Stock market value traded - Country rankings

* indicates monthly or quarterly data series

Stock market value traded, percent of GDP, 2022:

The average for 2022 based on 74 countries was 34.95 percent. The highest value was in Hong Kong: 794.22 percent and the lowest value was in Azerbaijan: 0 percent. The indicator is available from 1975 to 2022. 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 value traded, 2022 Global rank Available data
Hong Kong 794.22 1 1975 - 2022
South Korea 182.16 2 1979 - 2022
China 181.54 3 1993 - 2022
USA 172.14 4 1975 - 2022
Japan 137.63 5 1975 - 2022
Switzerland 105.71 6 1975 - 2022
Canada 104.06 7 1975 - 2022
Turkey 98.58 8 1991 - 2022
Thailand 96.48 9 1980 - 2022
Brazil 66.2 10 1989 - 2022
Australia 64.35 11 1975 - 2022
South Africa 57.76 12 1975 - 2022
India 57.71 13 2000 - 2022
Iran 57.32 14 1975 - 2022
Saudi Arabia 40.37 15 2001 - 2022
Vietnam 39.5 16 2008 - 2022
Germany 31.66 17 1975 - 2022
UA Emirates 28.89 18 2006 - 2022
Malaysia 27.14 19 1980 - 2022
Spain 25.58 20 1975 - 2022
UK 25.4 21 1975 - 2022
Kuwait 23.26 22 1993 - 2022
Israel 21.29 23 1979 - 2022
Qatar 18.72 24 2006 - 2022
Indonesia 14.77 25 1993 - 2022
Chile 13.64 26 1980 - 2022
Poland 9.51 27 1991 - 2022
Russia 8.94 28 2001 - 2022
Greece 8.57 29 1980 - 2022
Austria 7.94 30 1975 - 2022
Mexico 7.22 31 1978 - 2022
Philippines 6.44 32 1980 - 2022
New Zealand 5.71 33 1985 - 2022
Hungary 5.32 34 2002 - 2022
Jordan 5.22 35 1993 - 2022
Bangladesh 4.95 36 1993 - 2022
Palestine 2.47 37 1999 - 2022
Egypt 2.35 38 2006 - 2022
Morocco 2.34 39 1993 - 2022
Sri Lanka 2.27 40 1993 - 2022
Pakistan 2.03 41 1996 - 2022
Oman 2.02 42 1993 - 2022
Czechia 1.95 43 1993 - 2022
Colombia 1.88 44 1980 - 2022
Mauritius 1.88 45 1993 - 2022
Tunisia 1.28 46 1994 - 2022
Argentina 1.26 47 1983 - 2022
Jamaica 1.07 48 1993 - 2022
Bahrain 0.97 49 1994 - 2022
Panama 0.82 50 1993 - 2022
Romania 0.81 51 1997 - 2022
Slovenia 0.69 52 1993 - 2022
Peru 0.57 53 1993 - 2022
Nigeria 0.47 54 1993 - 2022
Botswana 0.44 55 1994 - 2022
Bulgaria 0.4 56 1993 - 2022
Seychelles 0.38 57 2014 - 2022
Croatia 0.34 58 1993 - 2022
Kenya 0.31 59 1993 - 2022
Namibia 0.29 60 1994 - 2022
Malta 0.19 61 1998 - 2022
Bermuda 0.16 62 1995 - 2022
Cyprus 0.16 63 1993 - 2022
Kazakhstan 0.16 64 2002 - 2022
Rwanda 0.13 65 2018 - 2022
Ghana 0.08 66 1993 - 2022
Lebanon 0.07 67 1996 - 2022
Costa Rica 0.06 68 1993 - 2022
Luxembourg 0.06 69 1982 - 2022
Zambia 0.05 70 1994 - 2022
Tanzania 0.04 71 1999 - 2022
Armenia 0.01 72 2018 - 2022
Belarus 0.01 73 2014 - 2022
Azerbaijan 0 74 2019 - 2022



Definition: The value of shares traded is the total number of shares traded, both domestic and foreign, multiplied by their respective matching prices. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data. Data are end of year values.
Discussion: Value traded as percent of GDP is calculated as the total amount of shares traded over the course of one year (number of shares traded times their prices at the time of the trade) divided by GDP. This is a measure of how active the stock market of a country is. There may be large market capitalization with either many firms traded or few but very large firms, but there may be limited activity in terms of buying and selling shares. The value traded measure captures the trading volumes to reveal how active the market is.

A related measure is the stock market turnover ratio which also looks at the volume to stock market trades but related to the market capitalization, not GDP. Therefore, it is good practice to look at both measures when evaluating how active a stock market is. The correlation of the two measures is about 0.4 when looking at data for the last ten years, i.e. it is positive but not close to 1.


Selected articles from our guide:

The unholy trinity of international finance

Most commonly used measures of corruption

All articles

1. Hong Kong
2. South Korea
3. China
4. USA
5. Japan
6. Switzerland
7. Canada
8. Turkey
9. Thailand
10. Brazil
11. Australia
12. South Africa
13. India
14. Iran
15. Saudi Arabia
16. Vietnam
17. Germany
18. UA Emirates
19. Malaysia
20. Spain
21. UK
22. Kuwait
23. Israel
24. Qatar
25. Indonesia
26. Chile
27. Poland
28. Russia
29. Greece
30. Austria
31. Mexico
32. Philippines
33. New Zealand
34. Hungary
35. Jordan
36. Bangladesh
37. Palestine
38. Egypt
39. Morocco
40. Sri Lanka
41. Pakistan
42. Oman
43. Czechia
44. Colombia
45. Mauritius
46. Tunisia
47. Argentina
48. Jamaica
49. Bahrain
50. Panama
51. Romania
52. Slovenia
53. Peru
54. Nigeria
55. Botswana
56. Bulgaria
57. Seychelles
58. Croatia
59. Kenya
60. Namibia
61. Malta
62. Bermuda
63. Cyprus
64. Kazakhstan
65. Rwanda
66. Ghana
67. Lebanon
68. Costa Rica
69. Luxembourg
70. Zambia
71. Tanzania
72. Armenia
73. Belarus
74. Azerbaijan
794.22
182.16
181.54
172.14
137.63
105.71
104.06
98.58
96.48
66.20
64.35
57.76
57.71
57.32
40.37
39.50
31.66
28.89
27.14
25.58
25.40
23.26
21.29
18.72
14.77
13.64
9.51
8.94
8.57
7.94
7.22
6.44
5.71
5.32
5.22
4.95
2.47
2.35
2.34
2.27
2.03
2.02
1.95
1.88
1.88
1.28
1.26
1.07
0.97
0.82
0.81
0.69
0.57
0.47
0.44
0.40
0.38
0.34
0.31
0.29
0.19
0.16
0.16
0.16
0.13
0.08
0.07
0.06
0.06
0.05
0.04
0.01
0.01
0.00
0
198.6
397.1
595.7
794.22


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