The biggest stock exchanges in the world are really two American giants plus everyone else. NYSE and Nasdaq together account for nearly the entire $68.94T US figure. No other exchange comes close.
The chasing pack, roughly in order:
- Shanghai and Shenzhen, China's twin engines
- NSE and BSE, India's Mumbai pair
- Japan Exchange Group, home of the Tokyo market
Exchange rankings and country rankings mostly mirror each other, with one exception. Some countries split listings across two big venues, like China and India. Others concentrate everything in one. When you compare countries, use country totals. When you pick where to list, use exchange totals.
For investors, the exchange leaderboard matters when you care about liquidity and listing standards. The deepest order books in the world sit on NYSE and Nasdaq. Everything else is a trade-off: earlier access to a growth story in exchange for thinner trading and wider spreads.
Sources: World Federation of Exchanges
Two different leaderboards, two different questions. Do not mix them up.