Countries · ranking · 2025
Stock market capitalization to GDP by country, 2025
The value of domestic companies listed on a country's exchanges divided by its GDP: the “Buffett indicator”. A high value can mean expensive shares, but also large companies that earn abroad or simply many listed firms. Highest: Hong Kong at 1,425%; median: 38.6%.
| # | Economy | Stock market, % GDP 2025 | Market cap, $ |
|---|---|---|---|
| 1 | Hong Kong | 1,425% | $6.09T |
| 2 | South Africa | 327.2% | $1.4T |
| 3 | Switzerland | 240.9% | $2.51T |
| 4 | United States | 224.0% | $68.9T |
| 5 | Canada | 199.2% | $4.62T |
| 6 | United Arab Emirates | 190.9% 2024 | $1.11T |
| 7 | Saudi Arabia | 184.7% | $2.36T |
| 8 | Japan | 171.6% | $7.61T |
| 9 | South Korea | 147.2% | $2.76T |
| 10 | Singapore | 136.5% | $824B |
| 11 | India | 136.4% 2024 | $5.13T 2024 |
| 12 | Chile | 136.2% | $487B |
| 13 | Australia | 113.9% | $2.05T |
| 14 | Kuwait | 109.5% | $172B |
| 15 | Malaysia | 103.2% | $487B |
| 16 | Thailand | 88.8% | $512B |
| 17 | Qatar | 82.1% | $177B |
| 18 | China | 79.5% | $15.5T |
| 19 | Luxembourg | 68.6% | $69.4B |
| 20 | Spain | 68.1% | $1.3T |
| 21 | Cyprus | 67.7% | $27.9B |
| 22 | Indonesia | 65.7% | $950B |
| 23 | Morocco | 62.5% | $114B |
| 24 | Vietnam | 61.4% | $316B |
| 25 | Israel | 61.0% 2024 | $331B 2024 |
| 26 | Jordan | 60.7% | $37.4B |
| 27 | Germany | 57.4% | $2.9T |
| 28 | Mauritius | 55.0% | $8.89B |
| 29 | Kazakhstan | 51.7% | $158B |
| 30 | Zambia | 51.6% | $14.9B |
| 31 | Iran | 51.2% | $186B |
| 32 | Jamaica | 51.0% | $11.6B |
| 33 | Philippines | 47.6% | $232B |
| 34 | Greece | 46.0% | $129B |
| 35 | Bahrain | 43.5% | $21.3B |
| 36 | New Zealand | 39.1% | $103B |
| 37 | Brazil | 38.2% | $871B |
| 38 | Oman | 37.7% | $41.3B |
| 39 | Austria | 36.4% | $211B |
| 40 | Croatia | 36.1% | $37.9B |
| 41 | Russia | 31.8% 2023 | $650B 2023 |
| 42 | Peru | 31.4% | $105B |
| 43 | Mexico | 30.6% | $560B |
| 44 | Poland | 30.6% | $316B |
| 45 | Panama | 30.0% | $27.2B |
| 46 | Nigeria | 29.9% | $86.9B |
| 47 | Colombia | 29.0% | $133B |
| 48 | West Bank and Gaza | 28.8% | $4.94B |
| 49 | Seychelles | 27.1% | $646M |
| 50 | Slovenia | 26.0% | $20.7B |
| 51 | Hungary | 25.4% | $62.6B |
| 52 | Türkiye | 25.3% | $404B |
| 53 | Sri Lanka | 24.0% | $26.1B |
| 54 | Botswana | 21.5% | $4.28B |
| 55 | Bermuda | 21.0% 2024 | $2.26B |
| 56 | Tunisia | 20.8% | $12B |
| 57 | Rwanda | 19.6% | $3.2B |
| 58 | Malta | 19.3% | $5.35B |
| 59 | Armenia | 18.7% 2024 | $4.85B 2024 |
| 60 | Namibia | 18.2% 2024 | $2.48B 2024 |
| 61 | Pakistan | 17.3% | $70.3B |
| 62 | Egypt | 17.2% | $62.9B |
| 63 | Kenya | 16.8% | $22.8B |
| 64 | Romania | 16.5% | $70.9B |
| 65 | Uzbekistan | 16.1% | $23.7B |
| 66 | Ghana | 14.4% | $16.4B |
| 67 | Czechia | 14.2% | $55.4B |
| 68 | Tanzania | 10.8% | $9.78B |
| 69 | Bulgaria | 8.5% | $11.2B |
| 70 | Belarus | 5.9% | $5.54B |
| 71 | Bangladesh | 5.7% | $26.2B |
| 72 | Azerbaijan | 2.1% | $1.57B |
| — | Netherlands | 129.7% 2017 | $1.1T 2017 |
| — | United Kingdom | 97.3% 2022 | $3.1T 2022 |
| — | Montenegro | 93.0% 2012 | $3.79B 2012 |
| — | Sweden | 86.8% 2003 | $290B 2003 |
| — | France | 85.1% 2018 | $2.37T 2018 |
| — | Norway | 69.7% 2019 | $296B 2019 |
| — | Denmark | 60.1% 2004 | $151B 2004 |
| — | Belgium | 59.2% 2018 | $321B 2018 |
| — | Barbados | 51.5% 2020 | $2.78B 2020 |
| — | Lebanon | 45.7% 2021 | $10.6B 2021 |
| — | Trinidad and Tobago | 44.1% 2001 | $3.89B 2001 |
| — | Zimbabwe | 35.9% 1999 | $2.46B 1999 |
| — | Ireland | 27.8% 2018 | $110B 2018 |
| — | Italy | 27.0% 2014 | $587B 2014 |
| — | Portugal | 25.6% 2018 | $61.9B 2018 |
| — | Channel Islands | 15.3% 2006 | $1.48B 2006 |
| — | Côte d’Ivoire | 11.6% 2020 | $7.33B 2020 |
| — | Cayman Islands | 11.4% 2020 | $644M 2020 |
| — | Finland | 10.3% 2004 | $20.3B 2004 |
| — | Argentina | 8.4% 2022 | $52.9B 2022 |
| — | Serbia | 7.9% 2011 | $4.06B 2011 |
| — | Papua New Guinea | 7.4% 2017 | $1.68B 2017 |
| — | Eswatini | 6.9% 2007 | $234M 2007 |
| — | Slovakia | 5.3% 2014 | $5.38B 2014 |
| — | Venezuela | 4.3% 2002 | $3.98B 2002 |
| — | Ecuador | 4.3% 2000 | $747M 2000 |
| — | Paraguay | 3.5% 1999 | $313M 1999 |
| — | Ukraine | 3.4% 2018 | $4.42B 2018 |
| — | Costa Rica | 3.1% 2022 | $2.23B 2022 |
| — | Uruguay | 1.4% 1996 | $284M 1996 |
| — | Algeria | 0.2% 2018 | $371M 2018 |
No economy matches the search.
Latest actual values; a small year marks a value older than the main year. Click a column heading to sort, or pick a region. Economies whose latest data are older than 2023 (31) are listed at the end, without a rank.
Source: World Bank, World Development Indicators (CC BY 4.0)
Other rankings
GDP by country · GDP per capita · Real GDP growth · Inflation by country · Government debt to GDP · Population by country · Unemployment by country · All economies
Data and methods
- Stock market capitalization: the end-of-year value of domestic companies listed on the country's exchanges (World Federation of Exchanges via the World Bank; before 2016, Standard & Poor's), as a percentage of GDP: the “Buffett indicator”. Investment funds are excluded, and so are companies listed only abroad; companies from elsewhere that list on an exchange count for its country (Hong Kong lists many mainland Chinese companies).
- Latest actual: each economy's most recent year with actual (not estimated or forecast) data; a small year next to a value marks data older than the column's year.
- Left out: the stock market capitalization of India for 2025 ($10.6 trillion, 266.9% of GDP in the World Bank data). It is twice the 2024 value ($5.13 trillion), most likely because the shares listed on both national exchanges were counted twice; 2024 is shown instead.