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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
$2.0T
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
Exchange
🇿🇦 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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Investor Education

The Top 5 Reasons Clients Fire a Financial Advisor

Firing an advisor is often driven by more than cost and performance factors. Here are the top reasons clients ‘break up’ with their advisors.

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The following content is sponsored by Morningstar
This circle graphic shows the top reasons for firing a financial advisor.

The Top 5 Reasons Clients Fire a Financial Advisor

What drives investors to fire a financial advisor?

From saving for a down payment to planning for retirement, clients turn to advisors to guide them through life’s complex financial decisions. However, many of the key reasons for firing a financial advisor stem from emotional factors, and go beyond purely financial motivations.

We partnered with Morningstar to show the top reasons clients fire an advisor to provide insight on what’s driving investor behavior.

What Drives Firing Decisions?

Here are the top reasons clients terminated their advisor, based on a survey of 184 respondents:

Reason for Firing% of Respondents
Citing This Reason
Type of Motivation
Quality of financial advice
and services
32%Emotion-based reason
Quality of relationship21%Emotion-based reason
Cost of services17%Financial-based reason
Return performance11%Financial-based reason
Comfort handling financial
issues on their own
10%Emotion-based reason

Numbers may not total 100 due to rounding. Respondents could select more than one answer.

While firing an advisor is rare, many of the primary drivers behind firing decisions are also emotionally driven.

Often, advisors were fired due to the quality of the relationship. In many cases, this was due to an advisor not dedicating enough time to fully grasp their personal financial goals. Additionally, wealthier, and more financially literate clients are more likely to fire their advisors—highlighting the importance of understanding the client. 

Key Takeaways

Given these driving factors, here are five ways that advisors can build a lasting relationship through recognizing their clients’ emotional needs:

  • Understand your clients’ deeper goals
  • Reach out proactively
  • Act as a financial coach
  • Keep clients updated
  • Conduct goal-setting exercises on a regular basis

By communicating their value and setting expectations early, advisors can help prevent setbacks in their practice by adeptly recognizing the emotional motivators of their clients.

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Curious about what drives investors to hire a financial advisor? Discover the top 5 reasons here.

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