US Still Dominates The World's Largest Stock Exchanges

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by Tyler Durden
Tuesday, Oct 24, 2023 - 02:00 AM

Today, there are roughly 80 major stock exchanges worth a combined $110.2 trillion in value.

The world’s top two exchanges, the New York Stock Exchange (NYSE) and the Nasdaq, command 42.4% of global market capitalization.

Despite the rapid growth of emerging economies, the U.S. continues to lead capital markets by a wide margin—even as countries such as India see considerable growth, surpassing the UK in 2023.

This visualization, via Visual Capitalist's Dorothy Neufeld and Sabrina Fortin, shows the largest stock exchanges in the world, with data from the World Federation of Exchanges (WFE).

Top Stock Exchanges, by Market Cap

Here are the top 25 largest stock markets covering 96.6% of total stock market capitalization:

Global RankStock ExchangeCountryMarket Cap
Aug 2023
1NYSE🇺🇸 U.S.$25.0T
2Nasdaq🇺🇸 U.S.$21.7T
3Euronext🇳🇱 Netherlands$7.2T
4Shanghai Stock Exchange🇨🇳 China$6.7T
5Japan Exchange Group🇯🇵 Japan$5.9T
6Shenzhen Stock Exchange🇨🇳 China$4.5T
7Hong Kong Exchanges🇭🇰 Hong Kong$4.2T
8National Stock Exchange
of India
🇮🇳 India$3.5T
9LSE Group🇬🇧 UK$3.4T
10Saudi Exchange🇸🇦 Saudi Arabia$3.1T
11TMX Group🇨🇦 Canada$2.9T
12Deutsche Boerse AG🇩🇪 Germany$2.1T
13SIX Swiss Exchange🇨🇭 Switzerland$2.1T
14Nasdaq Nordic
and Baltics
🇸🇪 Sweden, Denmark,
Finland and Iceland
15Korea Exchange🇰🇷 South Korea$1.9T
16Tehran Stock Exchange🇮🇷 Iran$1.7T
17ASX Australian
Securities Exchange
🇦🇺 Australia$1.7T
18Taiwan Stock Exchange🇹🇼 Taiwan$1.6T
19Johannesburg Stock
🇿🇦 South Africa$1.2T
20B3 - Brazil Stock Exchange
and OTC Market
🇧🇷 Brazil$0.9T
21Abu Dhabi Securities Exchange🇦🇪 Abu Dhabi$0.8T
22BME Spanish Exchanges🇪🇸 Spain$0.8T
23Singapore Exchange🇸🇬 Singapore$0.6T
24The Stock Exchange
of Thailand
🇹🇭 Thailand$0.6T
25Bolsa Mexicana
de Valores
🇲🇽 Mexico$0.5T

The NYSE ($25.0 trillion) and the tech-heavy Nasdaq ($21.7 trillion) are home to many of the world’s most valuable firms, from Apple to Nvidia. Since 2016, the NYSE has grown 35.1% while the Nasdaq has ballooned 189.3% in market cap.

The vast majority of companies in the S&P 500 Index, often seen as a barometer for U.S. stock market performance, are traded on these exchanges.

With $7.2 trillion in market cap, Euronext is the world’s third-largest exchange. Since Brexit, the pan-European exchange has attracted more capital and by early 2021, it outranked the London Stock Exchange. Over the last two decades, London’s stock market has fallen from 13% to 4% of the global share.

Ranking fourth is the Shanghai Stock Exchange, at $6.7 trillion in market cap. Beverage giant Kweichow Moutai, ICBC, and PetroChina are the largest companies traded on the exchange.

Like China, as India’s economy has continued to expand, so has its primary stock market. As the twelfth-largest globally, it’s worth $3.5 trillion in market cap, growing over 133% in market value since 2016.

Should You Invest Internationally?

While U.S. stock markets are unmatched in scale in the global arena, investors may look to diversify exposure across the pond.

In fact, by 2050, Goldman Sachs projects that emerging markets’ share of global stock market capitalization will surpass America. Given the strong economic growth of emerging markets, investors may find opportunities in broad market indexes that track these countries through investment vehicles like ETFs or mutual funds.

Yet while international markets may provide opportunities for diversification, they may also present risk given political, regulatory, and economic factors.