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Value of listed shares to GDP, calculated using the following deflation method: {(0.5)*[Ft/P_et + Ft-1/P_et-1]}/[GDPt/P_at] where F is stock market capitalization, P_e is end-of period CPI, and P_a is average annual CPI. End-of period CPI (IFS line 64M..ZF or, if not available, 64Q..ZF) and average annual CPI is calculated using the monthly CPI values (IFS line 64M..ZF).
As of 2020, Hong Kong ranks first with 1,777.54%, followed by Iran (526.20%) and Saudi Arabia (345.35%).
Hong Kong is 3.4 times higher than Iran, the runner-up.
Across 67 countries and territories, values run from 1,777.54% (Hong Kong) to 3.06% (Costa Rica), with a median of 46.68%.
By region, the top 10 is made up of 6 from Asia, 2 from the Americas, 1 from Africa and 1 from Europe.
Source: World Bank Open Data — Stock market capitalization to GDP (%), 2020. Unit: %.
Source: World Bank Open Data — Stock market capitalization to GDP (%) · CC BY 4.0 · fetched Oct 17, 2026