The Nasdaq and the New York Stock Exchange are the two largest stock exchanges in the world, each worth tens of trillions of dollars in listed companies. The United States alone hosts about half of all global equity value. China, Japan, Europe and India host the next-largest markets.
The largest stock exchanges in the world (2026)
Ranked by the market capitalisation of listed companies, two US exchanges tower over the rest. As of early 2026 the Nasdaq had overtaken the New York Stock Exchange to become the world’s largest, on the strength of its technology listings, with the NYSE close behind. No non-US exchange comes within $20 trillion of them.
| Rank | Exchange | Location | Market cap (USD trn) |
|---|---|---|---|
| 1 | Nasdaq | United States | ~35.5 |
| 2 | New York Stock Exchange | United States | ~31.0 |
| 3 | Shanghai Stock Exchange | China | ~10.2 |
| 4 | Japan Exchange Group | Japan | ~7.95 |
| 5 | Euronext | EU (Amsterdam, Paris…) | ~7.45 |
| 6 | Shenzhen Stock Exchange | China | ~7.3 |
| 7 | Hong Kong Exchanges | Hong Kong | ~6.2 |
| 8 | BSE (Bombay Stock Exchange) | India | ~5.02 |
| 9 | National Stock Exchange of India | India | ~5.01 |
| 10 | Taiwan Stock Exchange | Taiwan | ~4.97 |
Source: World Federation of Exchanges basis, ~Q1 2026. Ranks 8–10 are tightly clustered and can change month to month.
The US dominates global equities
The concentration is striking. Total global equity market capitalisation reached about $151.9 trillion at the end of 2025, up 18.5% on the year (World Federation of Exchanges). The United States accounts for roughly 49% of that value (SIFMA) — almost half the world’s listed wealth in one country. The ranking also shifts over time: the London Stock Exchange and Saudi Arabia’s Tadawul have both slipped out of the top ten, overtaken by fast-growing Asian markets.
Key takeaways
- Nasdaq and the NYSE are the two largest exchanges, worth ~$35T and ~$31T.
- The US hosts about 49% of all global equity value (SIFMA).
- Global equity market cap was ~$151.9 trillion at end-2025 (WFE).
- Asian exchanges have pushed London and Riyadh out of the top ten.
How is a stock exchange’s size measured?
There are two common yardsticks. Market capitalisation adds up the value of all companies listed on an exchange — the measure used for this ranking. Value traded counts how much stock actually changes hands over a period. An exchange can rank differently on each: some host huge, buy-and-hold companies, while others see more frequent trading. Market cap is the standard for “largest.”
Frequently asked questions
Which is the largest stock exchange in the world?
By the market capitalisation of listed companies, the Nasdaq is now the largest, at about $35 trillion, having edged ahead of the New York Stock Exchange (~$31 trillion). Both are based in the United States.
How is a stock exchange’s size measured?
Usually by the total market capitalisation of the companies listed on it. A second measure, value traded, counts how much stock is bought and sold. Rankings can differ depending on which metric is used.
Where does the London Stock Exchange rank now?
The London Stock Exchange has fallen out of the global top ten, with a market cap around $3.8 trillion. It was overtaken by faster-growing Asian exchanges in India, Taiwan and China.
Sources
- World Federation of Exchanges, 2025 market data — retrieved 2026-07-04 — world-exchanges.org
- SIFMA, Capital Markets Fact Book — retrieved 2026-07-04 — sifma.org
- World Federation of Exchanges / list of major stock exchanges — retrieved 2026-07-04 — wikipedia.org
Last updated: July 4, 2026
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