The most honest chart in the market-cap world divides by something. MacroMicro's market-cap-to-GDP chart, checked on October 31, 2026, puts Taiwan's stock market at 449.36 percent of the island's GDP, down from a previous reading of 476.84 percent. The United States sits at 228.77 percent, Japan at 200.95 percent, and the Euronext bloc at about 61 percent, almost exactly China's 60.87 percent. Same planet, same month, a sevenfold spread. The ratio is where market-cap rankings stop being a size contest and start saying something about how an economy is financed.
What the ratio measures
Market capitalization counts what listed companies are worth. GDP counts what an economy produces in a year. The ratio between them is not a valuation of the country; it is a measure of how much of the economy runs through the listed market. A high ratio means the listed sector towers over annual output: deep public markets, pension money in equities, and usually one or two giant sectors carrying the index. A low ratio means the economy's weight sits elsewhere: state enterprises off-market, private companies, bank lending instead of listings, or a property sector doing the storing of wealth.
Reading the extremes
Taiwan at 449 percent is a concentration story: a small, rich economy whose listed market is dominated by a world-scale semiconductor sector will print a ratio no diversified economy can match, and will swing with that sector, as the drop from 477 to 449 in a single reading shows. China at 61 percent is the opposite shape: the world's second-largest market by value, and still a minority of its own economy's annual output, which is why China's ranking by value and its ranking by ratio tell opposite stories about the same market. The US at 229 percent is the deep-market middle: huge on both measures.
Where our data agrees
Our own database carries the same ratio from the World Bank series across 2,098 country-year records, so the historical version of this chart, which countries crossed 100 percent and when, is buildable from this site's data even where the live chart only shows the present. And it is the ratio, not the raw total, that should discipline a global portfolio: the Global Portfolio Builder splits money across markets whose weights in your savings deserve the same skepticism as their weights in these tables.