Money
Charting the World’s Major Stock Markets on the Same Scale (1990-2019)

Charting the World’s Major Stock Markets
Most investors around the world are familiar with the S&P 500 index.
Not only is it the most widely accepted barometer of U.S. stock market performance, but it’s also been on a 10-year bull run, now sitting at all-time highs near 3,170.
This week, we chart those historical returns, and then use the U.S. benchmark as a backdrop to compare other major stock markets around the world, such as those in Europe, Asia, and Canada.
Putting Them All at Scale
One challenge in comparing global markets directly is that all indices are on arbitrary scales.
To directly compare them, the most natural option would be to transform the data to percentage terms. While that’s all fine and dandy, it’s also a little boring.
To make things more interesting, we’ve collected historical data that goes back nearly 30 years for each index. This was mostly done using Macrotrends, a fantastic resource for historical data. We used November 26th, 1990 as a cut-off date, since that was the earliest data point available for some of the country indices used.
We then transformed all of this data to be on the same scale of the S&P 500, so performance can be directly compared to the common American stock market benchmark.
Comparing Markets Using the S&P 500
Alright, now that we have the same scale for each market, let’s dive into the data:
Country | Benchmark | Current Value (in S&P 500 terms) | Gain since Nov 26, 1990 |
---|---|---|---|
🇺🇸 United States | S&P 500 | 3,168 | +901% |
🇭🇰 Hong Kong | Hang Seng Comp. | 2,926 | +824% |
🇩🇪 Germany | DAX 30 | 2,913 | +820% |
🇨🇦 Canada | S&P/TSX Comp. | 1,717 | +444% |
🇫🇷 France | CAC 40 | 1,160 | +268% |
🇬🇧 United Kingdom | FTSE 100 | 1,072 | +238% |
🇯🇵 Japan | Nikkei 225 | 315 | +1% |
Note: Data has been transformed to match the scale of the S&P 500, and is current as of December 13, 2019
If you invested $100 in the U.S. market on November 26, 1990, you’d have over $1,000 today.
Over nearly 30 years, the S&P 500 has increased by 901%, which is the most out any of these major indices. If you invested in the German or Hong Kong markets, you’d have fairly similar results as well — each gained more than 800% over the same time period.
Meanwhile, the markets in Canada, France, and the United Kingdom have all increased, but at a far slower pace:
- In S&P 500 terms, Canada would be sitting at 1,717 — which is where the U.S. market was back in 2013.
- France would be at 1,160, a mark the S&P 500 last hit in 2010.
- The United Kingdom would sit at 1,072, also equivalent to 2010 for the U.S. market.
Finally, in S&P 500 terms, the Japanese stock market would be at a lowly 315 points today — roughly where it started 30 years ago. In other words, if you had invested $100 in Japanese stocks in 1990, you’d have gained just $1 over a period of three decades.
Markets
Mapped: The Migration of the World’s Millionaires in 2023
Where do the world’s wealthiest people want to live? This map tracks the migration of the world’s High Net Worth Individuals (HNWIs).

Mapping the Migration of the World’s Millionaires 2023
Just like everyone else, High Net Worth Individuals (HNWIs) traveled less than usual during the pandemic, and as a result their migration numbers trended downwards. But millionaires and billionaires are on the move again and it is anticipated that 122,000 HNWIs will move to a new country by the end of the year.
Henley & Partners’ Private Wealth Migration Report has tracked the countries HNWIs have moved from and to over the last 10 years; this map showcases the 2023 forecasts.
In this context, HNWIs are defined as individuals with a net worth of at least $1 million USD.
The Countries Welcoming New Millionaires
The top 10 countries which are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.
Here’s a closer look at the data:
Rank | Country | Projected HNWI Inflow 2023 |
---|---|---|
1 | 🇦🇺 Australia | 5,200 |
2 | 🇦🇪 UAE | 4,500 |
3 | 🇸🇬 Singapore | 3,200 |
4 | 🇺🇸 U.S. | 2,100 |
5 | 🇨🇭 Switzerland | 1,800 |
6 | 🇨🇦 Canada | 1,600 |
7 | 🇬🇷 Greece | 1,200 |
8 | 🇫🇷 France | 1,000 |
9 | 🇵🇹 Portugal | 800 |
10 | 🇳🇿 New Zealand | 700 |
Only two Asian countries make the top 10, with the rest spread across Europe, North America, and Oceania.
Despite historic economic challenges, Greece is projected to gain 1,200 High Net Worth Individuals this year. One reason could be the country’s golden visa program, wherein wealthy individuals can easily obtain residence and eventually EU passports for the right price—currently a minimum real estate investment cost of 250,000 euros is all that’s required.
Many of the leading millionaire destinations are attractive for wealthy individuals because of higher levels of economic freedom, allowing for laxer tax burdens or ease of investment. Singapore, which expects to gain 3,200 millionaires, is the most economically free market in the world.
The Countries Losing the Most Millionaires
China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second place country, India (6,500).
Here’s a closer look at the bottom 10:
Rank | Country | Projected HNWI Outflow 2023 |
---|---|---|
1 | 🇨🇳 China | -13,500 |
2 | 🇮🇳 India | -6,500 |
3 | 🇬🇧 UK | -3,200 |
4 | 🇷🇺 Russia | -3,000 |
5 | 🇧🇷 Brazil | -1,200 |
6 | 🇭🇰 Hong Kong SAR | -1,000 |
7 | 🇰🇷 South Korea | -800 |
8 | 🇲🇽 Mexico | -700 |
9 | 🇿🇦 South Africa | -500 |
10 | 🇯🇵 Japan | -300 |
In a number of these countries, strict regulatory bodies and corrupt governments can hinder the ease with which HNWIs can manage their own money.
In Russia, many wealthy individuals are facing personal tariffs and trade restrictions from Western countries due to the war in Ukraine. China’s crackdowns on Hong Kong have made it a less attractive place for business. And finally, the UK’s exit from the EU has caused many businesses and individuals to lose the easy movement of labor, finances, and investment that made operations across European borders seamless.
Some of these countries may still be adding homegrown millionaires and billionaires, but losing thousands of HNWIs to net migration does have a considerable economic impact.
Overall, millionaires are increasingly on the move. In the 10 years of reporting—despite a dip during the pandemic—the number of HNWIs moving away from their countries of origin has been growing every year.
Here’s a look at the numbers:
Year | Projected HNWI Migration |
---|---|
2013 | 51,000 |
2014 | 57,000 |
2015 | 64,000 |
2016 | 82,000 |
2017 | 95,000 |
2018 | 108,000 |
2019 | 110,000 |
2020 | 12,000 |
2021 | 25,000 |
2022 | 84,000 |
2023 (forecast) | 122,000 |
In a geopolitically fragile but more connected world, it’s no surprise to see millionaires voting with their feet. As a result, governments are increasingly in competition to win the hearts and minds of the world’s economic elite to their side.
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