* indicates monthly or quarterly data series

Stock market value traded w/o top 10 firms, % of total value traded, 2020:

The average for 2020 based on 28 countries was 48.1 percent. The highest value was in Colombia: 99.15 percent and the lowest value was in Zambia: 2 percent. The indicator is available from 1998 to 2020. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Federation of Exchanges
Select indicator
* indicates monthly or quarterly data series


Countries Stock market activity for smaller firms, 2020 Global rank Available data
Colombia 99.15 1 2003 - 2020
Japan 83.08 2 1998 - 2020
Iran 73 3 1998 - 2020
Taiwan 71.88 4 1998 - 2020
Turkey 68.82 5 1998 - 2020
Malaysia 68.8 6 1999 - 2020
Thailand 68.17 7 1998 - 2020
Cyprus 67.33 8 2004 - 2020
Egypt 66 9 2004 - 2020
Germany 65.54 10 1998 - 2020
Saudi Arabia 65.03 11 2008 - 2020
Hong Kong 62.94 12 1998 - 2020
China 53.53 13 2001 - 2020
Philippines 51.75 14 1998 - 2020
Sri Lanka 47.5 15 1998 - 2020
Jordan 46.82 16 2006 - 2020
New Zealand 42 17 1998 - 2020
Poland 39.07 18 1998 - 2020
Peru 39 19 1998 - 2020
Chile 36.08 20 1998 - 2020
Spain 35.79 21 1998 - 2020
Croatia 28.56 22 2018 - 2020
Mauritius 23 23 2004 - 2020
Greece 20.81 24 1998 - 2020
Ghana 10.67 25 2020 - 2020
Panama 7 26 2019 - 2020
Kazakhstan 3.55 27 2012 - 2020
Zambia 2 28 2020 - 2020



Definition: Value of all traded shares outside of the top ten largest traded companies as a share of total value of all traded shares in a stock market exchange. WFE provides data on the exchange level. This variable is aggregated up to the country level by taking a simple average over exchanges.

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