Data / Rankings / Stock market turnover ratio / Countries

Countries by stock market turnover ratio

Türkiye had the highest stock market turnover ratio of 74 countries in 2021, at 388.9%. Luxembourg had the lowest, at 0.1%. The median was 14.6% and the figure for the World was 112.3%. Source: the World Bank.

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Highest388.9Türkiye
Lowest0.1Luxembourg
Median14.674 countries
World112.3History

Map of countries, 2021

United Arab Emirates: 21.6 %Armenia: 1.3 %Argentina: 6.3 %Austria: 21.6 %Australia: 56.6 %Azerbaijan: 0.5 %Bangladesh: 38.5 %Bulgaria: 1.7 %Brazil: 172.8 %Botswana: 4.9 %Belarus: 0.3 %Canada: 66.3 %Switzerland: 36.7 %Chile: 16.1 %China: 279.6 %Colombia: 7.9 %Costa Rica: 1.6 %Cyprus: 0.5 %Czechia: 13.4 %Germany: 61 %Egypt: 43.1 %Spain: 51.4 %United Kingdom: 22.5 %Ghana: 0.3 %Greece: 27.8 %Hong Kong: 74.9 %Croatia: 1.2 %Hungary: 27.4 %Indonesia: 35 %Israel: 29.4 %India: 64.8 %Iran: 15.9 %Jordan: 12.3 %Japan: 96.9 %Kenya: 2.3 %South Korea: 252.4 %Kuwait: 29.1 %Kazakhstan: 1.5 %Lebanon: 3.3 %Sri Lanka: 19.5 %Luxembourg: 0.1 %Morocco: 5.9 %Mauritius: 3.4 %Mexico: 19.6 %Malaysia: 49.3 %Namibia: 1.2 %Nigeria: 3.3 %New Zealand: 16.7 %Oman: 8.9 %Panama: 4.4 %Peru: 2.7 %Philippines: 12.6 %Pakistan: 48.4 %Poland: 39.8 %Palestine: 9.5 %Qatar: 16.9 %Romania: 6.7 %Russia: 38.8 %Rwanda: 0.2 %Saudi Arabia: 22.2 %Slovenia: 3.4 %Thailand: 99.8 %Tunisia: 7.1 %Türkiye: 388.9 %Tanzania: 0.3 %United States: 94.5 %Uzbekistan: 0.7 %Vietnam: 68.2 %South Africa: 29.4 %Zambia: 1.7 %
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%, 2021. Hatched areas have no value for this period. Source: World Bank, Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). Boundaries: Natural Earth (public domain).

Top 40 countries, 2021

Türkiye: 388.9 %Türkiye388.9China: 279.6 %China279.6South Korea: 252.4 %South Korea252.4Brazil: 172.8 %Brazil172.8Thailand: 99.8 %Thailand99.8Japan: 96.9 %Japan96.9United States: 94.5 %United States94.5Hong Kong: 74.9 %Hong Kong74.9Vietnam: 68.2 %Vietnam68.2Canada: 66.3 %Canada66.3India: 64.8 %India64.8Germany: 61 %Germany61Australia: 56.6 %Australia56.6Spain: 51.4 %Spain51.4Malaysia: 49.3 %Malaysia49.3Pakistan: 48.4 %Pakistan48.4Egypt: 43.1 %Egypt43.1Poland: 39.8 %Poland39.8Russia: 38.8 %Russia38.8Bangladesh: 38.5 %Bangladesh38.5Switzerland: 36.7 %Switzerland36.7Indonesia: 35 %Indonesia35South Africa: 29.4 %South Africa29.4Israel: 29.4 %Israel29.4Kuwait: 29.1 %Kuwait29.1Greece: 27.8 %Greece27.8Hungary: 27.4 %Hungary27.4United Kingdom: 22.5 %United Kingdom22.5Saudi Arabia: 22.2 %Saudi Arabia22.2Austria: 21.6 %Austria21.6United Arab Emirates: 21.6 %United Arab Emirates21.6Mexico: 19.6 %Mexico19.6Sri Lanka: 19.5 %Sri Lanka19.5Qatar: 16.9 %Qatar16.9New Zealand: 16.7 %New Zealand16.7Chile: 16.1 %Chile16.1Iran: 15.9 %Iran15.9Czechia: 13.4 %Czechia13.4Philippines: 12.6 %Philippines12.6Jordan: 12.3 %Jordan12.3Türkiye: 388.9 %Türkiye388.9China: 279.6 %China279.6South Korea: 252.4 %South Korea252.4Brazil: 172.8 %Brazil172.8Thailand: 99.8 %Thailand99.8Japan: 96.9 %Japan96.9United States: 94.5 %United States94.5Hong Kong: 74.9 %Hong Kong74.9Vietnam: 68.2 %Vietnam68.2Canada: 66.3 %Canada66.3India: 64.8 %India64.8Germany: 61 %Germany61Australia: 56.6 %Australia56.6Spain: 51.4 %Spain51.4Malaysia: 49.3 %Malaysia49.3Pakistan: 48.4 %Pakistan48.4Egypt: 43.1 %Egypt43.1Poland: 39.8 %Poland39.8Russia: 38.8 %Russia38.8Bangladesh: 38.5 %Bangladesh38.5Switzerland: 36.7 %Switzerland36.7Indonesia: 35 %Indonesia35South Africa: 29.4 %South Africa29.4Israel: 29.4 %Israel29.4Kuwait: 29.1 %Kuwait29.1Greece: 27.8 %Greece27.8Hungary: 27.4 %Hungary27.4United Kingdom: 22.5 %United Kingdom22.5Saudi Arabia: 22.2 %Saudi Arabia22.2Austria: 21.6 %Austria21.6United Arab Emirates: 21.6 %United Arab Emirates21.6Mexico: 19.6 %Mexico19.6Sri Lanka: 19.5 %Sri Lanka19.5Qatar: 16.9 %Qatar16.9New Zealand: 16.7 %New Zealand16.7Chile: 16.1 %Chile16.1Iran: 15.9 %Iran15.9Czechia: 13.4 %Czechia13.4Philippines: 12.6 %Philippines12.6Jordan: 12.3 %Jordan12.3
%. Source: World Bank, Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR). Retrieved 2026-10-12.

Full ranking

RankCountries2021 (%)Change on 2020
1Türkiye388.9+23.1 pts
2China279.6+22.3 pts
3South Korea252.4+13.9 pts
4Brazil172.8+33.8 pts
5Thailand99.8+11.2 pts
6Japan96.9+2.6 pts
7United States94.5-4.3 pts
8Hong Kong74.9+24.8 pts
9Vietnam68.2+37.6 pts
10Canada66.3-7.7 pts
11India64.8-7.4 pts
12Germany61-19.4 pts
13Australia56.6-14.7 pts
14Spain51.4-13.1 pts
15Malaysia49.3-7.6 pts
16Pakistan48.4+10 pts
17Egypt43.1+4.2 pts
18Poland39.8-7.2 pts
19Russia38.8-1 pts
20Bangladesh38.5+20.9 pts
21Switzerland36.7-28.7 pts
22Indonesia35+8.6 pts
23South Africa29.4-5.9 pts
24Israel29.4-10.6 pts
25Kuwait29.1-1.1 pts
26Greece27.8-4.5 pts
27Hungary27.4-13 pts
28United Kingdom22.5n/a
29Saudi Arabia22.2+2.2 pts
30Austria21.6-8.5 pts
31United Arab Emirates21.6+8.8 pts
32Mexico19.6-1.1 pts
33Sri Lanka19.5+7.9 pts
34Qatar16.9+2.9 pts
35New Zealand16.7-0.1 pts
36Chile16.1+4.9 pts
37Iran15.9-1 pts
38Czechia13.4-2.5 pts
39Philippines12.6+0.6 pts
40Jordan12.3+4.2 pts
41Palestine9.5+4 pts
42Bermuda9.2-1.8 pts
43Oman8.9+2.5 pts
44Colombia7.9-1.5 pts
45Tunisia7.1+0.9 pts
46Romania6.7-4.8 pts
47Argentina6.3-2.6 pts
48Morocco5.9+0.3 pts
49Botswana4.9+2.9 pts
50Panama4.4+2.9 pts
51Mauritius3.4-1.6 pts
52Slovenia3.4-2.1 pts
53Lebanon3.3-0.1 pts
54Nigeria3.3-1.2 pts
55Peru2.7+0.3 pts
56Kenya2.30 pts
57Bahrain1.9-0.5 pts
58Zambia1.7+1.4 pts
59Bulgaria1.7+0.5 pts
60Costa Rica1.6-0 pts
61Kazakhstan1.5+0.4 pts
62Armenia1.3n/a
63Croatia1.2-0.4 pts
64Namibia1.2-0.8 pts
65Malta0.8-0.7 pts
66Uzbekistan0.7+0.1 pts
67Cyprus0.5-0.3 pts
68Azerbaijan0.5-0.8 pts
69Tanzania0.30 pts
70Belarus0.3n/a
71Ghana0.3-0.1 pts
72Seychelles0.2-0.6 pts
73Rwanda0.2-0.3 pts
74Luxembourg0.10 pts

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 2021 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

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). Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR) (Countries by stock market turnover ratio, 2021) [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, 2021. World Bank, 8 Oct. 2026, https://data.worldbank.org/indicator/CM.MKT.TRNR. Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2021. 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, 2021. 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=2021.

Harvard

World Bank (2026) Stocks traded, turnover ratio of domestic shares (%) (CM.MKT.TRNR), Countries by stock market turnover ratio, 2021 [Dataset]. Available at: https://data.worldbank.org/indicator/CM.MKT.TRNR, via Invokely: https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2021 (Accessed: 12 October 2026).

BibTeX
@misc{world_countries_by_stock_market_2021,
  author = {{World Bank}},
  title = {{Stocks traded, turnover ratio of domestic shares (\%) (CM.MKT.TRNR): Countries by stock market turnover ratio, 2021}},
  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=2021. 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, 2021
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=2021
Y2  - 2026/10/12
N1  - Accessed via Invokely, https://invokely.ai/rankings/stock-market-turnover-ratio/countries?period=2021.
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  -
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Questions

Which country has the highest stock market turnover ratio?

Türkiye, with 388.9% in 2021, according to the World Bank.

Which country has the lowest stock market turnover ratio?

Luxembourg, with 0.1% in 2021.

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 2021 and are not ranked.

Stock market turnover ratio: other rankings

Countries: more rankings