Of the economies in the World Bank's latest release, Ghana has the highest s&P Global Equity Indices (annual % change) (173.93% in 2025) and Lebanon the lowest (-30.31% in 2025).
What this measures
S&P Global Equity Indices measure the U.S. dollar price change in the stock markets covered by the S&P BMI country indices.
Limitations: Markets included in Standard & Poor's emerging markets category vary widely in level of development. Thus, it is best to look at the entire category to identify the most significant market trends. It is also useful to remember that stock market trends may be distorted by currency conversions, especially when a currency has registered a significant devaluation. Index methodology details are available on the S&P Global website: https://www.spglobal.com/spdji/en/indices/equity/sp-global-bmi/#overview
Each country's latest available year is shown; countries report on different schedules, so compare years before comparing values.
Ranking
| # | Economy | Latest value | Year |
|---|---|---|---|
| 1 | Ghana | 173.93% | 2025 |
| 2 | Zambia | 94.45% | 2025 |
| 3 | Luxembourg | 92.63% | 2025 |
| 4 | Korea, Rep. | 87.32% | 2025 |
| 5 | Colombia | 81.77% | 2025 |
| 6 | Cyprus | 78.13% | 2025 |
| 7 | Spain | 72.34% | 2025 |
| 8 | Hungary | 71.51% | 2025 |
| 9 | Austria | 70.4% | 2025 |
| 10 | Viet Nam | 69.35% | 2025 |
| 11 | Slovenia | 68.43% | 2025 |
| 12 | Greece | 67.68% | 2025 |
| 13 | Peru | 66.75% | 2025 |
| 14 | Chile | 65.95% | 2025 |
| 15 | Czechia | 62.15% | 2025 |
| 16 | Nigeria | 61.22% | 2025 |
| 17 | Poland | 60.69% | 2025 |
| 18 | Romania | 58.48% | 2025 |
| 19 | South Africa | 55.56% | 2025 |
| 20 | Kenya | 53.45% | 2025 |
| 21 | Egypt, Arab Rep. | 50.91% | 2025 |
| 22 | Finland | 49.02% | 2025 |
| 23 | Italy | 48.59% | 2025 |
| 24 | Mexico | 46.96% | 2025 |
| 25 | Jordan | 46.87% | 2025 |
| 26 | Israel | 44.46% | 2025 |
| 27 | Pakistan | 44.29% | 2025 |
| 28 | Portugal | 41.66% | 2025 |
| 29 | Tunisia | 41.24% | 2025 |
| 30 | Brazil | 39.31% | 2025 |
| 31 | Croatia | 38.52% | 2025 |
| 32 | Morocco | 38.35% | 2025 |
| 33 | Bulgaria | 37.79% | 2025 |
| 34 | Netherlands | 36.87% | 2025 |
| 35 | Canada | 35.79% | 2025 |
| 36 | Namibia | 35.52% | 2025 |
| 37 | Belgium | 35.04% | 2025 |
| 38 | Ireland | 31.67% | 2025 |
| 39 | Sweden | 30.2% | 2025 |
| 40 | Switzerland | 29.97% | 2025 |
| 41 | Panama | 29.12% | 2025 |
| 42 | Côte d'Ivoire | 28.58% | 2025 |
| 43 | China | 28% | 2025 |
| 44 | Estonia | 26.69% | 2025 |
| 45 | Norway | 26.29% | 2025 |
| 46 | Hong Kong SAR, China | 26.2% | 2025 |
| 47 | Japan | 26.18% | 2025 |
| 48 | Singapore | 24.74% | 2025 |
| 49 | Oman | 23.95% | 2025 |
| 50 | Bahrain | 23.77% | 2025 |
| 51 | Germany | 23.01% | 2025 |
| 52 | Ecuador | 22.6% | 2018 |
| 53 | United Kingdom | 21.51% | 2025 |
| 54 | Kuwait | 20.13% | 2025 |
| 55 | United States | 16.39% | 2025 |
| 56 | Australia | 15.93% | 2025 |
| 57 | Sri Lanka | 15.66% | 2025 |
| 58 | United Arab Emirates | 13.2% | 2025 |
| 59 | Botswana | 13.04% | 2025 |
| 60 | Latvia | 10.84% | 2025 |
| 61 | France | 10.42% | 2025 |
| 62 | Russian Federation | 9.69% | 2023 |
| 63 | Ukraine | 8.93% | 2025 |
| 64 | Malaysia | 7.59% | 2025 |
| 65 | Argentina | 4.91% | 2025 |
| 66 | Kazakhstan | 4.85% | 2025 |
| 67 | Slovak Republic | 4.35% | 2025 |
| 68 | Qatar | 3.84% | 2025 |
| 69 | Indonesia | 3.57% | 2025 |
| 70 | India | 0.11% | 2025 |
| 71 | Mauritius | -0.19% | 2025 |
| 72 | Thailand | -2.04% | 2025 |
| 73 | Jamaica | -2.86% | 2025 |
| 74 | Türkiye | -5.34% | 2025 |
| 75 | New Zealand | -5.69% | 2025 |
| 76 | Lithuania | -6.21% | 2025 |
| 77 | Philippines | -6.33% | 2025 |
| 78 | Denmark | -8.53% | 2025 |
| 79 | Bangladesh | -9.55% | 2025 |
| 80 | Saudi Arabia | -12.03% | 2025 |
| 81 | Trinidad and Tobago | -12.61% | 2025 |
| 82 | Lebanon | -30.31% | 2025 |
More financial sector indicators
- Market capitalization of listed domestic companies (current US$)
- Market capitalization of listed domestic companies (% of GDP)
- Listed domestic companies, total
- Stocks traded, total value (current US$)
- Stocks traded, total value (% of GDP)
- Stocks traded, turnover ratio of domestic shares (%)
- Bank nonperforming loans to total gross loans (%)
- Automated teller machines (ATMs) (per 100,000 adults)
- Bank capital to assets ratio (%)
- Commercial bank branches (per 100,000 adults)
- Borrowers from commercial banks (per 1,000 adults)
- Depositors with commercial banks (per 1,000 adults)
Reading data like this
Source
World Bank, World Development Indicators, CM.MKT.INDX.ZG, CC BY 4.0. Original source: S&P Global BMI, S&P Dow Jones Indices, uri: https://www.spglobal.com/spdji/en/index-family/equity/global-equity/sp-global-bmi/#overview View on data.worldbank.org; the full definition is in the World Bank's metadata glossary.
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