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The $109 Trillion Global Stock Market in One Chart

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The $109 Trillion Global Stock Market

The $109 Trillion Global Stock Market in One Chart

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Global equity markets have nearly tripled in size since 2003, climbing to $109 trillion in total market capitalization.

Over the last several decades, the growth in money supply and ultra-low interest rates have underpinned rising asset values across economies.

Given this backdrop, the above graphic shows the size of the global stock market in 2023, based on data from the World Federation of Exchanges (WFE) and the Securities Industry and Financial Markets Association (SIFMA).

The Global Stock Market, by Share

With the world’s deepest capital markets, the U.S. makes up 42.5% of global equity market capitalization, outpacing the next closest economy, the European Union by a significant margin.

Here are the world’s major equity markets based on global market cap share as of Q2 2023:

Country / RegionMarket CapShare (%)
🇺🇸 U.S.$46.2T42.5%
🇪🇺 EU$12.1T11.1%
🇨🇳 China$11.5T10.6%
🇯🇵 Japan$5.8T5.4%
🇭🇰 Hong Kong$4.3T4.0%
🇬🇧 UK$3.2T2.9%
🇨🇦 Canada$3.0T2.7%
🇦🇺 Australia$1.7T1.5%
🇸🇬 Singapore$0.6T0.6%
🌏 Rest of Developed Markets$10.2T9.4%
🌍 Rest of Emerging Markets$10.0T9.2%
Global Total$108.6T100.0%

Data as of Q2 2023. Numbers may not total 100 due to rounding.

Today, U.S. equity markets total over $46.2 trillion in market capitalization.

Compared to other rich nations, U.S. stocks have often outperformed over the last several decades. If an investor put $100 in the S&P 500 in 1990 this investment would have grown to about $2,000 in 2023, or four-fold the returns seen in other developed countries.

The second-largest equity market is the European Union at 11.1% of global share, followed by China, at 10.6%.

In the last 20 years, China’s economy has increased by roughly 12-fold, reaching $19.4 trillion this year. China’s equity markets have also grown considerably, fueled by the incorporation of Chinese domestic stocks into the MSCI Emerging Market Index in 2018, and earlier, with the internationalization of its equity markets in 2002.

Japan’s equity markets account for 5.4% of the global share, followed by Hong Kong, at 4%.

The Future Investment Landscape

Goldman Sachs projects that U.S. equity market capitalization will fall to 35% of the overall global market by 2030.

Meanwhile, emerging markets, including China and India, are collectively forecast to reach the 35% mark in the same timeframe. By 2050, the EM share is anticipated to far surpass the U.S., rising to 47% of global stock markets.

Country / RegionGlobal Equity Market Share 2030Global Equity Market Share 2050
🇺🇸 U.S.34.7%26.9%
🇪🇺 Euro Area8.3%7.9%
🇨🇳 China14.1%15.0%
🇮🇳 India4.1%8.3%
🌏 Rest of Developed Markets21.5%17.8%
🌍 Rest of Emerging Markets17.4%24.1%

Numbers may not total 100 due to rounding.

The first factor underscoring this shift is the rapid growth projected for emerging economies.

Historically, as GDP per capita grows, capital markets in an economy become more sophisticated. We can see this in richer countries, which tend to have higher equitization of their markets.

India is projected to rise the fastest globally. By 2030, it is projected to account for 4.1% of global equity market cap. Furthermore, by 2050, this share is projected to outrank the euro area due to strong GDP per capita growth and demographic drivers.

The second factor, although to a lesser extent, is emerging market rising valuation multiples driven by higher GDP per capita. Richer countries, as seen in the U.S., often trade at higher earnings multiples because they are viewed to have lower risk.

Implications for Investors

What does this mean from an investment standpoint?

While the U.S. has outperformed in recent decades, it may not mean that it will continue on this trend, according to Goldman Sachs. Given the structural shifts stemming from growing populations and GDP growth, investors may consider diversifying their portfolios geographically looking ahead.

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Markets

Which Retailers Operate in the Most Countries?

From fast-fashion giant H&M to Apple, we show the top retailers globally with the largest international presence.

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This treemap shows the top retailers operating in the most countries in 2023.

The Top Retailers Operating in the Most Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Today, international expansion is a key growth strategy for the world’s top retailers as companies target untapped markets with the highest potential to drive revenue and profit streams.

While traditional retailers have sought out digital strategies as the industry evolves and consumer behaviors change, physical storefronts continue to be a dominant driver of retail sales. In 2023, brick-and-mortar sales comprised 81% of retail sales globally.

This graphic shows the top retailers operating in the most markets worldwide, based on data from the National Retail Federation.

Global Retailers With the Largest International Footprint

Here are the global retailers with the widest-reaching presence around the world in 2023:

RankingRetailerNumber of Countries of First-Party OperationHeadquarters
1H&M68🇸🇪 Sweden
2IKEA51🇳🇱 Netherlands
3Inditex45🇪🇸 Spain
4Decathlon34🇫🇷 France
5Carrefour32🇫🇷 France
6Sephora (LVMH)31🇫🇷 France
7Schwarz Group30🇩🇪 Germany
8Fast Retailing27🇯🇵 Japan
9Euronics International25🇳🇱 Netherlands
10Apple25🇺🇸 U.S.

Notably, eight of the top 10 companies with the widest market reach hail from Europe.

Fast-fashion giant H&M ranks first overall, with 4,454 stores across 68 countries last year. In 2023, the Swedish company earned $21.6 billion in revenues, with its largest markets by number of store locations being the U.S., Germany, and the UK. This year, it plans to open 100 new stores in growth markets, along with shutting down 160 stores in established locations, ultimately decreasing its global store count.

In second is IKEA, with a presence in 51 countries. Last year, the company expanded its footprint in India, launching its first store in the tech hub, Hyderabad. While the company has a broad international reach, its number of storefronts is a fraction of H&M, at 477 total stores worldwide.

Looking beyond the continent, Japan’s Fast Retailing is the top retailer in Asia, operating in 27 countries globally. As the parent company to fashion brand Uniqlo, it also stands as the seventh most valuable listed firm by market capitalization in the country.

Additionally, Apple is the sole American company to make this list, with storefronts in 25 countries. Overall, the company operates four types of retail stores: regular, AppleStore+, flagships, and flagship+. Regular stores often earn $40 million annually, while flagship+ stores typically earn more than $100 million.

By 2027, the company plans to build or remodel 53 stores globally, with the majority located in the U.S. and China.

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