According to data from the World Federation of Exchanges (WFE), the total market capitalization of global listed stocks is estimated at approximately US$157.8 trillion in 2025, with the United States accounting for about US$68.9 trillion, or 43.7%. This represents a significant increase from approximately 30% in 2010 to over 40% today. This growth is attributed to both the long-term outperformance of US stocks and the rapid expansion of the market capitalization of large technology companies. For the market, this means that global stock portfolios are increasingly driven by changes in the earnings and valuations of US stocks, particularly large technology stocks, and the actual US risk exposure of so-called "global diversification" is also continuously rising.
