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Stock market capitalization to GDP (%) by country

Value of listed shares to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is stock market capitalization, P_e is end-of period CPI, and P_a is average annual CPI. End-of period CPI (IFS line 64M..ZF or, if not available, 64Q..ZF) and average annual CPI is...

Countries reporting
91
Highest
1,777.5%
Hong Kong (China)
Lowest
0.2%
Algeria
Median
36.8%
Years covered
46
1975–2020
Data points
2,329

What the numbers show

Stock market capitalization to GDP (%) is currently reported for 91 countries. The highest value is 1,777.5% in Hong Kong (China); the lowest is 0.2% in Algeria.

The median across all reporting countries is 36.8%, and the mean is 82.1%.

The gap between the highest and lowest reporting country is a factor of about 8,371.

Over the past decade 40 countries rose and 51 fell. The largest increase was in Namibia (up 171,689.0%), and the largest decrease in Papua New Guinea (down 94.6%).

Stock market capitalization to GDP: full country ranking

#Country LatestYear 10-year changeTrend
1 Hong Kong (China) 1,777.5% 2020 up 49.9% volatile
2 Iran 526.2% 2020 up 2,856.5% volatile
3 Saudi Arabia 345.4% 2020 up 416.2% volatile
4 South Africa 313.5% 2020 up 41.4% rising
5 Switzerland 266.1% 2020 up 30.6% volatile
6 United States of America 194.9% 2020 up 69.7% rising
7 Singapore 189.0% 2020 down 30.0% rising
8 Canada 160.5% 2020 up 19.6% rising
9 Japan 133.3% 2020 up 100.5% rising
10 Korea 132.9% 2020 up 39.2% volatile
11 Netherlands 131.9% 2017 up 17.1% volatile
12 Australia 129.6% 2020 up 2.2% rising
13 Malaysia 129.5% 2020 down 19.2% rising
14 United Kingdom of Great Britain and Northern Ireland 115.7% 2014 down 0.5% rising
15 Qatar 114.5% 2020 up 72.5% rising
16 Thailand 108.7% 2020 up 33.5% rising
17 Kuwait 100.0% 2020 down 5.1% rising
18 India 97.3% 2020 down 7.5% rising
19 Sweden 86.7% 2003 up 83.7% volatile
20 France 84.8% 2018 up 68.7% volatile
21 Jamaica 84.7% 2020 up 188.3% volatile
22 China (People’s Republic of) 83.2% 2020 up 25.7% rising
23 United Arab Emirates 82.2% 2020 up 81.1% rising
24 Philippines 75.4% 2020 down 0.1% rising
25 Chile 73.0% 2020 down 53.6% rising
26 Norway 73.0% 2019 up 24.0% volatile
27 Bahrain 70.9% 2020 down 9.2% falling
28 Luxembourg 70.3% 2020 down 60.9% volatile
29 Brazil 68.2% 2020 down 2.5% rising
30 Israel 64.4% 2020 down 33.6% rising
31 New Zealand 62.4% 2020 up 113.4% flat
32 Denmark 60.2% 2004 up 100.0% volatile
33 Germany 59.4% 2020 up 41.2% volatile
34 Barbados 59.3% 2020 up 22.8% rising
35 Spain 59.2% 2020 down 28.1% volatile
36 Belgium 59.1% 2018 up 82.8% volatile
37 Morocco 57.2% 2020 down 23.0% falling
38 Mauritius 56.4% 2020 down 27.3% rising
39 Viet Nam 54.2% 2020 up 116.4% rising
40 Indonesia 46.9% 2020 down 1.8% rising
41 Russia 46.7% 2020 down 25.2% falling
42 Peru 43.2% 2020 down 38.4% rising
43 Jordan 41.7% 2020 down 63.4% volatile
44 Colombia 39.3% 2020 down 45.9% falling
45 Croatia 38.9% 2020 down 8.3% volatile
46 Mexico 36.8% 2020 down 14.4% volatile
47 Zimbabwe 35.9% 1999 up 63.8% rising
48 Malta 34.1% 2020 down 26.6% falling
49 Türkiye 33.0% 2020 down 15.3% rising
50 Austria 30.5% 2020 down 5.1% volatile
51 Poland 29.8% 2020 down 25.1% rising
52 Ireland 28.6% 2018 up 59.2% falling
53 Italy 27.2% 2014 down 37.8% volatile
54 Greece 27.0% 2020 up 18.7% volatile
55 Kazakhstan 26.4% 2020 up 46.7% volatile
56 Lebanon 25.8% 2020 down 21.8% rising
57 Panama 25.8% 2020 down 8.9% rising
58 Portugal 25.6% 2018 down 2.2% falling
59 Bulgaria 25.3% 2020 up 74.1% volatile
60 Bangladesh 24.0% 2020 down 33.5% volatile
61 Oman 22.3% 2020 down 48.9% rising
62 Palestine, State of 22.2% 2020 down 12.3% rising
63 Kenya 21.3% 2020 down 33.3% rising
64 Tunisia 20.2% 2020 down 12.5% rising
65 Sri Lanka 19.7% 2020 down 43.8% rising
66 Cyprus 19.0% 2020 down 28.4% volatile
67 Hungary 17.8% 2020 down 14.8% falling
68 Namibia 17.7% 2020 up 171,689.0% volatile
69 Botswana 16.9% 2000 up 207.4% rising
70 Slovenia 15.8% 2020 down 19.4% volatile
71 Pakistan 15.2% 2011 up 147.2% volatile
72 Zambia 13.6% 2011 up 85.3% volatile
73 Ghana 13.2% 2020 up 44.2% volatile
74 Nigeria 13.1% 2020 down 6.4% falling
75 Côte d'Ivoire 12.0% 2020 down 41.7% volatile
76 Cayman Islands 11.5% 2020 up 100.6% volatile
77 Egypt 11.3% 2020 down 70.6% volatile
78 Czechia 10.8% 2020 down 37.2% rising
79 Finland 10.3% 2004 down 72.2% volatile
80 Romania 10.2% 2020 up 19.7% volatile
81 Argentina 8.7% 2019 down 36.7% volatile
82 Serbia 8.2% 2011 up 29.8% volatile
83 Papua New Guinea 7.4% 2017 down 94.6% volatile
84 Eswatini 6.8% 2007 down 10.5% volatile
85 Slovakia 5.3% 2014 up 26.8% volatile
86 Venezuela, Bolivarian Republic of 4.3% 2002 down 67.0% falling
87 Ecuador 4.1% 2000 down 61.2% falling
88 Ukraine 3.4% 2018 down 87.8% volatile
89 Bermuda 3.2% 2020 down 86.2% falling
90 Costa Rica 3.1% 2020 down 20.3% falling
91 Algeria 0.2% 2018 up 297.7% volatile

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Stock market capitalization to GDP by country. Statizoid, drawing on Global Stock Markets Factbook and supplemental S&P data, Standard & Poor's. Retrieved 22 August 2026, from https://financial-sector.statizoid.com/stat/stock-market-capitalization-to-gdp-percent/

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About this data

Indicator
Stock market capitalization to GDP (%)
Unit
%
Source
Global Stock Markets Factbook and supplemental S&P data, Standard & Poor's
Licence
CC BY 4.0 (World Bank Open Data)
Coverage
91 places, 2,329 data points, 1975–2020
Last refreshed

Value of listed shares to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is stock market capitalization, P_e is end-of period CPI, and P_a is average annual CPI. End-of period CPI (IFS line 64M..ZF or, if not available, 64Q..ZF) and average annual CPI is calculated using the monthly CPI values (IFS line 64M..ZF).