Middle income: Market capitalization of listed domestic companies (% of GDP)

Key figures

What the numbers say

In 2025, Middle income's market capitalization of listed domestic companies (% of GDP) rose 23.15 percentage points on 2024 (from 65.3% to 88.46%).

Across the 21 yearly changes before that (2004 to 2024), the average change was +1.34 percentage points and a typical year strayed about 19.06 percentage points from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

On record, the biggest yearly rise was 41.14 percentage points in 2007 and the biggest yearly fall was 58.61 percentage points in 2008. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 the straight-line trend is upward, about 2.04 percentage points a year. A straight line explains 37% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

What this measures

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.

Limitations: Data 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.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 23 values

Market capitalization of listed domestic companies (% of GDP) in nearby economies

• Algeria — 0.19% (2018)
• Bahrain — 43.52% (2025)
• Egypt, Arab Rep. — 17.21% (2025)
• Iran, Islamic Rep. — 51.18% (2025)
• Israel — 61.02% (2024)
• Jordan — 60.65% (2025)
• Kuwait — 109.49% (2025)
• Lebanon — 45.73% (2021)
• Malta — 19.26% (2025)

More financial sector data for Middle income

• Inflation, GDP deflator (annual % growth) — 3.69% (2025)
• Domestic credit to private sector by banks (% of GDP) — 119.97% (2024)
• Monetary sector credit to private sector (% of GDP) — 119.99% (2024)
• Broad money (% of GDP) — 158.87% (2024)
• Claims on central government, etc. (% of GDP) — 34.94% (2024)
• Stocks traded, turnover ratio of domestic shares (%) — 185.81% (2024)
• Inflation, consumer prices (annual % growth) — 3.51% (2025)
• Domestic credit to private sector (% of GDP) — 121.87% (2024)
• Listed domestic companies, total — 27,754 (2025)

Reading data like this

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Questions people ask

What is Middle income's market capitalization of listed domestic companies (% of GDP)?

88.46% in 2025, according to the World Bank (World Development Indicators).

How has it changed since 2003?

It is up 51.32 percentage points from 37.14% in 2003. The highest value was 94.96% in 2007 and the lowest 36.35% in 2008.

Is the latest change in market capitalization of listed domestic companies (% of GDP) unusual for Middle income?

In 2025, Middle income's market capitalization of listed domestic companies (% of GDP) rose 23.15 percentage points on 2024 (from 65.3% to 88.46%). Across the 21 yearly changes before that (2004 to 2024), the average change was +1.34 percentage points and a typical year strayed about 19.06 percentage points from that (the standard deviation). This year's change was 1.1 standard deviations above that average, so it was larger than a typical year, though not out of the range seen before.

Source

World Bank, World Development Indicators, indicator CM.MKT.LCAP.GD.ZS, licensed CC BY 4.0. Original source: World Federation of Exchanges database, World Federation of Exchanges (WFE) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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