Where Data Tells the Story
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According to S&P Global, global stock market capitalization increased by 20.5% between December 2024 and December 2025, with several emerging markets and European countries posting standout gains. South Korea (77.8%), Spain (64.5%), and South Africa (50.5%) led global performance.
Other markets—including Italy, Mexico, Brazil, Hong Kong, Canada, China, Taiwan, the European Union, and Singapore—recorded strong gains ranging from 30% to 42%. Meanwhile, Switzerland, the Netherlands, Sweden, Germany, the United Kingdom, and France posted solid advances of 20% to 30%.
By comparison, the U.S. market rose 15.3%, while global market capitalization excluding the U.S. increased by 26.0%.