companies does not include investment companies, mutual funds, or other collective investment vehicles.

Key information about Thailand Market Capitalization

• Thailand Market Capitalization accounted for 559.223 USD bn in Jul 2023, compared with a percentage of 521.524 USD bn in the previous month
• Thailand Market Capitalization is updated monthly, available from Jan 1995 to Jul 2023
• The data reached an all-time high of 621.517 USD bn in Jan 2023 and a record low of 17.411 USD bn in Aug 1998

CEIC calculates monthly Market Capitalization as the sum of the Market Capitalizations of Common and Preferred Stocks and converts it into USD. The Stock Exchange of Thailand provides Market Capitalization in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.

Stock market capitalization to GDP (%) in United States was reported at 195 % in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources. United States - Stock market capitalization to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Market capitalization (% of GDP) of United States of America sank by 24.42% from 205.0 % in 2021 to 155.0 % in 2022. Since the 23.02% jump in 2020, market capitalization (% of GDP) plummeted by 20.40% in 2022. Market capitalization (also known as market value) is the share price times the number of shares outstanding. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. Listed companies does not include investment companies, mutual funds, or other collective investment vehicles.

Market capitalization (% of GDP) of Jamaica dropped by 7.93% from 82.9 % in 2021 to 76.3 % in 2022. Since the 29.95% jump in 2019, market capitalization (% of GDP) plummeted by 23.35% in 2022. Market capitalization (also known as market value) is the share price times the number of shares outstanding. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. Listed companies does not include investment companies, mutual funds, or other collective investment vehicles.

The market capitalization of companies in the United States was almost nine times than that of China in 2024, making up a large share of the world's total market capitalization. Listed companies in the U.S. had a total market capitalization of over 61 trillion U.S. dollars - against seven trillion U.S. dollars recorded by second-placed China in 2024. Japan ranked third with a total market capitalization of just over 4.7 trillion U.S. dollars.

Market capitalization (% of GDP) of Oman dropped by 8.11% from 21.6 % in 2021 to 19.9 % in 2022. Since the 11.68% jump in 2020, market capitalization (% of GDP) slumped by 8.38% in 2022. Market capitalization (also known as market value) is the share price times the number of shares outstanding. Listed domestic companies are the domestically incorporated companies listed on the country's stock exchanges at the end of the year. Listed companies does not include investment companies, mutual funds, or other collective investment vehicles.

Key information about China Market Capitalization

• China Market Capitalization accounted for 11,870.548 USD bn in Feb 2025, compared with a percentage of 11,513.605 USD bn in the previous month
• China Market Capitalization is updated monthly, available from Jul 1995 to Feb 2025
• The data reached an all-time high of 14,375.423 USD bn in Dec 2021 and a record low of 40.601 USD bn in Jan 1996

CEIC calculates monthly Market Capitalization as the sum of Market Capitalization of Shanghai Stock Exchange and Market Capitalization of Shenzhen Stock Exchange and converts it into USD. Shanghai Stock Exchange and Shenzhen Stock Exchange provides Market Capitalization in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.

Namibia NA: Market Capitalization: Listed Domestic Companies: % of GDP data was reported at 0.009 % in 2011. This records a decrease from the previous number of 0.010 % for 2010. Namibia NA: Market Capitalization: Listed Domestic Companies: % of GDP data is updated yearly, averaging 1.986 % from Dec 1993 (Median) to 2011, with 19 observations. The data reached an all-time high of 17.465 % in 1999 and a record low of 0.009 % in 2011. Namibia NA: Market Capitalization: Listed Domestic Companies: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Namibia – Table NA.World Bank: Financial Sector. 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.; ; World Federation of Exchanges database.; Weighted Average; Stock market data were previously sourced from Standard & Poor's until they discontinued their 'Global Stock Markets Factbook' and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.

With a market capitalization of 3.12 trillion U.S. dollars as of May 2024, Microsoft was the world’s largest company that year. Rounding out the top five were some of the world’s most recognizable brands: Apple, NVIDIA, Google’s parent company Alphabet, and Amazon. Saudi Aramco led the ranking of the world's most profitable companies in 2023, with a pre-tax income of nearly 250 billion U.S. dollars. How are market value and market capitalization determined? Market value and market capitalization are two terms frequently used – and confused - when discussing the profitability and viability of companies. Strictly speaking, market capitalization (or market cap) is the worth of a company based on the total value of all their shares; an important metric when determining the comparative value of companies for trading opportunities. Accordingly, many stock exchanges such as the New York or London Stock Exchange release market capitalization data on their listed companies. On the other hand, market value technically refers to what a company is worth in a much broader context. It is determined by multiple factors, including profitability, corporate debt, and the market environment as a whole. In this sense it aims to estimate the overall value of a company, with share price only being one element. Market value is therefore useful for determining whether a company’s shares are over- or undervalued, and in arriving at a price if the company is to be sold. Such valuations are generally made on a case-by-case basis though, and not regularly reported. For this reason, market capitalization is often reported as market value. What are the top companies in the world? The answer to this question depends on the metric used. Although the largest company by market capitalization, Microsoft's global revenue did not manage to crack the top 20 companies. Rather, American multinational retailer Walmart was ranked as the largest company in the world by revenue. Walmart also had the highest number of employees in the world.