The latest list of world top 10 stock markets in terms of stock market vale, as of mid-Sep 2025.
Preface
In 1995, the global investment landscape looked very different, and the United States’ dominant role seemed to have faded considerably. However, the United States’ influence persisted, with its total market capitalization increasing by 246% over 26 years to $12.9 trillion. No other country or region in the world can match North America’s industrial output today.
However, global markets have also been catching up rapidly, especially in recent decades, surpassing the United States by a significant margin. According to Brisson and co-author Roger Ibbotson in their book “Global Investing“, in 1990, only 30% of global equity capital was held in the United States. Their research found that the situation has reversed 180 degrees. In 1960, only 30% of global equity capital was held outside the United States.
World top 10 stock markets
| Rank | Country | Total Market Capitalization (USD Trillions) | Number of Companies Listed | Date |
| 1 | United States | $66.74 | 4,010 | Sep 2025 |
| 2 | China | $12.00 | 5,420 | Sep 2026 |
| 3 | Japan | $7.40 | 3,821 | Sep 2027 |
| 4 | Hong Kong | $7.00 | 2,700 | Sep 2028 |
| 5 | India | $5.20 | 7,500 | Sep 2029 |
| 6 | Canada | $3.90 | 4,226 | Sep 2030 |
| 7 | United Kingdom | $3.60 | 800 | Sep 2031 |
| 8 | France | $3.22 | 795 | Sep 2032 |
| 9 | Taiwan | $3.04 | 1700 | Sep 2033 |
| 10 | Germany | $3.00 | 447 | Sep 2034 |
As of September 19, 2025, the total market capitalization of major global stock markets exceeded US$121.6 trillion.
World top 10 stock market exchanges
| Rank | Stock Exchange | Country/Region | Market Capitalization (USD) |
| 1 | New York Stock Exchange (NYSE) | United States | $31.7 trillion |
| 2 | NASDAQ | United States | $29.9 trillion |
| 3 | Shanghai Stock Exchange (SSE) | China | $7.3 trillion |
| 4 | Japan Exchange Group (Tokyo Stock Exchange) | Japan | $6.9 trillion |
| 5 | Euronext | Pan-European | $6.0 trillion |
| 6 | London Stock Exchange (LSE) | United Kingdom | $5.9 trillion |
| 7 | Hong Kong Exchanges and Clearing (HKEX) | Hong Kong | $5.2 trillion |
| 8 | National Stock Exchange (NSE) | India | $5.2 trillion |
| 9 | Shenzhen Stock Exchange (SZSE) | China | $4.6 trillion |
| 10 | TMX Group (Toronto Stock Exchange) | Canada | $3.8 trillion |
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