The 10 Top Stock Exchanges in the World by Market Cap

Have you ever wondered where the world’s biggest companies get their money? Where do millions of people buy and sell shares every second?

The answer lies in stock exchanges. A stock exchange is a secure marketplace. It is a platform where buyers and sellers trade shares of public companies.

The size of a stock exchange is measured by its market capitalization. We also call this market cap. Market cap is the total value of all the shares of all the companies listed on that exchange. It tells us how much wealth a stock market holds.

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Key Takeaways

• Global Leaders: The US completely dominates the global financial space with the New York Stock Exchange and Nasdaq taking the top two spots.
• Indian Powerhouses: India holds a proud position in the global top ten list as both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) feature among the largest stock exchanges in the world.
• Asian Growth: With rapid growth in the Asian stock markets, China, Japan, Hong Kong, and India together hold a massive share of the world’s wealth.
• Tech and Innovation: The rise of technology, artificial intelligence, and new-age electronics is heavily driving the market values of these global platforms.

What is Market Capitalization?

Before we jump into the list, let us understand market cap in easy terms. Assume that a company has 100 shares and each share costs ₹500. The market cap of that company is 100*500, which equals ₹50,000.

By adding up this value for every single company listed on a stock market, you get the total market cap of that exchange. Usually, global market caps are counted in US Dollars (USD). This makes it easy to compare different countries.

The 10 Top Stock Exchanges by Market Cap

Here is the breakdown of the top ten stock exchanges globally. They are ranked by their recent domestic market capitalization values.

1. New York Stock Exchange (NYSE) – USA

The New York Stock Exchange is in the top position in this list. Located on Wall Street in New York City, NYSE was founded way back in 1792. To say the least, it is a true symbol of global capitalism. NYSE’s market capitalization stands at a massive figure of around $30 trillion to $32 trillion.

7 of the 10 largest IPOs in 2025 were listed on the New York Stock Exchange. Moreover, NYSE hosts some of the most famous blue-chip companies. They are stable, decades-old giant businesses.

Some relatable examples are companies like JPMorgan Chase, Berkshire Hathaway, Walmart, and ExxonMobil. The exchange uses a hybrid model of electronic trading and human interaction on the physical trading floor.

2. Nasdaq – USA

The Nasdaq is another stock exchange located in the United States. A younger exchange compared to the NYSE, it was founded in 1971. Nasdaq holds the distinction of being the world’s first fully electronic stock exchange.

Also, Nasdaq is the largest U.S. equities exchange venue in terms of market share. It does not have a physical trading floor. Everything happens over computers.With a market cap of roughly $30 trillion to $34 trillion, Nasdaq often competes head-to-head with the NYSE for the top spot.

Nasdaq is famous for technology and innovation. If you want to track global tech giants like Apple, Microsoft, Amazon, Alphabet (Google), and Nvidia, Nasdaq is where they live.

3. Shanghai Stock Exchange (SSE) – China

Moving over to Asia, the Shanghai Stock Exchange is the biggest market hub in mainland China. It has an approximate market cap of $10 trillion. The SSE was established in 1990. It is a critical driving force for China’s massive economy.

The exchange operates with two types of shares. These are A-shares and B-shares. A-shares are priced in local Chinese Yuan and are meant for domestic investors. B-shares are priced in US Dollars and are open to foreign investors.

Major companies listed here are state-owned giants like PetroChina and the Industrial and Commercial Bank of China (ICBC).

4. Euronext – Europe

Euronext is unique because it does not belong to just one country. It is a pan-European stock exchange. It represents multiple European economies. These include France, Belgium, Ireland, Italy, the Netherlands, Norway, and Portugal.

Its market cap stands at over $8.6 trillion. Euronext was formed in the year 2000 to bring European markets under one roof. It hosts premium global luxury brands and industrial giants. Famous companies like LVMH (Louis Vuitton), ASML Holding, and Airbus trade on this platform.

5. Japan Exchange Group (JPX) – Japan

The Japan Exchange Group operates the Tokyo Stock Exchange (TSE). Founded in 1878, TSE is the heart of Japanese corporate finance. It holds a market cap of around $7.6 trillion.

Japan has seen excellent stock market growth recently. This growth is backed by strong corporate reforms and good export numbers. The exchange is home to household names that we see on Indian roads every day.

These include major automobile and electronic corporations like Toyota, Sony, Honda, and Mitsubishi. Its primary index is the well-known Nikkei 225.

6. Shenzhen Stock Exchange (SZSE) – China

The Shenzhen Stock Exchange is the second entry from mainland China, with a market cap of approximately $6.3 trillion. As Shanghai handles older, state-run companies, Shenzhen is often called the “Chinese Nasdaq.”

With SZSE focussing heavily on young, innovative, tech-driven businesses, companies operating in the electric vehicles (EVs), clean energy, hardware manufacturing, and advanced robotics space are listed on this exchange. It provides a huge platform for startups to raise money.

7. Hong Kong Exchanges and Clearing (HKEX) – Hong Kong

The Hong Kong Stock Exchange plays a key role in global finance. It acts as a bridge by connecting the closed economy of mainland China with international investors. It has a market cap of around $5.8 trillion.

Many large Chinese companies choose to list in Hong Kong to attract foreign cash. The exchange is highly globalized and operates under flexible rules. Tech giant Tencent Holdings and financial heavyweights like HSBC are some of the biggest names on this exchange.

8. National Stock Exchange of India (NSE) – India

Now, let us talk about our own country! India’s financial growth has been spectacular. The National Stock Exchange of India is the younger of India’s two main exchanges. It was set up in 1992. The NSE has grown rapidly to reach a market cap of over $4.3 trillion.

The NSE is highly famous for its electronic system and derivative trading volumes. Its benchmark index is the Nifty 50. This index tracks the fifty biggest and most liquid stocks in India. Reliance Industries, TCS, and HDFC Bank are major drivers of this exchange.

The rise of retail investors in India has pushed the NSE into the ranks of the largest stock exchanges in the world. Last but not least, India’s largest stock exchange NSE has filed for a ₹30,000-crore IPO.

9. BSE Limited (Bombay Stock Exchange) – India

The Bombay Stock Exchange is the grand old building located at Dalal Street in Mumbai. Established in 1875, BSE is Asia’s very first stock exchange and the only listed stock exchange in India. Today, its market cap sits very close to the NSE at around $4.3 trillion.

The BSE has the highest number of listed companies in the world. Over 5,000 companies are registered on it. The major index of BSE is the Sensex, which tracks 30 well-established stocks. The NSE and BSE together make India a global investment powerhouse.

10. TMX Group (Toronto Stock Exchange) – Canada

Closing the top ten list is the Toronto Stock Exchange from Canada. It is operated by the TMX Group. It features a market capitalization of around $4.7 trillion.

The Canadian stock market is highly famous for natural resources. If you are looking for businesses dealing with mining, oil and gas, forestry, and traditional banking, the TSX is the go-to place. Big companies like Shopify and the Royal Bank of Canada are listed here.

Summary of the Top Stock Exchanges

Here is a quick summary table to compare the largest stock exchanges in the world at a single glance.

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Conclusion

Understanding the layout of global wealth helps us see where the economy is moving. The United States continues to lead the pack with its multi-trillion-dollar twin exchanges. However, the balance of economic power is moving towards

Asia, India’s proud presence in this elite club with both the NSE and BSE proves our financial growth story. More common citizens in India are now investing in mutual funds and direct equities.

Because of this, our local exchanges are receiving global respect. We are no longer just spectators as India has become an active leader among the largest stock exchanges in the world.