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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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Retail

The World’s Top Retail Companies, by Domestic Revenue

As price pressures and e-commerce reshape shopping behaviors, we show the top retail companies by domestic revenue around the world.

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This circle graphic shows the world's top retail companies by domestic revenue.

The World’s Top Retail Companies, by Domestic Revenue

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.

The retail sector plays a vital role in powering economies, contributing $5.3 trillion annually to America’s GDP alone.

Moreover, the industry is America’s biggest private-sector employer, responsible for one of every four jobs, or 55 million employees. Yet in today’s challenging consumer environment, retailers are facing higher e-commerce penetration and inflationary pressures—across an industry notoriously known for razor-thin margins.

This graphic shows the world’s top retail companies by domestic revenue, based on data from the National Retail Federation.

Methodology

To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public and have direct selling operations in a minimum of three countries.

The rankings include both publicly and private companies, and are based on the most recent 52-week period analyzed by the National Retail Federation between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 10 Global Retailers by Domestic Sales

Here are the leading retailers worldwide based on domestic sales as of 2023:

RankingRetailerDomestic Retail Revenue
(USD)
Share of Total Retail RevenueHeadquarters
1Walmart$532.3B85%🇺🇸 U.S.
2Amazon.com$250.0B70%🇺🇸 U.S.
3Costco$175.4B75%🇺🇸 U.S.
4The Home Depot$142.0B94%🇺🇸 U.S.
5Walgreens Boots Alliance$105.1B89%🇺🇸 U.S.
6Alibaba$91.5B97%🇨🇳 China
7Apple$70.9B87%🇺🇸 U.S.
8Aeon$64.3B93%🇯🇵 Japan
9Schwarz Group$56.5B32%🇩🇪 Germany
10Rewe$55.5B75%🇩🇪 Germany

Walmart towers ahead as the world’s largest retailer with $532 billion in domestic revenue—more than Amazon.com and Costco combined.

Known for its everyday low prices, Walmart achieves a competitive advantage through pricing goods approximately 25% cheaper than traditional retail competitors. Overall, groceries make up more than half of total sales. While its main customer base is often low and middle-income shoppers, the retail giant is seeing a surge in sales from higher-income customers as shoppers seek out lower grocery prices.

E-commerce giant, Amazon, is the second-biggest retailer globally, commanding nearly 40% of online retail sales in America. Since 2019, the number of Amazon employees has grown from 800,000 to over 1.5 million in 2023.

While the company has tried to introduce online grocery platforms to the market, it has largely fallen flat given its clunky system in a highly competitive market.

Like Amazon, China’s e-commerce juggernaut, Alibaba, stands as a leading global retailer. Overall, 97% of revenues were generated domestically through online marketplaces Taobao and Tmall. In recent years, the company has focused on international expansion, delivering products to 11 markets including America, in just five days.

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