{"id":1204178,"name":"Market capitalization of listed domestic companies (% of GDP)","unit":"% of GDP","createdAt":"2026-03-01T08:23:06.000Z","updatedAt":"2026-05-12T18:49:10.000Z","coverage":"","timespan":"1975-2024","datasetId":7396,"shortUnit":"%","columnOrder":0,"shortName":"cm_mkt_lcap_gd_zs","catalogPath":"grapher/worldbank_wdi/2026-02-27/wdi/wdi#cm_mkt_lcap_gd_zs","descriptionFromProducer":"Market capitalization (also known as market value) is the share price times the number of shares outstanding (including their several classes) for listed domestic companies. Investment funds, unit trusts, and companies whose only business goal is to hold shares of other listed companies are excluded. Data are end of year values.\n\n### Aggregation method:\nWeighted average\n\n### Statistical concept and methodology:\nMethodology: Market capitalization figures include: shares of listed domestic companies; shares of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange); common and preferred shares of domestic companies; and shares without voting rights. Market capitalization figures exclude: collective investment funds ; rights, warrants, ETFs, convertible instruments ; options, futures ; foreign listed shares other than exclusively listed ones; companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status; and companies admitted to trading (i.e., companies whose shares are traded at the exchange but not listed at the exchange).\nStatistical concept(s): Market capitalization figures include: shares of listed domestic companies; shares of foreign companies which are exclusively listed on an exchange (i.e., the foreign company is not listed on any other exchange); common and preferred shares of domestic companies; and shares without voting rights. Market capitalization figures exclude: collective investment funds ; rights, warrants, ETFs, convertible instruments ; options, futures ; foreign listed shares other than exclusively listed ones; companies whose only business goal is to hold shares of other listed companies, such as holding companies and investment companies, regardless of their legal status; and companies admitted to trading (i.e., companies whose shares are traded at the exchange but not listed at the exchange).\n\n### Development relevance:\nStock market size can be measured in various ways, and each may produce a different ranking of countries.\n\nThe development of an economy's financial markets is closely related to its overall development. Well-functioning financial systems provide good and easily accessible information which can lower transaction costs and subsequently improve resource allocation and boosts economic growth. Both banking systems and stock markets enhance growth, the main factor in poverty reduction. At low levels of economic development commercial banks tend to dominate the financial system, while at higher levels domestic stock markets tend to become more active and efficient relative to domestic banks.\n\nOpen economies with sound macroeconomic policies, good legal systems, and shareholder protection attract capital and therefore have larger financial markets. Recent research on stock market development shows that modern communications technology and increased financial integration have resulted in more cross-border capital flows, a stronger presence of financial firms around the world, and the migration of stock exchange activities to international exchanges. Many firms in emerging markets now cross-list on international exchanges, which provides them with lower cost capital and more liquidity-traded shares. However, this also means that exchanges in emerging markets may not have enough financial activity to sustain them, putting pressure on them to rethink their operations.\n\n### Limitations and exceptions:\nData cover measures of size (market capitalization, number of listed domestic companies) and liquidity (value of shares traded as a percentage of gross domestic product, value of shares traded as a percentage of market capitalization). The comparability of such data across countries may be limited by conceptual and statistical weaknesses, such as inaccurate reporting and differences in accounting standards.\n\n### Other notes:\nStock market data were previously sourced from Standard & Poor's until they discontinued their \"Global Stock Markets Factbook\" and database in April 2013. Time series have been replaced in December 2015 with data from the World Federation of Exchanges and may differ from the previous S&P definitions and methodology.","type":"float","dataChecksum":"1441285271413043193","metadataChecksum":"-7198436558828384616","datasetName":"World Development Indicators","updatePeriodDays":365,"datasetVersion":"2026-02-27","nonRedistributable":false,"display":{"unit":"% of GDP","shortUnit":"%"},"schemaVersion":2,"presentation":{},"dimensions":{"years":{"values":[{"id":1999},{"id":2000},{"id":2001},{"id":2002},{"id":2003},{"id":2004},{"id":2005},{"id":2006},{"id":2007},{"id":2008},{"id":2009},{"id":2010},{"id":2011},{"id":2012},{"id":2013},{"id":2014},{"id":2015},{"id":2016},{"id":2017},{"id":2018},{"id":1977},{"id":1978},{"id":1979},{"id":1980},{"id":1981},{"id":1982},{"id":1983},{"id":1984},{"id":1985},{"id":1986},{"id":1987},{"id":1988},{"id":1989},{"id":1990},{"id":1991},{"id":1992},{"id":1993},{"id":1994},{"id":1995},{"id":1996},{"id":1997},{"id":1998},{"id":2019},{"id":2020},{"id":2021},{"id":2022},{"id":2023},{"id":2024},{"id":1975},{"id":1976}]},"entities":{"values":[{"id":17,"name":"Algeria","code":"DZA"},{"id":21,"name":"Argentina","code":"ARG"},{"id":22,"name":"Armenia","code":"ARM"},{"id":23,"name":"Australia","code":"AUS"},{"id":24,"name":"Austria","code":"AUT"},{"id":25,"name":"Azerbaijan","code":"AZE"},{"id":27,"name":"Bahrain","code":"BHR"},{"id":28,"name":"Bangladesh","code":"BGD"},{"id":29,"name":"Barbados","code":"BRB"},{"id":30,"name":"Belarus","code":"BLR"},{"id":4,"name":"Belgium","code":"BEL"},{"id":194,"name":"Bermuda","code":"BMU"},{"id":36,"name":"Botswana","code":"BWA"},{"id":37,"name":"Brazil","code":"BRA"},{"id":39,"name":"Bulgaria","code":"BGR"},{"id":44,"name":"Canada","code":"CAN"},{"id":197,"name":"Cayman Islands","code":"CYM"},{"id":304,"name":"Channel Islands","code":"OWID_CIS"},{"id":172,"name":"Chile","code":"CHL"},{"id":171,"name":"China","code":"CHN"},{"id":170,"name":"Colombia","code":"COL"},{"id":166,"name":"Costa Rica","code":"CRI"},{"id":143,"name":"Cote d'Ivoire","code":"CIV"},{"id":165,"name":"Croatia","code":"HRV"},{"id":163,"name":"Cyprus","code":"CYP"},{"id":162,"name":"Czechia","code":"CZE"},{"id":161,"name":"Denmark","code":"DNK"},{"id":349172,"name":"East Asia and Pacific (WB)","code":"WB_EAP"},{"id":201,"name":"Ecuador","code":"ECU"},{"id":65,"name":"Egypt","code":"EGY"},{"id":78,"name":"Eswatini","code":"SWZ"},{"id":349171,"name":"Europe and Central Asia (WB)","code":"WB_ECA"},{"id":115117,"name":"European Union (27)","code":"OWID_EU27"},{"id":155,"name":"Finland","code":"FIN"},{"id":3,"name":"France","code":"FRA"},{"id":6,"name":"Germany","code":"DEU"},{"id":150,"name":"Ghana","code":"GHA"},{"id":149,"name":"Greece","code":"GRC"},{"id":457,"name":"High-income countries","code":"OWID_HIC"},{"id":144,"name":"Hong Kong","code":"HKG"},{"id":138,"name":"Hungary","code":"HUN"},{"id":137,"name":"India","code":"IND"},{"id":136,"name":"Indonesia","code":"IDN"},{"id":135,"name":"Iran","code":"IRN"},{"id":2,"name":"Ireland","code":"IRL"},{"id":133,"name":"Israel","code":"ISR"},{"id":8,"name":"Italy","code":"ITA"},{"id":132,"name":"Jamaica","code":"JAM"},{"id":14,"name":"Japan","code":"JPN"},{"id":130,"name":"Jordan","code":"JOR"},{"id":131,"name":"Kazakhstan","code":"KAZ"},{"id":129,"name":"Kenya","code":"KEN"},{"id":208,"name":"Kuwait","code":"KWT"},{"id":349170,"name":"Latin America and Caribbean (WB)","code":"WB_LAC"},{"id":124,"name":"Lebanon","code":"LBN"},{"id":460,"name":"Lower-middle-income countries","code":"OWID_LMC"},{"id":210,"name":"Luxembourg","code":"LUX"},{"id":116,"name":"Malaysia","code":"MYS"},{"id":212,"name":"Malta","code":"MLT"},{"id":213,"name":"Mauritius","code":"MUS"},{"id":113,"name":"Mexico","code":"MEX"},{"id":372001,"name":"Middle East, North Africa, Afghanistan and Pakistan (WB)","code":"WB_MENAP"},{"id":215,"name":"Montenegro","code":"MNE"},{"id":110,"name":"Morocco","code":"MAR"},{"id":108,"name":"Namibia","code":"NAM"},{"id":5,"name":"Netherlands","code":"NLD"},{"id":106,"name":"New Zealand","code":"NZL"},{"id":103,"name":"Nigeria","code":"NGA"},{"id":278896,"name":"North America (WB)","code":"WB_NA"},{"id":102,"name":"Norway","code":"NOR"},{"id":217,"name":"Oman","code":"OMN"},{"id":101,"name":"Pakistan","code":"PAK"},{"id":140,"name":"Palestine","code":"PSE"},{"id":100,"name":"Panama","code":"PAN"},{"id":99,"name":"Papua New Guinea","code":"PNG"},{"id":98,"name":"Paraguay","code":"PRY"},{"id":97,"name":"Peru","code":"PER"},{"id":96,"name":"Philippines","code":"PHL"},{"id":11,"name":"Poland","code":"POL"},{"id":95,"name":"Portugal","code":"PRT"},{"id":226,"name":"Qatar","code":"QAT"},{"id":92,"name":"Romania","code":"ROU"},{"id":12,"name":"Russia","code":"RUS"},{"id":91,"name":"Rwanda","code":"RWA"},{"id":90,"name":"Saudi Arabia","code":"SAU"},{"id":88,"name":"Serbia","code":"SRB"},{"id":233,"name":"Seychelles","code":"SYC"},{"id":86,"name":"Singapore","code":"SGP"},{"id":85,"name":"Slovakia","code":"SVK"},{"id":83,"name":"Slovenia","code":"SVN"},{"id":81,"name":"South Africa","code":"ZAF"},{"id":277956,"name":"South Asia (WB)","code":"WB_SA"},{"id":127,"name":"South Korea","code":"KOR"},{"id":9,"name":"Spain","code":"ESP"},{"id":141,"name":"Sri Lanka","code":"LKA"},{"id":277950,"name":"Sub-Saharan Africa (WB)","code":"WB_SSA"},{"id":10,"name":"Sweden","code":"SWE"},{"id":7,"name":"Switzerland","code":"CHE"},{"id":64,"name":"Tanzania","code":"TZA"},{"id":75,"name":"Thailand","code":"THA"},{"id":73,"name":"Trinidad and Tobago","code":"TTO"},{"id":71,"name":"Tunisia","code":"TUN"},{"id":70,"name":"Turkey","code":"TUR"},{"id":67,"name":"Ukraine","code":"UKR"},{"id":72,"name":"United Arab Emirates","code":"ARE"},{"id":1,"name":"United Kingdom","code":"GBR"},{"id":13,"name":"United States","code":"USA"},{"id":459,"name":"Upper-middle-income countries","code":"OWID_UMC"},{"id":63,"name":"Uruguay","code":"URY"},{"id":62,"name":"Uzbekistan","code":"UZB"},{"id":238,"name":"Venezuela","code":"VEN"},{"id":84,"name":"Vietnam","code":"VNM"},{"id":355,"name":"World","code":"OWID_WRL"},{"id":60,"name":"Zambia","code":"ZMB"},{"id":80,"name":"Zimbabwe","code":"ZWE"}]}},"origins":[{"id":12676,"title":"World Development Indicators","description":"The World Development Indicators (WDI) database, published by the World Bank, is a comprehensive collection of global development data, providing key economic, social, and environmental statistics. It includes over 1,500 indicators covering more than 200 countries and territories, with data spanning several decades.WDI serves as a vital resource for policymakers, researchers, businesses, and analysts seeking to understand global trends and make data-driven decisions. The database covers a wide range of topics, including economic growth, education, health, poverty, trade, energy, infrastructure, governance, and environmental sustainability.The indicators are sourced from reputable national and international agencies, ensuring high-quality, consistent, and comparable data. Users can access the database through interactive online tools, API services, and downloadable datasets, facilitating detailed analysis and visualization.WDI is also used for tracking progress on the Sustainable Development Goals (SDGs) and other global development initiatives. By providing accessible and reliable statistics, it helps to inform policy discussions and strategies globally.Whether for academic research, policy planning, or economic analysis, the World Development Indicators database is an essential tool for understanding and addressing global development challenges.","producer":"World Federation of Exchanges (WFE), via World Bank","citationFull":"World Federation of Exchanges database, World Federation of Exchanges (WFE). Indicator CM.MKT.LCAP.GD.ZS (https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS). World Development Indicators - World Bank (2026). Accessed on 2026-02-27.","versionProducer":"125","urlMain":"https://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS","urlDownload":"https://databankfiles.worldbank.org/public/ddpext_download/WDI_CSV.zip","dateAccessed":"2026-02-27","datePublished":"2026-01-28","license":{"url":"https://datacatalog.worldbank.org/search/dataset/0037712/World-Development-Indicators","name":"CC BY 4.0"}}]}