Countries by stock market turnover ratio
China had the highest stock market turnover ratio of 74 countries in 2019, at 213%. Ghana had the lowest, at 0.1%. The median was 9.2% and the figure for the World was 94.4%. Source: the World Bank.
Top 40 countries, 2019
Full ranking
| Rank | Countries | 2019 (%) | Change on 2018 |
|---|---|---|---|
| 1 | China | 213 | +6.3 pts |
| 2 | Türkiye | 187.9 | -59.8 pts |
| 3 | South Korea | 129.8 | -43.9 pts |
| 4 | United States | 106.6 | -54.6 pts |
| 5 | Brazil | 87.5 | +3.6 pts |
| 6 | Japan | 82.3 | -36.7 pts |
| 7 | Germany | 65 | -27.9 pts |
| 8 | Thailand | 64.5 | -12.7 pts |
| 9 | Spain | 62.7 | -23.4 pts |
| 10 | Canada | 59.5 | -11.4 pts |
| 11 | Australia | 56.1 | -5.2 pts |
| 12 | India | 55.8 | +25.4 pts |
| 13 | Switzerland | 52.6 | -12.5 pts |
| 14 | Hong Kong | 37.2 | -22.2 pts |
| 15 | Norway | 34.4 | -10.2 pts |
| 16 | Poland | 33.2 | -0.9 pts |
| 17 | South Africa | 33.1 | -8.7 pts |
| 18 | Israel | 28.8 | -4.5 pts |
| 19 | Greece | 28.8 | -2.2 pts |
| 20 | Malaysia | 26.9 | -7.1 pts |
| 21 | Hungary | 26.4 | -7.8 pts |
| 22 | Iran | 25.3 | +4.8 pts |
| 23 | Austria | 25.2 | -8.6 pts |
| 24 | Egypt | 24.2 | -10.2 pts |
| 25 | Russia | 22.8 | -2.7 pts |
| 26 | Indonesia | 22.5 | +1 pts |
| 27 | Vietnam | 21.1 | -13.3 pts |
| 28 | Mexico | 20.5 | -3.9 pts |
| 29 | Bangladesh | 20.4 | -0.5 pts |
| 30 | Singapore | 16.4 | -15.6 pts |
| 31 | Czechia | 14.6 | -4.6 pts |
| 32 | United Arab Emirates | 11.9 | +0.9 pts |
| 33 | New Zealand | 11.6 | -2.6 pts |
| 34 | Philippines | 10.9 | -0.4 pts |
| 35 | Colombia | 10.5 | -2.6 pts |
| 36 | Oman | 10 | -0.2 pts |
| 37 | Chile | 9.3 | -8.8 pts |
| 38 | Saudi Arabia | 9.2 | -37.1 pts |
| 39 | Qatar | 8.3 | -3.3 pts |
| 40 | Jordan | 8 | -2.4 pts |
| 41 | Romania | 7.8 | -3.8 pts |
| 42 | Argentina | 7.6 | -2.4 pts |
| 43 | Palestine | 7.3 | -2.2 pts |
| 44 | Nigeria | 6.2 | -2 pts |
| 45 | Sri Lanka | 6 | -1.1 pts |
| 46 | Tunisia | 5.4 | -4.7 pts |
| 47 | Morocco | 5 | -1.4 pts |
| 48 | Jamaica | 5 | +0.3 pts |
| 49 | Botswana | 4.5 | +0.6 pts |
| 50 | Mauritius | 4.3 | -0.3 pts |
| 51 | Namibia | 3.8 | +1.3 pts |
| 52 | Kuwait | 3.1 | |
| 53 | Bahrain | 2.8 | -1.6 pts |
| 54 | Lebanon | 2.5 | -1.4 pts |
| 55 | Panama | 2.2 | +0.1 pts |
| 56 | Slovenia | 1.9 | +1.9 pts |
| 57 | Malta | 1.9 | -0.1 pts |
| 58 | Kenya | 1.9 | |
| 59 | Côte d’Ivoire | 1.9 | |
| 60 | Costa Rica | 1.7 | -0.3 pts |
| 61 | Peru | 1.6 | -0.8 pts |
| 62 | Bermuda | 1.5 | -0.6 pts |
| 63 | Croatia | 1.5 | +0.3 pts |
| 64 | Cyprus | 1.3 | -0.4 pts |
| 65 | Bulgaria | 1.1 | -0.3 pts |
| 66 | Seychelles | 0.9 | -2.3 pts |
| 67 | Cayman Islands | 0.9 | +0.8 pts |
| 68 | Kazakhstan | 0.8 | -2.6 pts |
| 69 | Barbados | 0.4 | +0.1 pts |
| 70 | Rwanda | 0.2 | -0.2 pts |
| 71 | Armenia | 0.2 | +0.1 pts |
| 72 | Luxembourg | 0.1 | -0.1 pts |
| 73 | Azerbaijan | 0.1 | |
| 74 | Ghana | 0.1 |
Other periods
About this ranking
Value of domestic shares traded relative to their market capitalization, annualized by multiplying the monthly average by 12, in percent.
The denominator is market capitalization, rather than GDP. Compiled by WDI from the World Federation of Exchanges. A published zero is valid. 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. 27 countries with data in other periods have no value for 2019 and are left out rather than filled from another source. Equal values share a rank.
How to cite
World Bank, World Development Indicators. Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). https://data.worldbank.org/indicator/CM.MKT.TRNR. Retrieved 2026-10-12. Licensed under CC BY 4.0.Citation styles
APA 7
World Bank. (2026). Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR) (Countries by stock market turnover ratio, 2019) [Data set]. Retrieved October 12, 2026, from https://data.worldbank.org/indicator/CM.MKT.TRNR
MLA 9
Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR), Countries by stock market turnover ratio, 2019. World Bank, 8 Oct. 2026, https://data.worldbank.org/indicator/CM.MKT.TRNR. Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019. Accessed 12 Oct. 2026.
Chicago (author-date)
World Bank. 2026. Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). Countries by stock market turnover ratio, 2019. Dataset. Accessed October 12, 2026. https://data.worldbank.org/indicator/CM.MKT.TRNR. Also distributed by Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019.
Harvard
World Bank (2026) Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR), Countries by stock market turnover ratio, 2019 [Dataset]. Available at: https://data.worldbank.org/indicator/CM.MKT.TRNR, via Invokely: https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019 (Accessed: 12 October 2026).
BibTeX
@misc{world_countries_by_stock_market_2019,
author = {{World Bank}},
title = {{Stocks traded, turnover ratio of domestic shares (\%) (CM.MKT.TRNR): Countries by stock market turnover ratio, 2019}},
year = {2026},
howpublished = {Data set},
url = {https://data.worldbank.org/indicator/CM.MKT.TRNR},
urldate = {2026-10-12},
note = {Accessed via Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019. Publisher attribution: World Bank, World Development Indicators. Stocks traded, turnover ratio of domestic shares (\%) (CM.MKT.TRNR). https://data.worldbank.org/indicator/CM.MKT.TRNR. Retrieved 2026-10-12. Licensed under CC BY 4.0.},
}
RIS
TY - DATA
AU - World Bank
TI - Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR): Countries by stock market turnover ratio, 2019
PY - 2026
DA - 2026/10/08
PB - World Bank
DB - Invokely
UR - https://data.worldbank.org/indicator/CM.MKT.TRNR
L2 - https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019
Y2 - 2026/10/12
N1 - Accessed via Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2019.
N1 - Publisher attribution: World Bank, World Development Indicators. Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). https://data.worldbank.org/indicator/CM.MKT.TRNR. Retrieved 2026-10-12. Licensed under CC BY 4.0.
ER -
Use this data in your AI agent
Invokely serves this figure to AI assistants through MCP and to code through a REST API, with the source and citation attached. Ask your assistant:
Rank Countries by stock market turnover ratio using official data, and cite the source.
rank_places {"indicator":"stock_market_turnover_ratio","level":"country","limit":10}
GET https://invokely.ai/api/v1/rank?indicator=stock_market_turnover_ratio&level=country&limit=10Questions
Which country has the highest stock market turnover ratio?
China, with 213% in 2019, according to the World Bank.
Which country has the lowest stock market turnover ratio?
Ghana, with 0.1% in 2019.
Where does this ranking come from?
Every value comes from one source and one period, so the places are comparable: World Bank, Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). Retrieved 2026-10-12. 27 countries have no value for 2019 and are not ranked.