Americas 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 Americas 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, via Visual Capitalist's Dorothy Neufeld, shows the worlds publicly-traded companies in 2025, based on data from Aswath Damodaran.
At the end of December 2024, the market capitalization of the Magnificent Seven - Apple, Microsoft, Alphabet, Nvidia, Amazon, and Meta Platforms - was over $18.4 trillion, making up almost 30% of the entire U.S. stock market. Last year, these companies fueled more than half of the S&P 500s returns. This year, it has been the opposite, fueling the downturn as they have lost over $2.5 trillion..
China ranks as the worlds 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 Chinas stock market.
With a $5.2 trillion market cap, Indias 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 countrys rapid economic growth and digital transformation have driven shares to rise 80% over the period. By contrast, emerging markets have increased by 6%.