Capital Markets Depth & Development — National Capability Index

Indicators

The measures seeded for this capability in the framework. They are candidate indicators: no cell in the index has a source document attached to it yet.

stock market capitalisation to GDP
corporate bond market size to GDP
market turnover and liquidity

Band spread across 197 nations

Frontier 4

Advanced 17

Established 18

Transitional 22

Foundational 32

Nascent 61

Inception 43

All 197 nations

Best first. The score is the mean of the four adjudicators' round-3 integers, rounded to the nearest integer; ±SD is their spread on that cell. Where the spread is three points or more, read the number as a band rather than a value.

#	Nation	Region	Score	Band	Panel SD
1	🇺🇸United States	Americas	20	Frontier	±0.00
2	🇬🇧United Kingdom	Europe	19	Frontier	±0.50
3	🇯🇵Japan	Asia Pacific	18	Frontier	±0.00
4	🇸🇬Singapore	Asia Pacific	18	Frontier	±0.43
5	🇦🇺Australia	Asia Pacific	17	Advanced	±0.00
6	🇨🇦Canada	Americas	17	Advanced	±0.00
7	🇫🇷France	Europe	17	Advanced	±0.00
8	🇩🇪Germany	Europe	17	Advanced	±0.00
9	🇳🇱Netherlands	Europe	17	Advanced	±0.00
10	🇰🇷South Korea	Asia Pacific	17	Advanced	±0.50
11	🇸🇪Sweden	Europe	17	Advanced	±0.43
12	🇨🇭Switzerland	Europe	17	Advanced	±0.00
13	🇩🇰Denmark	Europe	16	Advanced	±0.00
14	🇱🇺Luxembourg	Europe	16	Advanced	±0.43
15	🇳🇴Norway	Europe	16	Advanced	±0.00
16	🇹🇼Taiwan	Asia Pacific	16	Advanced	±0.50
17	🇧🇪Belgium	Europe	15	Advanced	±0.87
18	🇨🇳China	Asia Pacific	15	Advanced	±0.00
19	🇫🇮Finland	Europe	15	Advanced	±0.43
20	🇮🇱Israel	Middle East	15	Advanced	±0.00
21	🇿🇦South Africa	Africa	15	Advanced	±0.43
22	🇦🇹Austria	Europe	14	Established	±0.43
23	🇧🇷Brazil	Americas	14	Established	±0.00
24	🇮🇳India	Asia Pacific	14	Established	±0.00
25	🇮🇹Italy	Europe	14	Established	±0.43
26	🇲🇾Malaysia	Asia Pacific	14	Established	±0.00
27	🇳🇿New Zealand	Asia Pacific	14	Established	±0.00
28	🇸🇦Saudi Arabia	Middle East	14	Established	±0.43
29	🇪🇸Spain	Europe	14	Established	±0.43
30	🇦🇪United Arab Emirates	Middle East	14	Established	±0.43
31	🇨🇱Chile	Americas	13	Established	±0.00
32	🇮🇪Ireland	Europe	13	Established	±0.43
33	🇲🇽Mexico	Americas	13	Established	±0.71
34	🇵🇱Poland	Europe	13	Established	±0.00
35	🇹🇭Thailand	Asia Pacific	13	Established	±0.00
36	🇮🇩Indonesia	Asia Pacific	12	Established	±0.00
37	🇵🇹Portugal	Europe	12	Established	±0.00
38	🇶🇦Qatar	Middle East	12	Established	±0.00
39	🇹🇷Türkiye	Middle East	12	Established	±0.00
40	🇬🇷Greece	Europe	11	Transitional	±0.50
41	🇰🇼Kuwait	Middle East	11	Transitional	±0.50
42	🇲🇺Mauritius	Africa	11	Transitional	±1.12
43	🇲🇦Morocco	Africa	11	Transitional	±0.83
44	🇵🇪Peru	Americas	11	Transitional	±0.43
45	🇵🇭Philippines	Asia Pacific	11	Transitional	±0.00
46	🇷🇺Russia	Europe	11	Transitional	±0.43
47	🇨🇴Colombia	Americas	10	Transitional	±0.43
48	🇨🇿Czechia	Europe	10	Transitional	±0.43
49	🇪🇬Egypt	Africa	10	Transitional	±0.43
50	🇭🇺Hungary	Europe	10	Transitional	±0.43
51	🇷🇴Romania	Europe	10	Transitional	±0.43
52	🇻🇳Vietnam	Asia Pacific	10	Transitional	±0.00
53	🇦🇷Argentina	Americas	9	Transitional	±0.43
54	🇧🇭Bahrain	Middle East	9	Transitional	±0.83
55	🇪🇪Estonia	Europe	9	Transitional	±0.43
56	🇮🇸Iceland	Europe	9	Transitional	±1.30
57	🇱🇹Lithuania	Europe	9	Transitional	±0.83
58	🇲🇹Malta	Europe	9	Transitional	±0.71
59	🇳🇬Nigeria	Africa	9	Transitional	±0.00
60	🇴🇲Oman	Middle East	9	Transitional	±0.87
61	🇵🇦Panama	Americas	9	Transitional	±0.43
62	🇧🇩Bangladesh	Asia Pacific	8	Foundational	±0.00
63	🇨🇾Cyprus	Middle East	8	Foundational	±0.87
64	🇬🇭Ghana	Africa	8	Foundational	±0.50
65	🇰🇿Kazakhstan	Asia Pacific	8	Foundational	±0.00
66	🇰🇪Kenya	Africa	8	Foundational	±0.00
67	🇱🇻Latvia	Europe	8	Foundational	±0.50
68	🇵🇰Pakistan	Asia Pacific	8	Foundational	±0.00
69	🇸🇰Slovakia	Europe	8	Foundational	±0.43
70	🇸🇮Slovenia	Europe	8	Foundational	±0.43
71	🇧🇼Botswana	Africa	7	Foundational	±0.00
72	🇧🇬Bulgaria	Europe	7	Foundational	±0.00
73	🇭🇷Croatia	Europe	7	Foundational	±0.43
74	🇩🇴Dominican Republic	Americas	7	Foundational	±0.50
75	🇮🇷Iran	Asia Pacific	7	Foundational	±0.43
76	🇯🇲Jamaica	Americas	7	Foundational	±0.00
77	🇯🇴Jordan	Middle East	7	Foundational	±0.00
78	🇲🇳Mongolia	Asia Pacific	7	Foundational	±0.50
79	🇳🇦Namibia	Africa	7	Foundational	±0.43
80	🇷🇸Serbia	Europe	7	Foundational	±0.43
81	🇱🇰Sri Lanka	Asia Pacific	7	Foundational	±0.00
82	🇹🇹Trinidad & Tobago	Americas	7	Foundational	±0.50
83	🇹🇳Tunisia	Africa	7	Foundational	±0.00
84	🇺🇾Uruguay	Americas	7	Foundational	±0.50
85	🇨🇷Costa Rica	Americas	6	Foundational	±0.43
86	🇨🇮Côte d'Ivoire	Africa	6	Foundational	±0.00
87	🇪🇨Ecuador	Americas	6	Foundational	±0.43
88	🇬🇪Georgia	Middle East	6	Foundational	±0.43
89	🇳🇵Nepal	Asia Pacific	6	Foundational	±0.00
90	🇵🇾Paraguay	Americas	6	Foundational	±0.43
91	🇸🇳Senegal	Africa	6	Foundational	±0.00
92	🇹🇿Tanzania	Africa	6	Foundational	±0.00
93	🇺🇦Ukraine	Europe	6	Foundational	±0.43
94	🇦🇱Albania	Europe	5	Nascent	±0.87
95	🇩🇿Algeria	Africa	5	Nascent	±0.50
96	🇦🇲Armenia	Middle East	5	Nascent	±0.43
97	🇦🇿Azerbaijan	Middle East	5	Nascent	±0.43
98	🇧🇸Bahamas	Americas	5	Nascent	±0.00
99	🇧🇧Barbados	Americas	5	Nascent	±0.00
100	🇧🇯Benin	Africa	5	Nascent	±0.50
101	🇧🇴Bolivia	Americas	5	Nascent	±0.43
102	🇧🇦Bosnia & Herzegovina	Europe	5	Nascent	±0.43
103	🇸🇻El Salvador	Americas	5	Nascent	±0.00
104	🇫🇯Fiji	Asia Pacific	5	Nascent	±0.43
105	🇬🇹Guatemala	Americas	5	Nascent	±0.43
106	🇭🇳Honduras	Americas	5	Nascent	±0.43
107	🇲🇼Malawi	Africa	5	Nascent	±0.50
108	🇲🇪Montenegro	Europe	5	Nascent	±0.43
109	🇲🇰North Macedonia	Europe	5	Nascent	±0.43
110	🇺🇬Uganda	Africa	5	Nascent	±0.00
111	🇺🇿Uzbekistan	Asia Pacific	5	Nascent	±0.43
112	🇿🇲Zambia	Africa	5	Nascent	±0.00
113	🇿🇼Zimbabwe	Africa	5	Nascent	±0.50
114	🇦🇴Angola	Africa	4	Nascent	±0.00
115	🇦🇬Antigua & Barbuda	Americas	4	Nascent	±0.00
116	🇧🇾Belarus	Europe	4	Nascent	±0.43
117	🇧🇳Brunei	Asia Pacific	4	Nascent	±0.50
118	🇨🇻Cabo Verde	Africa	4	Nascent	±0.00
119	🇰🇭Cambodia	Asia Pacific	4	Nascent	±0.43
120	🇨🇲Cameroon	Africa	4	Nascent	±0.00
121	🇸🇿Eswatini	Africa	4	Nascent	±0.00
122	🇪🇹Ethiopia	Africa	4	Nascent	±0.43
123	🇮🇶Iraq	Middle East	4	Nascent	±0.00
124	🇱🇧Lebanon	Middle East	4	Nascent	±1.12
125	🇲🇻Maldives	Asia Pacific	4	Nascent	±0.87
126	🇲🇩Moldova	Europe	4	Nascent	±0.43
127	🇲🇿Mozambique	Africa	4	Nascent	±0.00
128	🇳🇮Nicaragua	Americas	4	Nascent	±0.43
129	🇵🇸Palestine	Middle East	4	Nascent	±0.43
130	🇵🇬Papua New Guinea	Asia Pacific	4	Nascent	±0.00
131	🇷🇼Rwanda	Africa	4	Nascent	±0.43
132	🇸🇨Seychelles	Africa	4	Nascent	±0.00
133	🇹🇬Togo	Africa	4	Nascent	±0.43
134	🇦🇩Andorra	Europe	3	Nascent	±1.30
135	🇧🇿Belize	Americas	3	Nascent	±0.50
136	🇧🇹Bhutan	Asia Pacific	3	Nascent	±0.00
137	🇧🇫Burkina Faso	Africa	3	Nascent	±0.43
138	🇩🇲Dominica	Americas	3	Nascent	±0.00
139	🇬🇦Gabon	Africa	3	Nascent	±0.00
140	🇬🇩Grenada	Americas	3	Nascent	±0.00
141	🇬🇾Guyana	Americas	3	Nascent	±0.43
142	🇰🇬Kyrgyzstan	Asia Pacific	3	Nascent	±0.00
143	🇱🇦Laos	Asia Pacific	3	Nascent	±0.43
144	🇱🇮Liechtenstein	Europe	3	Nascent	±2.12
145	🇲🇬Madagascar	Africa	3	Nascent	±0.00
146	🇲🇱Mali	Africa	3	Nascent	±0.43
147	🇲🇨Monaco	Europe	3	Nascent	±1.80
148	🇲🇲Myanmar	Asia Pacific	3	Nascent	±0.00
149	🇳🇪Niger	Africa	3	Nascent	±0.50
150	🇰🇳Saint Kitts & Nevis	Americas	3	Nascent	±0.43
151	🇱🇨Saint Lucia	Americas	3	Nascent	±0.43
152	🇻🇨Saint Vincent & Grenadines	Americas	3	Nascent	±0.50
153	🇸🇷Suriname	Americas	3	Nascent	±0.00
154	🇻🇪Venezuela	Americas	3	Nascent	±0.43
155	🇨🇬Congo	Africa	2	Inception	±0.00
156	🇨🇩DR Congo	Africa	2	Inception	±0.50
157	🇬🇶Equatorial Guinea	Africa	2	Inception	±0.43
158	🇬🇲Gambia	Africa	2	Inception	±0.00
159	🇬🇳Guinea	Africa	2	Inception	±0.00
160	🇬🇼Guinea-Bissau	Africa	2	Inception	±0.50
161	🇽🇰Kosovo	Europe	2	Inception	±0.43
162	🇱🇸Lesotho	Africa	2	Inception	±0.43
163	🇱🇾Libya	Africa	2	Inception	±0.00
164	🇲🇷Mauritania	Africa	2	Inception	±0.43
165	🇸🇲San Marino	Europe	2	Inception	±0.50
166	🇸🇱Sierra Leone	Africa	2	Inception	±0.00
167	🇸🇩Sudan	Africa	2	Inception	±0.00
168	🇹🇯Tajikistan	Asia Pacific	2	Inception	±0.43
169	🇧🇮Burundi	Africa	1	Inception	±0.00
170	🇨🇫Central African Rep.	Africa	1	Inception	±0.00
171	🇹🇩Chad	Africa	1	Inception	±0.00
172	🇰🇲Comoros	Africa	1	Inception	±0.00
173	🇨🇺Cuba	Americas	1	Inception	±0.50
174	🇩🇯Djibouti	Africa	1	Inception	±0.43
175	🇭🇹Haiti	Americas	1	Inception	±0.00
176	🇱🇷Liberia	Africa	1	Inception	±0.00
177	🇲🇭Marshall Islands	Asia Pacific	1	Inception	±0.50
178	🇫🇲Micronesia	Asia Pacific	1	Inception	±0.50
179	🇵🇼Palau	Asia Pacific	1	Inception	±0.50
180	🇼🇸Samoa	Asia Pacific	1	Inception	±0.43
181	🇸🇹São Tomé & Príncipe	Africa	1	Inception	±0.43
182	🇸🇧Solomon Islands	Asia Pacific	1	Inception	±0.00
183	🇸🇾Syria	Middle East	1	Inception	±0.00
184	🇹🇱Timor-Leste	Asia Pacific	1	Inception	±0.00
185	🇹🇴Tonga	Asia Pacific	1	Inception	±0.00
186	🇹🇲Turkmenistan	Asia Pacific	1	Inception	±0.00
187	🇻🇺Vanuatu	Asia Pacific	1	Inception	±0.00
188	🇾🇪Yemen	Middle East	1	Inception	±0.50
189	🇦🇫Afghanistan	Asia Pacific	0	Inception	±0.00
190	🇪🇷Eritrea	Africa	0	Inception	±0.00
191	🇻🇦Holy See	Europe	0	Inception	±0.00
192	🇰🇮Kiribati	Asia Pacific	0	Inception	±0.43
193	🇳🇷Nauru	Asia Pacific	0	Inception	±0.00
194	🇰🇵North Korea	Asia Pacific	0	Inception	±0.00
195	🇸🇴Somalia	Africa	0	Inception	±0.00
196	🇸🇸South Sudan	Africa	0	Inception	±0.00
197	🇹🇻Tuvalu	Asia Pacific	0	Inception	±0.00

Others in Financial System Depth & Access

Capability	World mean	Range	Leader
Banking System Capacity	9.0	1–19	Singapore, United States
Long-Term & Institutional Capital	7.4	0–19	Netherlands, Switzerland, United States
Financial Inclusion & Household Access	10.1	1–18	Denmark, Sweden
Development & Policy Finance	7.2	1–19	China, Germany