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Mapped: The Largest Stock Exchanges in the World



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Mapped: The Largest Stock Exchanges in the World

The Largest Stock Exchanges in the World

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Today, there are roughly 80 major stock exchanges worth a combined $110.2 trillion in value.

The world’s top two exchanges, the New York Stock Exchange (NYSE) and the Nasdaq, command 42.4% of global market capitalization. Despite the rapid growth of emerging economies, the U.S. continues to lead capital markets by a wide margin—even as countries such as India see considerable growth, surpassing the UK in 2023.

This visualization shows the largest stock exchanges in the world, with data from the World Federation of Exchanges (WFE).

Top Stock Exchanges, by Market Cap

Here are the top 25 largest stock markets covering 96.6% of total stock market capitalization:

Global RankStock ExchangeCountryMarket Cap
Aug 2023
1NYSE🇺🇸 U.S.$25.0T
2Nasdaq🇺🇸 U.S.$21.7T
3Euronext🇳🇱 Netherlands$7.2T
4Shanghai Stock Exchange🇨🇳 China$6.7T
5Japan Exchange Group🇯🇵 Japan$5.9T
6Shenzhen Stock Exchange🇨🇳 China$4.5T
7Hong Kong Exchanges🇭🇰 Hong Kong$4.2T
8National Stock Exchange
of India
🇮🇳 India$3.5T
9LSE Group🇬🇧 UK$3.4T
10Saudi Exchange🇸🇦 Saudi Arabia$3.1T
11TMX Group🇨🇦 Canada$2.9T
12Deutsche Boerse AG🇩🇪 Germany$2.1T
13SIX Swiss Exchange🇨🇭 Switzerland$2.1T
14Nasdaq Nordic
and Baltics
🇸🇪 Sweden, Denmark,
Finland and Iceland
15Korea Exchange🇰🇷 South Korea$1.9T
16Tehran Stock Exchange🇮🇷 Iran$1.7T
17ASX Australian
Securities Exchange
🇦🇺 Australia$1.7T
18Taiwan Stock Exchange🇹🇼 Taiwan$1.6T
19Johannesburg Stock
🇿🇦 South Africa$1.2T
20B3 - Brazil Stock Exchange
and OTC Market
🇧🇷 Brazil$0.9T
21Abu Dhabi Securities Exchange🇦🇪 Abu Dhabi$0.8T
22BME Spanish Exchanges🇪🇸 Spain$0.8T
23Singapore Exchange🇸🇬 Singapore$0.6T
24The Stock Exchange
of Thailand
🇹🇭 Thailand$0.6T
25Bolsa Mexicana
de Valores
🇲🇽 Mexico$0.5T

The NYSE ($25.0 trillion) and the tech-heavy Nasdaq ($21.7 trillion) are home to many of the world’s most valuable firms, from Apple to Nvidia. Since 2016, the NYSE has grown 35.1% while the Nasdaq has ballooned 189.3% in market cap.

The vast majority of companies in the S&P 500 Index, often seen as a barometer for U.S. stock market performance, are traded on these exchanges.

With $7.2 trillion in market cap, Euronext is the world’s third-largest exchange. Since Brexit, the pan-European exchange has attracted more capital and by early 2021, it outranked the London Stock Exchange. Over the last two decades, London’s stock market has fallen from 13% to 4% of the global share.

Ranking fourth is the Shanghai Stock Exchange, at $6.7 trillion in market cap. Beverage giant Kweichow Moutai, ICBC, and PetroChina are the largest companies traded on the exchange.

Like China, as India’s economy has continued to expand, so has its primary stock market. As the twelfth-largest globally, it’s worth $3.5 trillion in market cap, growing over 133% in market value since 2016.

Should You Invest Internationally?

While U.S. stock markets are unmatched in scale in the global arena, investors may look to diversify exposure across the pond.

In fact, by 2050, Goldman Sachs projects that emerging markets’ share of global stock market capitalization will surpass America. Given the strong economic growth of emerging markets, investors may find opportunities in broad market indexes that track these countries through investment vehicles like ETFs or mutual funds.

Yet while international markets may provide opportunities for diversification, they may also present risk given political, regulatory, and economic factors.

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Visualizing the Rise of the U.S. Dollar Since the 19th Century

This animated graphic shows the U.S. dollar, the world’s primary reserve currency, as a share of foreign reserves since 1900.



Visualizing the Rise and Fall) of the U.S. Dollar

Visualizing the Rise of the U.S. Dollar Since the 19th Century

As the world’s reserve currency, the U.S. dollar made up 58.4% of foreign reserves held by central banks in 2022, falling near 25-year lows.

Today, emerging countries are slowly decoupling from the greenback, with foreign reserves shifting to currencies like the Chinese yuan.

At the same time, the steep appreciation of the U.S. dollar is leading countries to sell their U.S. foreign reserves to help prop up their currencies, in turn buying currencies such as the Australian and Canadian dollars to help generate higher yields.

The above animated graphic from James Eagle shows the rapid ascent of the U.S. dollar over the last century, and its gradual decline in recent years.

Dollar Dominance: A Brief History

In 1944, the U.S. dollar became the world’s reserve currency under the Bretton Woods Agreement. Over the first half of the century, the U.S. ran budget surpluses while increasing trade and economic ties with war-torn countries, expanding its influence as the world’s store of value.

Later through the 1960s, the U.S. dollar share of global foreign reserves rapidly increased as political allies stockpiled the dollar.

By 2000, dollar dominance hit a peak of 71% of global reserves. With the creation of the European Union a year earlier, countries such as China began increasing the share of euros in reserves. Between 2000 and 2005, the share of the dollar in China’s foreign exchange reserves fell by an estimated 15 percentage points.

The dollar began a long rally after the global financial crisis, which drove central banks to cut their dollar reserves to help bolster their currencies.

Fast-forward to today, and dollar reserves have fallen roughly 13 percentage points from their historical peak.

The State of the World’s Reserve Currency

In 2022, 16% of Russia’s export transactions were in yuan, up from almost nothing before the war. Brazil and Argentina have also begun adopting the Chinese currency for trade or reserve purposes. Still, the U.S. dollar makes up 80% of Brazil’s reserves.

Yet while the U.S. dollar has decreased in share of foreign reserves, it still has an immense influence in the world economy.

The majority of trade is invoiced in the U.S. dollar globally, a trend that has stayed fairly consistent over many decades. Between 1999-2019, 74% of trade in Asia was invoiced in dollars and in the Americas, it made up 96% of all invoicing.

Furthermore, almost 90% of foreign exchange transactions involve the U.S. dollar thanks to its liquidity.

However, countries are increasingly finding alternative options than the dollar. Today, Western businesses have begun settling trade with China in renminbi. Looking further ahead, digital currencies could provide options that don’t include the U.S. dollar.

Even more so, if the U.S. share of global GDP continues to shrink, the shift to a multipolar system could progress over this century.

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