In the table below, we show the standings of 35 global stock markets as a percentage of total world stock market cap. The US is still by far the largest stock market, and it is not even close, accounting for over 40% of total world market cap. China is the only other country to make up a double-digit share of world market cap. For the US, its share of global market cap has grown 1.55 percentage points since the start of the year. Only China has gained a larger share in 2020, rising 2.78 percentage points.
With the election underway, we also wanted to take a look at how this has changed during President Trump’s tenure. As shown, just like this year, since the last election, world market cap has consolidated into the US and China. Back in November of 2016, the US and China accounted for 36.53% and 10.21%, respectively, compared to 41.07% and 11.22% today. For the US, that 4.5 percentage point gain in share of world market cap is by far the largest, and China’s gain was actually not the runner up. Saudi Arabia holds that spot with a share that has risen over 2 percentage points. That outsized gain is thanks to the IPO of Saudi Aramco, one of the world’s largest companies, just under one year ago. On the other hand, the UK and Japan have lost disproportionately large shares in the same time frame. Click here to view Bespoke’s premium membership options for our best research available.