One of the most potent symbols of American financial dominance is the combined market capitalization of the country’s two biggest stock exchanges—the New York Stock Exchange (NYSE) and NASDAQ.
These two major listing hubs dwarf all other exchanges around the world. In fact, the NYSE on its own is larger than the Shanghai, Shenzhen, Japan, and Euronext exchanges put together.
| Rank | Exchange | Market Cap (Oct ’22) | Location | Approx. # of companies |
|---|---|---|---|---|
| #1 | NYSE | $22.8T | United States  |
2,400 |
| #2 | NASDAQ | $16.2T | United States |
3,700 |
| #3 | Shanghai Stock Exchange | $6.7T | China  |
1,600 |
| #4 | EuroNext | $6.1T | Europe  |
800 |
| #5 | Japan Exchange Group | $5.4T | Japan  |
3,800 |
| #6 | Shenzhen Stock Exchange | $4.7T | China |
2,800 |
| #7 | Hong Kong Stock Exchange | $4.6T | Hong Kong SAR  |
2,600 |
| #8 | National Stock Exchange of India | $3.3T | India  |
2,100 |
| #9 | London Stock Exchange | $3.1T | UK  |
1,900 |
| #10 | Toronto Stock Exchange | $2.7T | Canada  |
1,500 |
One of the key reasons for this dominance is the sheer size of the U.S. economy. With a GDP of over $25 trillion, the U.S. economy is the largest in the world, and American exchanges are home to some of the world’s largest and most valuable companies, including tech giants like Apple, Amazon, and Microsoft.
As of January 2023, the value of stocks listed on U.S. exchanges made up 42% of the global total. How does this total stack up, historically?