Data / Rankings / Market capitalization of listed domestic companies / Countries

Countries by market capitalization of listed domestic companies, 2023

Hong Kong had the highest market capitalization of listed domestic companies of 72 countries in 2023, at 1,043.9% of GDP. Armenia had the lowest, at 1.2% of GDP. The median was 31.7% of GDP and the figure for the World was 114.9% of GDP. Source: the World Bank.

Highest1,043.9Hong Kong
Lowest1.2Armenia
Median31.772 countries
World114.9History

Top 40 countries, 2023

Hong Kong: 1,043.9 % of GDPHong Kong1,043.9Iran: 450.2 % of GDPIran450.2South Africa: 268.9 % of GDPSouth Africa268.9Saudi Arabia: 247.4 % of GDPSaudi Arabia247.4Switzerland: 220.2 % of GDPSwitzerland220.2United Arab Emirates: 190.2 % of GDPUnited Arab Emirates190.2United States: 176.1 % of GDPUnited States176.1Canada: 141.1 % of GDPCanada141.1Japan: 140.2 % of GDPJapan140.2India: 124 % of GDPIndia124Singapore: 119 % of GDPSingapore119South Korea: 106.7 % of GDPSouth Korea106.7Australia: 103.1 % of GDPAustralia103.1Thailand: 100.5 % of GDPThailand100.5Malaysia: 94.5 % of GDPMalaysia94.5Chile: 85.8 % of GDPChile85.8Qatar: 80.5 % of GDPQatar80.5Kuwait: 79.3 % of GDPKuwait79.3Luxembourg: 60.6 % of GDPLuxembourg60.6Mauritius: 60.4 % of GDPMauritius60.4China: 59.9 % of GDPChina59.9Jamaica: 56.8 % of GDPJamaica56.8Indonesia: 55.3 % of GDPIndonesia55.3Philippines: 54.1 % of GDPPhilippines54.1Israel: 51.5 % of GDPIsrael51.5Germany: 47.7 % of GDPGermany47.7Spain: 47.5 % of GDPSpain47.5Brazil: 45.2 % of GDPBrazil45.2Bahrain: 44.6 % of GDPBahrain44.6Morocco: 43.5 % of GDPMorocco43.5Vietnam: 43.3 % of GDPVietnam43.3Jordan: 42.6 % of GDPJordan42.6New Zealand: 37.7 % of GDPNew Zealand37.7Greece: 33.5 % of GDPGreece33.5Mexico: 32.1 % of GDPMexico32.1Russia: 31.8 % of GDPRussia31.8Peru: 31.7 % of GDPPeru31.7Seychelles: 30.2 % of GDPSeychelles30.2Croatia: 29.6 % of GDPCroatia29.6Cyprus: 29.6 % of GDPCyprus29.6
% of GDP. Source: World Bank, Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS). Retrieved 2026-10-12.

Full ranking

RankCountries2023
% of GDP		Change on 2022
1Hong Kong1,043.9-229.3 pts
2Iran450.2+68.5 pts
3South Africa268.9-18.5 pts
4Saudi Arabia247.4+34.5 pts
5Switzerland220.2+7 pts
6United Arab Emirates190.2+19.4 pts
7United States176.1+21.4 pts
8Canada141.1+15.6 pts
9Japan140.2+19.3 pts
10India124+19.7 pts
11Singapore119-1.4 pts
12South Korea106.7+15.3 pts
13Australia103.1+4.1 pts
14Thailand100.5-21.4 pts
15Malaysia94.5+1.1 pts
16Chile85.8-9 pts
17Qatar80.5+10.2 pts
18Kuwait79.3-4 pts
19Luxembourg60.6-2.4 pts
20Mauritius60.4-5.8 pts
21China59.9-2.8 pts
22Jamaica56.8-12.6 pts
23Indonesia55.3+9 pts
24Philippines54.1-4.9 pts
25Israel51.5+0.2 pts
26Germany47.7+2.8 pts
27Spain47.5+1.6 pts
28Brazil45.2+4.5 pts
29Bahrain44.6-20.5 pts
30Morocco43.5+2.5 pts
31Vietnam43.3+2.1 pts
32Jordan42.6-4.9 pts
33New Zealand37.7-1.4 pts
34Greece33.5+6.4 pts
35Mexico32.1+1.2 pts
36Russia31.8+8.7 pts
37Peru31.7+2.7 pts
38Seychelles30.2-30.6 pts
39Croatia29.6+2.5 pts
40Cyprus29.6+8.7 pts
41Türkiye29.6-6.1 pts
42Austria26.8+0.8 pts
43Poland26.1+4.8 pts
44Bangladesh25.5+0.5 pts
45Palestine24.8-0.7 pts
46Panama24.3+3.9 pts
47Malta22.8-0.2 pts
48Kazakhstan22.6+2.3 pts
49Oman21.9+1.7 pts
50Colombia21.6+1.8 pts
51Rwanda19.8-5.2 pts
52Namibia19+1.8 pts
53Botswana18.5-134.2 pts
54Hungary18.2+4.8 pts
55Tunisia16.5-0.8 pts
56Sri Lanka15.6+1.3 pts
57Slovenia14.6+1 pts
58Egypt14+5.9 pts
59Romania13.8+3.9 pts
60Uzbekistan12.8+3.8 pts
61Zambia12.5-1.3 pts
62Czechia10+0.5 pts
63Pakistan9.6+1.9 pts
64Nigeria9.5-0.1 pts
65Kenya8.6-5.5 pts
66Ghana7.7-1 pts
67Bulgaria7.7-9.7 pts
68Tanzania7.3-1.5 pts
69Belarus4.7+1.3 pts
70Bermuda2.2-0.4 pts
71Azerbaijan2.2+0.3 pts
72Armenia1.2-0.1 pts

Other periods

About this ranking

Year-end market value of listed domestic companies, based on share prices and shares outstanding, as a percentage of GDP.

Excludes investment funds, unit trusts and companies whose sole purpose is holding shares in other listed companies. WDI replaced its earlier stock market data with World Federation of Exchanges data in 2015, which can affect historical comparability. The latest year varies by country.

Every value in the ranking comes from the same publisher and the same period, so the countries are compared on one definition. 30 countries with data in other periods have no value for 2023 and are left out rather than filled from another source. Equal values share a rank.

How to cite

World Bank, World Development Indicators. Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS). https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS. Retrieved 2026-10-12. Licensed under CC BY 4.0.

Citation styles

The publisher is the author. Invokely is named only as the place the figures were read, where a style asks for it.

APA 7

World Bank. (2026). Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS) (Countries by market capitalization of listed domestic companies, 2023) [Data set]. Retrieved October 12, 2026, from https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS

MLA 9

Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS), Countries by market capitalization of listed domestic companies, 2023. World Bank, 8 Oct. 2026, https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS. Invokely, https://invokely.ai/rankings/listed-market-capitalization-gdp/countries. Accessed 12 Oct. 2026.

Chicago (author-date)

World Bank. 2026. Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS). Countries by market capitalization of listed domestic companies, 2023. Dataset. Accessed October 12, 2026. https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS. Also distributed by Invokely, https://invokely.ai/rankings/listed-market-capitalization-gdp/countries.

Harvard

World Bank (2026) Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS), Countries by market capitalization of listed domestic companies, 2023 [Dataset]. Available at: https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS, via Invokely: https://invokely.ai/rankings/listed-market-capitalization-gdp/countries (Accessed: 12 October 2026).

BibTeX
@misc{world_countries_by_market_capitalization_2023,
  author = {{World Bank}},
  title = {{Market capitalization of listed domestic companies (\% of GDP) (CM.MKT.LCAP.GD.ZS): Countries by market capitalization of listed domestic companies, 2023}},
  year = {2026},
  howpublished = {Data set},
  url = {https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS},
  urldate = {2026-10-12},
  note = {Accessed via Invokely, https://invokely.ai/rankings/listed-market-capitalization-gdp/countries. Publisher attribution: World Bank, World Development Indicators. Market capitalization of listed domestic companies (\% of GDP) (CM.MKT.LCAP.GD.ZS). https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS. Retrieved 2026-10-12. Licensed under CC BY 4.0.},
}
RIS
TY  - DATA
AU  - World Bank
TI  - Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS): Countries by market capitalization of listed domestic companies, 2023
PY  - 2026
DA  - 2026/10/08
PB  - World Bank
DB  - Invokely
UR  - https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS
L2  - https://invokely.ai/rankings/listed-market-capitalization-gdp/countries
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/listed-market-capitalization-gdp/countries.
N1  - Publisher attribution: World Bank, World Development Indicators. Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS). https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS. Retrieved 2026-10-12. Licensed under CC BY 4.0.
ER  -
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Questions

Which country has the highest market capitalization of listed domestic companies?

Hong Kong, with 1,043.9% of GDP in 2023, according to the World Bank.

Which country has the lowest market capitalization of listed domestic companies?

Armenia, with 1.2% of GDP in 2023.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: World Bank, Market capitalization of listed domestic companies (% of GDP) (CM.MKT.LCAP.GD.ZS). Retrieved 2026-10-12. 30 countries have no value for 2023 and are not ranked.

Market capitalization of listed domestic companies: other rankings

Countries: more rankings