Global stock market cap hits 137% of GDP, near all-time high
The ratio of global equity market capitalization to GDP has climbed to 137%, matching the peak seen during the 2021 meme stock frenzy. The surge is fueled by a record $166 trillion total market cap, with AI playing a key role.
The global stock market cap as a share of GDP has reached 137%, one of the highest levels on record. The ratio has jumped 40 percentage points since April 2025, returning to extremes last observed during the 2021 meme stock mania. By contrast, the figure topped out near 120% just before the 2008 financial crisis.
The milestone comes as total global equity market capitalization hit an all-time high of $166 trillion this month. The US market accounts for roughly $77 trillion of that total, or about 46% of global value.
Artificial intelligence is cited as the primary driver of the historic expansion in equity markets, powering valuations worldwide.
Source: The Kobeissi Letter