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Which Stock Market is the Most Liquid?

Stocks Traded, Turnover Ratio (As % of Market Capitalisation) (%), 2020 or latest
Investments & Pensions | April 17, 2023
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Excel Sheet

Based on a comparison of 75 countries in 2020, Turkey ranked the highest in stocks traded as a percentage of market capitalisation with 366% followed by China and South Korea. On the other end of the scale was Rwanda with 0.002%, Luxembourg with 0.093% and Cayman Islands with 0.202%.

Average stocks traded as a percentage of market capitalisation reached 112% in 2020 in the World according to OECD. This is 21.3 % more than in the previous year and -15.7 % less than 10 years ago.

Historically, average stocks traded as a percentage of market capitalisation reached an all time high of 250% in 2008 and an all time low of 30.0% in 1982. The average annual growth amounted to 2.42 % since 1975.

Data for more countries are available at Stocks Traded, Turnover Ratio (As % of Market Capitalisation) indicator page.

Stocks Traded, Turnover Ratio (As % of Market Capitalisation) Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Australia % 54.6% 63.2% 59.8% 53.6% 61.3%
Brazil % 76.3% 85.6% 73.6% 67.0% 83.9% ...
China % 199% 480% 250% 198% 207%
Germany % 73.0% 84.2% 74.9% 63.6% 92.1%
Hong Kong % 44.9% 65.0% 40.9% 43.4% 59.4%
India % 45.1% 46.0% 46.3% 47.1% 56.8%
Japan % 111% 114% 105% 92.8% 119%
Malaysia % 31.1% 29.1% 27.0% 30.1% 34.0%
South Korea % 106% 150% 126% 112% 174%
Spain % 99.9% 124% 97.8% 82.6% 86.2%
Switzerland % 49.1% 62.9% 60.7% 55.4% 65.1%
Thailand % 72.2% 77.8% 80.9% 61.9% 77.2%
Turkey % 168% 185% 169% 166% 248%
USA % 148% 165% 94.7% 116% 109% ... ...
United Kingdom % 66.0% ... ... ... ... ...