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World stock markets: about $158 trillion, 44% of it in the US
SIFMA, end-2025· Concept
Fact, law or dataA rule, statute, definition or measured number.
All the world's listed companies were worth about $158 trillion at end-2025, with 44% in the US.
See it on the Money & Finance map →How it works
SIFMA's 2026 Fact Book puts global stock market value at $157.8 trillion for 2025, with the US at 43.7%, about $69 trillion. Other large markets include China, Japan, India, Hong Kong, Europe's exchanges, the UK, Canada, Taiwan and Korea. Prices move with company earnings, interest rates, currencies and risk appetite. Index providers weight by shares freely available to investors, so the US is about 60–65% of the MSCI All Country World Index. In 2025 non-US stocks outperformed, helped by a weaker dollar.
Why it matters
It frames diversification: US stocks are under half of world market value, yet many US investors keep nearly all their money at home ('home bias').
Facts, rules and data
SIFMA's Capital Markets Fact Book, World Federation of Exchanges monthly statistics, and index providers' country weights (MSCI, FTSE).
Debates and risks
Whether US stocks, led by a few giant tech companies, keep outperforming, or high valuations let the rest of the world catch up, is debated.
Inside this (9)
- London Stock Exchange (LSEG) and the FTSE 100
- Euronext: the Amsterdam, Paris and Milan exchanges
- Deutsche Börse: the Frankfurt exchange and the DAX
- Tokyo Stock Exchange (Japan Exchange Group)
- China's stock markets: the Shanghai and Shenzhen exchanges
- Korea Exchange (KRX): Korea's stock and futures market
- India's exchanges: NSE and BSE (Nifty 50 and Sensex)
- Saudi Exchange (Tadawul) and the 2019 Aramco IPO
- Toronto Stock Exchange (TSX): banks, energy and mining
Connections (6)
▸Norway's Government Pension Fund Global (the oil fund) owns about 1.5% of all listed shares in World stock markets: about $158 trillion, 44% of it in the USFact, law or data
The connection
The fund holds shares in more than 7,000 companies in over 50 countries, about 1.5% of all listed shares worldwide, including about 1.3% of Nvidia and 1.2% of Apple. Because its holdings follow market value, its returns rise and fall with world stocks: 72% of the fund was in equities in June 2026.
When and why
Every major exchange; positions as reported for June 30, 2026.
How we know
NBIM publishes its full holdings list twice a year and its value live on its website.
Debates and risks
How it votes and engages at shareholder meetings, and where ethical exclusions should stop, draw ongoing debate.
▸World stock markets: about $158 trillion, 44% of it in the US are dominated by Stock exchanges: NYSE and NasdaqFact, law or data
The connection
Most of the world's listed value trades on a few big exchanges. The NYSE and Nasdaq list nearly all of the US's roughly $69 trillion, the 44% share. Other large venues include Shanghai, Shenzhen, Japan Exchange Group, Euronext, Hong Kong and India's National Stock Exchange.
When and why
New York: the NYSE traces to the 1792 Buttonwood Agreement; Nasdaq opened in 1971.
How we know
World Federation of Exchanges monthly market-value statistics and SIFMA's Fact Book.
Debates and risks
Whether US dominance, led by a handful of tech giants, lasts, or listings shift toward Asia, is debated.
▸World stock markets: about $158 trillion, 44% of it in the US are open to US investors through country Exchange-traded funds (ETFs)Fact, law or data
The connection
US-listed ETFs package foreign markets into one ticker traded in dollars during US hours: total-world funds, developed-markets funds, emerging-markets funds and single-country funds such as Japan, India or South Korea. Investors bear currency swings unless the fund hedges. Fees run from a few hundredths of a percent for broad funds to around 0.5% for some country funds.
When and why
The first single-country funds, Morgan Stanley's WEBS (later part of iShares), began trading on the American Stock Exchange in 1996.
How we know
Fund prospectuses and Investment Company Institute data on international equity ETF assets.
Debates and risks
Index providers decide what counts as 'emerging' (MSCI still classes Korea that way), which steers billions; their criteria are debated.
▸China's stock markets: the Shanghai and Shenzhen exchanges are second only to the US among World stock markets: about $158 trillion, 44% of it in the USFact, law or data
The connection
Shanghai and Shenzhen together passed 100 trillion yuan, about $14 trillion, in August 2025, second only to the US among national markets. Yet foreigners own only a few percent of A-shares, and global indexes give China less weight than its size because of capital controls and limited access.
When and why
Mainland China; the milestone was crossed on August 18, 2025, during a rally to decade highs.
How we know
Exchange data reported by China Daily and others, SIFMA and World Federation of Exchanges rankings, and MSCI index weights.
Debates and risks
Whether China's market size or its smaller index weight better reflects its importance for global investors.
▸India's exchanges: NSE and BSE (Nifty 50 and Sensex) rank among the five largest World stock markets: about $158 trillion, 44% of it in the USFact, law or data
The connection
Indian shares passed $5 trillion in value in May 2024, putting India among the five largest national markets with the US, China, Japan and Hong Kong. Strong earnings, steady domestic inflows through monthly savings plans and a wave of new listings drove the climb.
When and why
Mumbai; India's market overtook Hong Kong's in January 2024 by some measures.
How we know
World Federation of Exchanges and Bloomberg rankings, plus BSE and NSE market-value data.
Debates and risks
Whether India's premium valuations hold if growth slows or foreign investors keep selling, as they did heavily in 2025.
▸BIS FX survey: about $9.6 trillion traded a day (April 2025) dwarfs daily trading in World stock markets: about $158 trillion, 44% of it in the USFact, law or data
The connection
Currency trading of about $9.6 trillion a day is roughly ten times global stock trading, which ran under $1 trillion a day in 2025 based on World Federation of Exchanges totals. Stocks are worth more in total, but currencies change hands far more often.
When and why
BIS survey, April 2025; WFE exchange statistics for 2025.
How we know
BIS and WFE published data, which measure turnover differently.
Debates and risks
Comparisons are rough because FX swaps are short-term funding, not outright bets.