Stock ownership is one way to see how much trust households place in financial markets. A 2025 study by HelloSafe compared 32 countries and found large gaps in how many people own shares, either directly or through funds, pensions and life insurance.
The United States leads at 55%, followed by Canada at 49% and Australia at 37%. At the other end of the list, Morocco sits at 0.5%.
This article uses the HelloSafe data, a Voronoi summary of it, market value figures from Wikipedia and the Allianz Global Wealth Report 2026. It covers ownership rates, investor counts, 10-year returns, market size and household wealth.
One caution applies. The ownership figures are estimates for 2023 and 2024 with a margin of error of 5% to 10%, so small gaps between countries should be read with care.
Stock Market Ownership Statistics at a Glance
Out of 32 countries studied by HelloSafe, only two have more than 40% of their people invested in stocks. The United States leads with 55%, and Canada follows with 49%.
Most countries fall in the middle. Thirteen of them sit between 10% and 20%, which makes this the largest group. It includes Japan, France, Germany and Hong Kong.
Twelve countries are below 10%. China (7%) and India (6%) are in this group, even though they are the two most populous nations on Earth. Five countries are below 5%: Poland, Argentina, the Philippines, Mexico and Morocco.
| Ownership band | Countries | Examples |
|---|---|---|
| Over 40% | 2 | United States, Canada |
| 30% to 40% | 3 | Australia, United Kingdom, New Zealand |
| 20% to 30% | 2 | Sweden, Russia |
| 10% to 20% | 13 | Finland, Japan, France, Germany |
| 5% to 10% | 7 | Singapore, Brazil, China, India |
| Under 5% | 5 | Poland, Philippines, Mexico, Morocco |
The study counts both direct and indirect owners. Direct owners hold shares or exchange-traded funds (ETFs). Indirect owners hold stocks through life insurance, pension funds or equity savings plans.
A few other figures help frame the topic:
- 185.35 million people in the United States own stocks, the most of any country.
- China and India together have about 184.5 million investors.
- Global stock market value reached $136.3 trillion in 2025.
- Global household financial assets hit a record EUR 268.4 trillion in 2025.
These numbers show that owning stocks is common in a few countries and rare in many others. The gap reflects differences in pensions, taxes, culture and access to investment products.
Stock Ownership Rates by Country
The United States and Canada stand far ahead of the rest of the world. Their rates of 55% and 49% are well above third-place Australia at 37%.
HelloSafe finance expert Pauline Laurore ties this to retirement plans. In both countries, stock investing is built into pension schemes and backed by tax incentives. She also points to low-cost platforms and favorable rules.
Voronoi adds that many top 10 countries have public pension funds linked to markets. It also says no-fee investing platforms have pulled in more people, especially those under 35.
Oceania comes next. Australia has 37% and New Zealand has 31%. The United Kingdom is close behind at 33%.
Europe shows a wide spread. Sweden (22%), Finland (18.7%) and Switzerland (17.6%) lead the list, while France (15.1%) and Germany (14.2%) are lower. Belgium (5.0%) and Poland (4.9%) are near the bottom.
Asia has modest rates overall. Vietnam (16.4%), Japan (15.2%) and Hong Kong (13.8%) are the highest. The Philippines (1.5%), Mexico (1.2%) and Morocco (0.5%) have the lowest rates in the study.
| Rank | Country | Ownership rate |
|---|---|---|
| 1 | United States | 55% |
| 2 | Canada | 49% |
| 3 | Australia | 37% |
| 4 | United Kingdom | 33% |
| 5 | New Zealand | 31% |
| 6 | Sweden | 22% |
| 7 | Russia | 21% |
| 8 | Finland | 18.7% |
| 9 | Switzerland | 17.6% |
| 10 | Ireland | 17% |
| 11 | Vietnam | 16.4% |
| 12 | Japan | 15.2% |
| 13 | France | 15.1% |
| 14 | Portugal | 14.5% |
| 15 | Germany | 14.2% |
| 16 | Netherlands | 14% |
| 17 | South Africa | 14% |
| 18 | Hong Kong | 13.8% |
| 19 | Taiwan | 12.5% |
| 20 | Spain | 12.5% |
| 21 | Singapore | 8.3% |
| 22 | Brazil | 8% |
| 23 | Italy | 7% |
| 24 | China | 7% |
| 25 | India | 6% |
| 26 | Austria | 5.6% |
| 27 | Belgium | 5.0% |
| 28 | Poland | 4.9% |
| 29 | Argentina | 4.9% |
| 30 | Philippines | 1.5% |
| 31 | Mexico | 1.2% |
| 32 | Morocco | 0.5% |
These rates carry a margin of error of 5% to 10%. A one or two point gap between countries, such as France at 15.1% and Japan at 15.2%, should not be treated as a firm difference.
Stock Ownership by Region
Grouping countries by region shows the gaps more clearly. The figures below are simple averages of the countries in the HelloSafe study. They are not weighted by population.
North America has the highest average at 35.1%. This number includes Mexico at 1.2%. Without it, the United States and Canada average 52%.
Oceania follows at 34.0%, based on Australia and New Zealand. Europe averages 14.8% across 15 countries, and Asia averages 10.1% across eight.
Africa averages 7.3%, with South Africa at 14% and Morocco at 0.5%. Latin America averages 6.5%, based on Brazil (8%) and Argentina (4.9%).
Laurore says savings in many emerging markets still go mainly to real estate or low-risk assets. She adds that financial systems are less developed and fewer investment products are available. In her view, India and China have room to grow if barriers in education, technology and institutions ease.
| Region | Countries in study | Average rate |
|---|---|---|
| North America | 3 | 35.1% |
| Oceania | 2 | 34.0% |
| Europe (including Russia) | 15 | 14.8% |
| Asia | 8 | 10.1% |
| Africa | 2 | 7.3% |
| Latin America | 2 | 6.5% |
Number of Stock Market Investors by Country
Population changes the picture. In raw numbers, the United States has 185.35 million investors, about 9.7 times more than Canada’s 19.11 million.
China ranks second with 98.7 million investors, and India is third with 85.8 million. Together they have about the same number of investors as the United States, although their ownership rates are only 7% and 6%.
Russia is fourth with 30.45 million. The United Kingdom (22.11 million), Canada (19.11 million), Japan (18.70 million) and Brazil (17.12 million) follow.
Germany has 11.81 million investors and France has 10.27 million. Both are lower than Brazil, even though their ownership rates are higher.
Smaller markets show how much population matters. Sweden has a 22% rate but only 2.31 million investors. Morocco has the lowest count in the study at 189,500.
South Africa has 8.47 million investors, the most in Africa. Spain has 5.94 million and Italy has 4.12 million.
| Rank | Country | Number of investors |
|---|---|---|
| 1 | United States | 185,350,000 |
| 2 | China | 98,700,000 |
| 3 | India | 85,800,000 |
| 4 | Russia | 30,450,000 |
| 5 | United Kingdom | 22,110,000 |
| 6 | Canada | 19,110,000 |
| 7 | Japan | 18,696,000 |
| 8 | Brazil | 17,120,000 |
| 9 | Vietnam | 16,236,000 |
| 10 | Germany | 11,814,400 |
| 11 | France | 10,268,000 |
| 12 | Australia | 9,620,000 |
| 13 | South Africa | 8,470,000 |
| 14 | Spain | 5,937,500 |
| 15 | Italy | 4,116,000 |
These counts include indirect owners, such as people with stocks inside a pension plan or life insurance policy. The methodology notes that data collection methods differ from country to country, which makes direct comparisons harder.
Stock Market Returns Over 10 Years
Ownership and returns do not always move together. The S&P 500 in the United States returned 16.89% a year from 2015 to 2025, the highest of any index in the study. Brazil’s Bovespa (15.92%) and India’s BSE Sensex (15.90%) came next.
Vietnam’s VN-Index returned 12.22% a year, and New Zealand’s S&P/NZX 50 returned 10.66%. Russia, Japan, Switzerland and Germany all landed between 8.96% and 9.18%.
Some markets with high ownership had weak returns. Australia has a 37% ownership rate, but the S&P/ASX 200 returned 3.33% a year. The UK has a 33% rate, and the FTSE 100 returned 2.67%.
The reverse also holds. India has a 6% ownership rate and returned 15.90% a year. Brazil has 8% and returned 15.92%.
Three indexes lost value over the decade. The Philippines PSEi fell 2.01% a year, the Hang Seng fell 0.15% and the SSE Composite in China fell 0.04%.
One-year results can differ a lot from 10-year results. In the 2024 to 2025 period, Spain’s IBEX 35 gained 25.7% and Germany’s DAX gained 25.64%. Their 10-year returns were only 1.65% and 8.96% a year.
| Country | Index | 10-year annualized | 2024-2025 |
|---|---|---|---|
| United States | S&P 500 | 16.89% | 7.48% |
| Brazil | Bovespa | 15.92% | -1.85% |
| India | BSE Sensex | 15.90% | 1.47% |
| Vietnam | VN-Index | 12.22% | 4.39% |
| New Zealand | S&P/NZX 50 | 10.66% | 3.39% |
| Russia | MOEX | 9.18% | -6.42% |
| Japan | Nikkei 225 | 9.11% | -3.25% |
| Switzerland | SPI | 9.00% | 16.43% |
| Germany | DAX | 8.96% | 25.64% |
| Netherlands | AEX | 8.79% | 18.50% |
| Spain | IBEX 35 | 1.65% | 25.70% |
| Singapore | Straits Times | 1.28% | 20.99% |
| China | SSE Composite | -0.04% | 4.96% |
| Hong Kong | Hang Seng | -0.15% | 20.32% |
| Philippines | PSEi | -2.01% | -10.39% |
Global Stock Market Value Over Time
The world stock market was worth $9.52 trillion in 1990. By 2025 it had reached $136.29 trillion, according to World Bank data on Wikipedia. That is about 14 times larger.
Growth has not been smooth. Market value fell from $60.46 trillion in 2007 to $32.42 trillion in 2008, a drop of about 46%. It took until 2013 to pass the 2007 level.
A more recent dip came in 2022. Value fell from $111.16 trillion in 2021 to $93.69 trillion, a decline of about 16%. It recovered to $101.50 trillion in 2023 and $120.81 trillion in 2024.
The 2025 total of $136.29 trillion is 12.8% higher than 2024. It equals 116.3% of world GDP, up from 107.8% a year earlier.
The number of listed companies also grew. There were 60,392 in 2025, compared with 43,983 in 2015 and 23,732 in 1990.
| Year | Market value ($ trillion) | % of world GDP | Listed companies |
|---|---|---|---|
| 1990 | 9.52 | 50.8% | 23,732 |
| 2000 | 30.93 | 101.1% | 39,892 |
| 2007 | 60.46 | 114.0% | 44,034 |
| 2008 | 32.42 | 56.2% | 43,949 |
| 2015 | 62.27 | 94.5% | 43,983 |
| 2021 | 111.16 | 131.8% | 51,337 |
| 2022 | 93.69 | 106.2% | 47,926 |
| 2025 | 136.29 | 116.3% | 60,392 |
The ratio of market value to GDP is sometimes called the Buffett indicator. At 116.3% in 2025, it is above the 2008 level of 56.2% but below the 2020 level of 133.4%.
The Largest Stock Markets by Value
The United States has the largest stock market by far, at $83.07 trillion in 2026. Wikipedia notes that it accounts for about half of the world’s total.
China is second at $21.17 trillion, a figure that includes mainland companies that trade in Hong Kong. Japan follows at $8.75 trillion, then Taiwan at $5.50 trillion and India at $4.79 trillion.
The UK ($4.76 trillion), South Korea ($4.57 trillion) and Canada ($4.33 trillion) are close together. France ($2.93 trillion) and Germany ($2.92 trillion) round out the top 10.
East Asia as a whole holds more than $40 trillion in market value. Europe holds no more than $20 trillion.
Market size and household ownership are linked, but not tightly. Canada’s market is worth 157.8% of its GDP, and 49% of its people invest. Germany’s market is worth 59.8% of GDP, and 14.2% invest.
South Korea’s market equals 262.6% of its GDP, but the country was not part of the HelloSafe ownership study. This shows that a large market compared with the economy does not tell us how many households take part.
| Rank | Country | Market value ($ trillion) | % of GDP |
|---|---|---|---|
| 1 | United States | 83.07 | 227.0% |
| 2 | China | 21.17 | 101.5% |
| 3 | Japan | 8.75 | 156.7% |
| 4 | Taiwan | 5.50 | n/a |
| 5 | India | 4.79 | 131.2% |
| 6 | United Kingdom | 4.76 | 98.6% |
| 7 | South Korea | 4.57 | 262.6% |
| 8 | Canada | 4.33 | 157.8% |
| 9 | France | 2.93 | 103.3% |
| 10 | Germany | 2.92 | 59.8% |
Household Wealth per Person
Allianz tracks net financial assets per person in almost 60 countries. In 2025, the United States led at EUR 296,950, up 9.8% from a year earlier. Switzerland was second at EUR 275,980.
Denmark (EUR 197,510), Singapore (EUR 192,840) and Taiwan (EUR 164,470) completed the top five.
Several markets moved up the ranking over 20 years. Taiwan rose from 12th place in 2005 to fifth. Singapore went from 10th to fourth, and Sweden from 13th to sixth.
Others slipped. Belgium fell from third to 10th, and the Netherlands from seventh to ninth. The Netherlands also saw net financial assets per person drop 6.2% in 2025.
Germany ranked 12th at EUR 91,780 per person. Allianz says Germany’s climb of five places since 2005 mostly reflects the Bundesbank revising old data and valuing unlisted equity holdings higher.
France ranked 17th at EUR 77,940 and the UK ranked 18th at EUR 72,200. Spain was 20th at EUR 55,300.
| Rank 2025 | Country | Net financial assets (EUR) | Change in 2025 | Rank 2005 |
|---|---|---|---|---|
| 1 | United States | 296,950 | +9.8% | 2 |
| 2 | Switzerland | 275,980 | +3.9% | 1 |
| 3 | Denmark | 197,510 | +2.4% | 4 |
| 4 | Singapore | 192,840 | +8.8% | 10 |
| 5 | Taiwan | 164,470 | +9.6% | 12 |
| 6 | Sweden | 155,980 | +6.2% | 13 |
| 7 | Canada | 135,350 | +9.8% | 11 |
| 8 | New Zealand | 127,550 | +2.4% | 9 |
| 9 | Netherlands | 116,600 | -6.2% | 7 |
| 10 | Belgium | 114,590 | +4.2% | 3 |
Net financial assets are what households own in cash, securities, insurance and pensions after debt is subtracted. The measure leaves out property, which matters in countries where savings go mainly into housing.
Markets Versus Savings: What Drives Wealth Growth
Global financial assets rose 8.6% in 2025 to a record EUR 268.4 trillion, according to Allianz. Rising asset prices produced about four out of every five euros of new wealth.
Fresh savings fell 5.4% to EUR 4.1 trillion. So the gain came from price rises, not from people putting away more money.
Securities grew 12.4% in 2025. That is more than twice the pace of deposits (5.7%) or insurance and pensions (5.0%). Securities now make up a record 46.9% of global financial assets.
Portfolio mix matters. North American households hold 60.7% of their portfolios in securities. Their region produced 51.4% of the global rise in financial assets.
Over the past 10 years, price gains made up 71% of financial asset growth in North America. In Western Europe the figure was 36%.
Germany shows the other model. Its financial assets grew 4.9% to EUR 9.9 trillion in 2025. New savings made up 69% of that growth, while price gains made up 31%.
German securities rose 8.6%, bank deposits 3.8% and insurance and pension assets 1.4%. Securities reached 37.1% of the portfolio, passing bank deposits at 36.4% for the first time since the data began. Funds made up about four-fifths of securities purchases, at EUR 97.8 billion.
| Asset type | World growth, 2025 | Germany growth, 2025 |
|---|---|---|
| Securities | 12.4% | 8.6% |
| Bank deposits | 5.7% | 3.8% |
| Insurance and pensions | 5.0% | 1.4% |
| All financial assets | 8.6% | 4.9% |
The split shows two paths to wealth. One relies on adding new savings each year. The other relies on owning assets that rise in price.
Inflation, Market Risk and What Comes Next
Headline wealth figures look strong, but inflation changes the story. Since 2019, global financial assets are up 50% in nominal terms. After inflation, the rise is 23%.
The gap varies by region. Real financial assets are up 21% in North America and 70% in China. In Western Europe they are up just 0.5%.
Germany’s real financial assets grew 2.5% in 2025. They are up 6.5% since 2019 but remain 3.4% below the 2021 peak.
Market risk is part of the picture. The S&P 500 is up about 95% since the end of 2022. Allianz estimates a 25% drop would erase around USD 27 trillion of US household wealth, close to 14% of total net worth.
Early 2025 showed how fast conditions can change. Voronoi reported that the S&P 500 had lost 15% since January at one point, then regained some of that ground. It was still down 7% for the year when the article was written.
With 55% of Americans invested, swings like these reach many households. Allianz expects global financial assets to grow about 9% in 2026, with AI as the main swing factor. It adds that slower growth, inflation and high public debt could weigh on returns.
| Measure since 2019 | Change |
|---|---|
| World, nominal | +50% |
| World, real | +23% |
| North America, real | +21% |
| Western Europe, real | +0.5% |
| China, real | +70% |
Allianz also warns that gains from AI could be uneven. It says the key question is who gets a stake in that growth, which links back to how many households own shares.
The data shows that stock ownership is highest where pensions, tax rules and low-cost platforms make investing easy. It also shows that high ownership does not guarantee high returns.
Readers should treat the ownership figures as estimates, given the 5% to 10% margin of error.