794 % of GDP Traded on A Single Stock Market Sets Record

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As interest rates shift, AI stocks surge, and global capital becomes more mobile, stock markets are seeing a resurgence of activity in key financial hubs. While some nations struggle with illiquid or underdeveloped exchanges, other countries trade at volumes that far outsize the entirety of their gross domestic product.

Many of the countries with the most active stock markets are global financial centers or highly export-oriented economies. In some of these nations, the total value of all shares traded on local exchanges in a single year exceeds 100% of national GDP, reflecting high volumes of capital flow, speculation, and investment churn. Of the 25 countries with the largest volume of stock trades relative to GDP, fifteen are in Asia and five are in Europe. In The United States, annual stock market activity amounts to 170.4% of GDP, ranking fourth nationwide. A closer look at the data reveals the countries with the most active stock markets.

To determine the countries with the most active stock markets, My Investing News reviewed data on stock trade volumes from the World Federation of Exchanges and the World Bank. Countries were ranked based on the total values of all shares traded on domestic exchanges as a percentage of GDP in 2022. Supplemental data on the largest companies by revenue is based on the Fortune Global 2000.

25. Indonesia

Value of all stocks traded on local exchange: 14.8% of GDP
Total market capitalization of all domestically listed companies: 46.3% of GDP
Number of domestically listed companies: 825 firms
Largest companies by revenue: Bank Rakyat Indonesia (BRI) ($14.9 million), Bank Mandiri ($11.6 million), Telkom Indonesia ($9.8 million), Bank Central Asia ($7.5 million), PT Adaro Energy Indonesia ($6.1 million), Bank Negara Indonesia ($5.4 million), Bayan Resources ($3.3 million), Chandra Asri Petrochemical ($2.1 million), PT Amman Mineral Internasional ($2.0 million)

24. Qatar

Value of all stocks traded on local exchange: 18.7% of GDP
Total market capitalization of all domestically listed companies: 70.8% of GDP
Number of domestically listed companies: 47 firms
Largest companies by revenue: Qatar National Bank ($32.0 million), Ooredoo Q.P.S.C ($6.4 million), Commercial Bank of Qatar ($3.4 million), Industries Qatar ($3.1 million), Qatar Islamic Bank ($2.0 million), Masraf Al Rayan ($1.6 million)

23. Israel

Value of all stocks traded on local exchange: 21.3% of GDP
Total market capitalization of all domestically listed companies: 51.4% of GDP
Number of domestically listed companies: 518 firms
Largest companies by revenue: Teva Pharmaceutical ($16.0 million), Bank Leumi ($9.9 million), Bank Hapoalim ($9.4 million), Migdal Insurance ($7.5 million), Mizrahi Tefahot Bank ($6.8 million), Harel Insurance Investments & Financial Services ($6.7 million), Israel Discount Bank ($6.5 million), Phoenix Holdings ($6.4 million), Clal Insurance Enterprises ($5.4 million), FIBI Holdings ($3.0 million)

22. Kuwait

Value of all stocks traded on local exchange: 23.1% of GDP
Total market capitalization of all domestically listed companies: 83.0% of GDP
Number of domestically listed companies: 163 firms
Largest companies by revenue: Kuwait Finance House ($9.3 million), National Bank of Kuwait ($7.8 million)

21. Spain

Value of all stocks traded on local exchange: 25.1% of GDP
Total market capitalization of all domestically listed companies: 46.0% of GDP
Number of domestically listed companies: 2,711 firms
Largest companies by revenue: Santander ($142.8 million), BBVA-Banco Bilbao Vizcaya ($75.2 million), Repsol ($63.7 million), Iberdrola ($50.5 million), Telefónica ($44.2 million), Inditex ($38.9 million), ACS Actividades de Construccion y Servicios ($38.6 million), Mapfre ($34.9 million), CaixaBank ($25.2 million), Naturgy Energy Group ($24.5 million)

20. United Kingdom

Value of all stocks traded on local exchange: 25.2% of GDP
Total market capitalization of all domestically listed companies: 99.4% of GDP
Number of domestically listed companies: 1,646 firms
Largest companies by revenue: Shell Plc ($289.7 million), BP ($202.8 million), HSBC Holdings ($144.9 million), Tesco ($85.3 million), Unilever ($64.5 million), Rio Tinto ($54.0 million), AstraZeneca ($47.6 million), Aviva ($43.2 million), J Sainsbury ($40.9 million), LyondellBasell Industries ($40.6 million)

19. Malaysia

Value of all stocks traded on local exchange: 27.1% of GDP
Total market capitalization of all domestically listed companies: 93.5% of GDP
Number of domestically listed companies: 963 firms
Largest companies by revenue: Sime Darby ($11.9 million), Tenaga Nasional ($11.6 million), Maybank ($11.1 million), CIMB Group Holdings ($8.0 million), Public Bank ($5.1 million), IHH Healthcare ($4.6 million), RHB Bank ($3.0 million), Hong Leong Financial ($2.5 million), AmBank Group ($1.8 million)

18. United Arab Emirates

Value of all stocks traded on local exchange: 29.1% of GDP
Total market capitalization of all domestically listed companies: 173.8% of GDP
Number of domestically listed companies: 153 firms
Largest companies by revenue: First Abu Dhabi Bank ($20.8 million), Emirates NBD ($20.2 million), International Holding Company ($17.3 million), Etisalat ($15.0 million), TAQA ($14.2 million), Abu Dhabi Commercial Bank ($9.9 million), Emaar Properties ($7.8 million), Borouge ($5.7 million), Dubai Islamic Bank ($5.4 million), Mashreq Bank ($5.2 million)

17. Germany

Value of all stocks traded on local exchange: 31.0% of GDP
Total market capitalization of all domestically listed companies: 45.4% of GDP
Number of domestically listed companies: 443 firms
Largest companies by revenue: Volkswagen Group ($348.6 million), BMW Group ($168.3 million), Mercedes-Benz Group ($164.3 million), Allianz ($148.2 million), Deutsche Telekom ($121.5 million), E.ON ($89.8 million), Deutsche Post ($87.9 million), Siemens ($84.4 million), BASF ($72.1 million), Munich Re ($70.0 million)

16. Vietnam

Value of all stocks traded on local exchange: 39.5% of GDP
Total market capitalization of all domestically listed companies: 41.5% of GDP
Number of domestically listed companies: 749 firms
Largest companies by revenue: Commercial Bank For Investment & Development Of Vietnam ($7.3 million), Vietin Bank ($6.4 million), Joint Stock Commercial Bank for Foreign Trade of Vietnam ($5.2 million), Vietnam Prosperity Joint-sock Commercial Bank ($3.9 million), Military Commercial Joint Stock Bank ($3.5 million), Vietnam Technological & Commercial Joint Stock Bank ($3.0 million), Asia Commercial Bank ($2.7 million)

15. Saudi Arabia

Value of all stocks traded on local exchange: 40.4% of GDP
Total market capitalization of all domestically listed companies: 238.0% of GDP
Number of domestically listed companies: 269 firms
Largest companies by revenue: Saudi Arabian Oil Company (Saudi Aramco) ($489.1 million), Saudi Electricity ($20.7 million), Saudi Telecom ($19.5 million), The Saudi National Bank ($16.3 million), Al Rajhi Bank ($14.0 million), Saudi Arabian Mining ($7.6 million), Riyad Bank ($7.1 million), Saudi British Bank ($6.0 million), Almarai ($5.3 million), Alinma Bank ($4.7 million)

14. South Africa

Value of all stocks traded on local exchange: 57.5% of GDP
Total market capitalization of all domestically listed companies: 288.0% of GDP
Number of domestically listed companies: 264 firms
Largest companies by revenue: Sasol ($14.9 million), FirstRand ($12.4 million), MTN Group ($12.0 million), Old Mutual ($11.9 million), Sanlam ($11.2 million), Absa Group ($11.1 million), Nedbank ($8.2 million), Standard Bank Group ($7.8 million), Momentum Metropolitan Holdings ($6.8 million), Naspers ($6.1 million)

13. India

Value of all stocks traded on local exchange: 57.7% of GDP
Total market capitalization of all domestically listed companies: 107.5% of GDP
Number of domestically listed companies: 2,168 firms
Largest companies by revenue: Reliance Industries ($108.8 million), Life Insurance Corp. of India ($98.0 million), Indian Oil ($93.8 million), Oil & Natural Gas ($77.5 million), State Bank of India ($71.8 million), Bharat Petroleum ($54.1 million), Tata Motors ($52.9 million), HDFC Bank ($49.3 million), Rajesh Exports ($36.9 million), Tata Consultancy Services ($29.1 million)

12. Iran

Value of all stocks traded on local exchange: 60.1% of GDP
Total market capitalization of all domestically listed companies: 409.0% of GDP
Number of domestically listed companies: 546 firms
Largest companies by revenue: National Iranian Oil Company ($200.0 billion), SAIPA Motor Corporation ($21.7 billion), National Iranian Petrochemical Company ($20.4 billion), Bank Melli Iran ($10.5 billion), Bank Mellat ($6.8 billion)

11. Australia

Value of all stocks traded on local exchange: 64.4% of GDP
Total market capitalization of all domestically listed companies: 99.3% of GDP
Number of domestically listed companies: 1,977 firms
Largest companies by revenue: BHP Group ($55.3 million), Woolworths ($43.6 million), ANZ Group Holdings ($40.9 million), Commonwealth Bank ($39.0 million), NAB - National Australia Bank ($38.7 million), Westpac Banking Group ($35.3 million), Wesfarmers ($28.9 million), Coles Group ($27.9 million), Ampol ($24.9 million), QBE Insurance Group ($21.7 million)

10. Brazil

Value of all stocks traded on local exchange: 66.2% of GDP
Total market capitalization of all domestically listed companies: 40.7% of GDP
Number of domestically listed companies: 381 firms
Largest companies by revenue: Petrobras ($99.4 million), JBS ($74.2 million), Ita? Unibanco Holding ($67.8 million), Banco do Brasil ($62.1 million), Banco Bradesco ($61.2 million), Raizen ($44.4 million), Vale ($41.8 million), Vibra Energia ($33.1 million), Marfrig Global Foods ($27.2 million), Ultrapar Participacoes ($25.5 million)

9. Thailand

Value of all stocks traded on local exchange: 96.5% of GDP
Total market capitalization of all domestically listed companies: 121.9% of GDP
Number of domestically listed companies: 810 firms
Largest companies by revenue: PTT ($90.0 million), CP All ($25.9 million), PTT Global Chemical ($17.9 million), Charoen Pokphand Group ($16.5 million), Indorama Ventures ($15.3 million), Siam Cement ($14.1 million), CP Axtra ($14.0 million), Thai Oil ($13.4 million), Kasikornbank ($9.1 million), Thai Beverage ($7.9 million)

8. Turkey

Value of all stocks traded on local exchange: 98.6% of GDP
Total market capitalization of all domestically listed companies: 36.4% of GDP
Number of domestically listed companies: 461 firms
Largest companies by revenue: Koç Holding ($67.4 million), Sabanci Holding ($23.1 million), Turkish Airlines ($21.2 million), Isbank ($17.6 million), Ford Otosan ($17.3 million), VakifBank ($16.3 million), Ag Anadolu Grubu Holding Anonim Sirketi ($15.8 million), Halkbank ($15.8 million), Akbank ($14.7 million), BIM Birlesik Magazalar ($13.8 million)

7. Canada

Value of all stocks traded on local exchange: 104.1% of GDP
Total market capitalization of all domestically listed companies: 127.0% of GDP
Number of domestically listed companies: 3,922 firms
Largest companies by revenue: Brookfield Corporation ($101.9 million), RBC ($90.1 million), TD Bank Group ($80.2 million), Couche Tard ($68.0 million), Bank of Montreal ($53.9 million), Bank of Nova Scotia ($53.6 million), George Weston ($45.0 million), Magna International ($43.1 million), Canadian Imperial Bank ($42.9 million), Cenovus Energy ($39.5 million)

6. Switzerland

Value of all stocks traded on local exchange: 105.7% of GDP
Total market capitalization of all domestically listed companies: 223.7% of GDP
Number of domestically listed companies: 220 firms
Largest companies by revenue: Glencore International ($218.0 million), Nestlé ($103.5 million), UBS ($81.3 million), Zurich Insurance Group ($65.4 million), Roche Holding ($65.3 million), Chubb ($51.7 million), Swiss Re ($49.4 million), Novartis ($48.7 million), Schweizerische Nationalbank ($38.7 million), ABB ($32.3 million)

5. Japan

Value of all stocks traded on local exchange: 137.6% of GDP
Total market capitalization of all domestically listed companies: 126.4% of GDP
Number of domestically listed companies: 3,865 firms
Largest companies by revenue: Toyota Motor ($311.9 million), Honda Motor ($141.3 million), Mitsubishi ($135.3 million), Itochu ($97.0 million), ENEOS Holdings ($95.8 million), Nippon Telegraph & Tel ($92.5 million), Mitsui ($92.1 million), Sony ($90.0 million), Nissan Motor ($87.7 million), Japan Post Holdings ($81.5 million)

4. United States

Value of all stocks traded on local exchange: 170.4% of GDP
Total market capitalization of all domestically listed companies: 155.0% of GDP
Number of domestically listed companies: 4,774 firms
Largest companies by revenue: Walmart ($657.3 million), Amazon ($590.7 million), Apple ($381.6 million), UnitedHealth Group ($379.5 million), Berkshire Hathaway ($369.0 million), CVS Health ($361.3 million), ExxonMobil ($331.9 million), Alphabet ($317.9 million), McKesson ($309.0 million), Cencora ($276.5 million)

3. China

Value of all stocks traded on local exchange: 181.5% of GDP
Total market capitalization of all domestically listed companies: 64.1% of GDP
Number of domestically listed companies: 12,341 firms
Largest companies by revenue: Sinopec ($414.9 million), PetroChina ($399.1 million), China State Construction Engineering ($317.4 million), ICBC ($223.8 million), China Construction Bank ($199.8 million), Agricultural Bank of China ($193.5 million), China Railway Group ($178.2 million), Bank of China ($173.3 million), China Railway Construction ($158.2 million), JD.com ($153.7 million)

2. South Korea

Value of all stocks traded on local exchange: 182.2% of GDP
Total market capitalization of all domestically listed companies: 98.2% of GDP
Number of domestically listed companies: 2,446 firms
Largest companies by revenue: Samsung Electronics ($202.4 million), Hyundai Motor ($125.4 million), SK ($99.6 million), KIA ($77.5 million), Korea Electric Power ($68.1 million), LG Electronics ($64.3 million), SK Innovation ($58.3 million), Posco ($57.4 million), HD HYUNDAI ($48.1 million), Hyundai Mobis ($44.3 million)

1. Hong Kong

Value of all stocks traded on local exchange: 794.3% of GDP
Total market capitalization of all domestically listed companies: 1273.2% of GDP
Number of domestically listed companies: 2,414 firms
Largest companies by revenue: CNOOC ($57.4 million), Lenovo Group ($55.7 million), China Unicom ($52.7 million), CK Hutchison ($35.2 million), China Resources Land ($35.2 million), China Resources Pharmaceutical Group ($34.5 million), AIA Group ($27.5 million), WH Group ($26.2 million), Geely Automobile Holdings ($25.2 million), China Taiping Insurance ($17.4 million)