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All of the World’s Publicly-Traded Companies in 2025
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America’s dominance of the global stock market is unrivaled, and its share has only grown in the past two years.
The outperformance of the S&P 500 has played a role in America’s leading position, averaging 14.8% compound average returns over the past decade. Global equities, represented by the MSCI ACWI (excluding the U.S.) Index, have returned 7% by comparison.
This graphic shows the world’s publicly-traded companies in 2025, based on data from Aswath Damodaran.
Breaking Down the $124 Trillion in Global Equities
Below, we show the market share of publicly-traded firms around the world at the start of 2025:
| Country/ Region | Market Cap (T) | Market Share % | Number of Firms |
|---|---|---|---|
| U.S. | $60.07 | 48.6% | 6,062 |
| China | $15.58 | 12.6% | 7,611 |
| EU & Environs | $14.99 | 12.1% | 5,782 |
| Asia (ex-Japan, China, India) | $6.79 | 5.5% | 1,0176 |
| Japan | $6.20 | 5.0% | 4,023 |
| India | $5.18 | 4.2% | 4,788 |
| Africa and Middle East | $5.09 | 4.1% | 2,478 |
| UK | $3.27 | 2.6% | 1,064 |
| Canada | $2.97 | 2.4% | 2,701 |
| Australia and New Zealand | $1.71 | 1.4% | 1,725 |
| Latin America & Caribbean | $1.63 | 1.3% | 977 |
| Eastern Europe & Russia | $0.12 | 0.1% | 423 |
| Total | $123.62 | 47,810 |
The value of the U.S. stock market is roughly equal to all other regions combined, encompassing 6,062 firms collectively valued at $60.1 trillion.
As of February 14, the market capitalization of the Magnificent Seven—Apple, Microsoft, Alphabet, Nvidia, Amazon, and Meta Platforms—was $17.8 trillion, making up almost 30% of the entire U.S. stock market. Last year, these companies fueled more than half of the S&P 500’s returns.
China ranks as the world’s second-largest stock market, valued at $15.6 trillion across 7,061 publicly-traded companies. While Tencent and Alibaba stand as the largest firms by market cap, several financial firms play a dominant role in China’s stock market.
With a $5.2 trillion market cap, India’s stock market is now larger than the UK and Latin America combined. In 2024, roughly 20% of households owned shares, rising from just 7% in just five years. Notably, the country’s rapid economic growth and digital transformation have driven shares to rise 80% over the period. By contrast, emerging markets have increased by 6%.
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To learn more about this topic from a performance perspective, check out this graphic on 30 years of global equity returns.
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