Capital Market Depth

Composite 0-100 index points for the depth and practical maturity of capital markets, using prosperity, economic freedom, banking stability, external buffers, fintech maturity and external-balance context.
1 Switzerland89 index points 89 index points 89
2 Liechtenstein88 index points 88 index points 88
3 Singapore87 index points 87 index points 87
4 Norway84 index points 84 index points 84
5 Denmark83 index points 83 index points 83
5 Chinese Taipei83 index points 83 index points 83
5 Hong Kong83 index points 83 index points 83
8 Faroe Islands82 index points 82 index points 82
8 Israel82 index points 82 index points 82
8 Greenland82 index points 82 index points 82
8 Macau82 index points 82 index points 82
8 Monaco82 index points 82 index points 82
13 Gibraltar81 index points 81 index points 81
13 Japan81 index points 81 index points 81
15 Qatar80 index points 80 index points 80
15 Saudi Arabia80 index points 80 index points 80
15 Bermuda80 index points 80 index points 80
15 United Arab Emirates80 index points 80 index points 80
19 Czech Republic79 index points 79 index points 79
19 Korea Republic79 index points 79 index points 79
19 Aruba79 index points 79 index points 79
19 Iceland79 index points 79 index points 79
19 Turks and Caicos Islands79 index points 79 index points 79
19 Sweden79 index points 79 index points 79
19 Kuwait79 index points 79 index points 79
26 Luxembourg78 index points 78 index points 78
27 British Virgin Islands77 index points 77 index points 77
27 Germany77 index points 77 index points 77
27 Ireland77 index points 77 index points 77
30 Brunei76 index points 76 index points 76
30 New Zealand76 index points 76 index points 76
30 Netherlands76 index points 76 index points 76
33 Italy75 index points 75 index points 75
33 United States75 index points 75 index points 75
33 Austria75 index points 75 index points 75
33 Finland75 index points 75 index points 75
33 France75 index points 75 index points 75
33 Poland75 index points 75 index points 75
39 Portugal74 index points 74 index points 74
39 Australia74 index points 74 index points 74
39 Bulgaria74 index points 74 index points 74
39 Tahiti74 index points 74 index points 74
39 Uruguay74 index points 74 index points 74
44 Malaysia73 index points 73 index points 73
44 Canada73 index points 73 index points 73
44 Oman73 index points 73 index points 73
44 Puerto Rico73 index points 73 index points 73
44 Sint Maarten73 index points 73 index points 73
49 Andorra72 index points 72 index points 72
49 United Kingdom72 index points 72 index points 72
49 Saint-Martin72 index points 72 index points 72
49 Spain72 index points 72 index points 72
49 Trinidad and Tobago72 index points 72 index points 72
49 U.S. Virgin Islands72 index points 72 index points 72
49 Lithuania72 index points 72 index points 72
49 Guam72 index points 72 index points 72
49 Russia72 index points 72 index points 72
49 China72 index points 72 index points 72
59 New Caledonia71 index points 71 index points 71
59 Chile71 index points 71 index points 71
59 Kazakhstan71 index points 71 index points 71
59 Cook Islands71 index points 71 index points 71
59 Hungary71 index points 71 index points 71
59 Thailand71 index points 71 index points 71
59 Belgium71 index points 71 index points 71
59 Costa Rica71 index points 71 index points 71
59 Saint Pierre and Miquelon71 index points 71 index points 71
68 Latvia70 index points 70 index points 70
68 Estonia70 index points 70 index points 70
68 Bahrain70 index points 70 index points 70
68 Turkey70 index points 70 index points 70
68 Northern Mariana Islands70 index points 70 index points 70
68 Malta70 index points 70 index points 70
68 Peru70 index points 70 index points 70
75 Brazil69 index points 69 index points 69
75 Romania69 index points 69 index points 69
75 Slovenia69 index points 69 index points 69
75 Mauritius69 index points 69 index points 69
75 Bosnia and Herzegovina69 index points 69 index points 69
75 North Macedonia69 index points 69 index points 69
81 Panama68 index points 68 index points 68
81 Albania68 index points 68 index points 68
81 Azerbaijan68 index points 68 index points 68
81 San Marino68 index points 68 index points 68
81 Slovakia68 index points 68 index points 68
86 Dominican Republic67 index points 67 index points 67
86 Serbia67 index points 67 index points 67
88 Croatia66 index points 66 index points 66
88 Colombia66 index points 66 index points 66
88 French Guiana66 index points 66 index points 66
88 Paraguay66 index points 66 index points 66
88 American Samoa66 index points 66 index points 66
88 Jamaica66 index points 66 index points 66
88 Martinique66 index points 66 index points 66
88 Réunion66 index points 66 index points 66
96 Botswana65 index points 65 index points 65
96 Mexico65 index points 65 index points 65
96 Guadeloupe65 index points 65 index points 65
96 Guatemala65 index points 65 index points 65
96 Montserrat65 index points 65 index points 65
96 South Africa65 index points 65 index points 65
96 Indonesia65 index points 65 index points 65
103 Curacao64 index points 64 index points 64
103 Argentina64 index points 64 index points 64
103 Gabon64 index points 64 index points 64
103 Georgia64 index points 64 index points 64
103 Uzbekistan64 index points 64 index points 64
103 Philippines64 index points 64 index points 64
109 Cyprus63 index points 63 index points 63
109 Greece63 index points 63 index points 63
109 Cayman Islands63 index points 63 index points 63
109 Niue63 index points 63 index points 63
109 Armenia63 index points 63 index points 63
109 India63 index points 63 index points 63
109 Wallis and Futuna63 index points 63 index points 63
109 Samoa63 index points 63 index points 63
117 Jordan62 index points 62 index points 62
117 Belarus62 index points 62 index points 62
117 Iraq62 index points 62 index points 62
117 Bahamas62 index points 62 index points 62
117 Algeria62 index points 62 index points 62
117 Cambodia62 index points 62 index points 62
117 Vietnam62 index points 62 index points 62
124 Montenegro61 index points 61 index points 61
124 Anguilla61 index points 61 index points 61
124 Nigeria61 index points 61 index points 61
124 Nepal61 index points 61 index points 61
124 Seychelles61 index points 61 index points 61
124 Morocco61 index points 61 index points 61
130 Belize60 index points 60 index points 60
130 Mayotte60 index points 60 index points 60
130 Nicaragua60 index points 60 index points 60
133 Kosovo59 index points 59 index points 59
133 Mongolia59 index points 59 index points 59
133 Ecuador59 index points 59 index points 59
133 Moldova59 index points 59 index points 59
133 Guyana59 index points 59 index points 59
133 Turkmenistan59 index points 59 index points 59
133 Cape Verde59 index points 59 index points 59
133 Kenya59 index points 59 index points 59
133 Antigua and Barbuda59 index points 59 index points 59
142 Saint Kitts and Nevis58 index points 58 index points 58
142 Egypt58 index points 58 index points 58
142 Suriname58 index points 58 index points 58
142 Swaziland58 index points 58 index points 58
142 Namibia58 index points 58 index points 58
142 Barbados58 index points 58 index points 58
142 El Salvador58 index points 58 index points 58
149 Saint Lucia57 index points 57 index points 57
149 Ukraine57 index points 57 index points 57
149 Lesotho57 index points 57 index points 57
149 Saint Vincent and the Grenadines57 index points 57 index points 57
149 Angola57 index points 57 index points 57
149 Grenada57 index points 57 index points 57
149 Tajikistan57 index points 57 index points 57
149 Fiji57 index points 57 index points 57
149 Honduras57 index points 57 index points 57
149 Bhutan57 index points 57 index points 57
149 Libya57 index points 57 index points 57
149 Tunisia57 index points 57 index points 57
161 Tonga56 index points 56 index points 56
161 Iran56 index points 56 index points 56
161 Sri Lanka56 index points 56 index points 56
161 Tanzania56 index points 56 index points 56
165 Micronesia55 index points 55 index points 55
166 Ivory Coast54 index points 54 index points 54
166 Papua New Guinea54 index points 54 index points 54
166 Ghana54 index points 54 index points 54
166 Maldives54 index points 54 index points 54
170 Comoros53 index points 53 index points 53
170 Zambia53 index points 53 index points 53
170 Cameroon53 index points 53 index points 53
170 Bolivia53 index points 53 index points 53
170 Gambia53 index points 53 index points 53
175 Bangladesh52 index points 52 index points 52
175 Congo52 index points 52 index points 52
175 Laos52 index points 52 index points 52
178 Nauru51 index points 51 index points 51
178 Rwanda51 index points 51 index points 51
178 Kyrgyzstan51 index points 51 index points 51
178 Solomon Islands51 index points 51 index points 51
182 Mauritania50 index points 50 index points 50
182 Dominica50 index points 50 index points 50
182 Togo50 index points 50 index points 50
182 Benin50 index points 50 index points 50
182 Djibouti50 index points 50 index points 50
182 Vanuatu50 index points 50 index points 50
188 Pakistan49 index points 49 index points 49
188 Venezuela49 index points 49 index points 49
188 Marshall Islands49 index points 49 index points 49
188 Uganda49 index points 49 index points 49
188 Senegal49 index points 49 index points 49
188 Mali49 index points 49 index points 49
194 Haiti48 index points 48 index points 48
195 Palau47 index points 47 index points 47
195 Guinea47 index points 47 index points 47
195 Madagascar47 index points 47 index points 47
198 Burkina Faso46 index points 46 index points 46
198 Tuvalu46 index points 46 index points 46
200 São Tomé and Príncipe45 index points 45 index points 45
200 Central African Republic45 index points 45 index points 45
200 Myanmar45 index points 45 index points 45
203 Ethiopia44 index points 44 index points 44
204 Lebanon43 index points 43 index points 43
204 Palestine43 index points 43 index points 43
206 Liberia42 index points 42 index points 42
206 Mozambique42 index points 42 index points 42
206 Niger42 index points 42 index points 42
209 Zanzibar40 index points 40 index points 40
210 Malawi39 index points 39 index points 39
210 Syria39 index points 39 index points 39
210 Congo DR39 index points 39 index points 39
210 Kiribati39 index points 39 index points 39
214 Zimbabwe38 index points 38 index points 38
215 Sierra Leone37 index points 37 index points 37
216 Afghanistan36 index points 36 index points 36
216 Chad36 index points 36 index points 36
216 Cuba36 index points 36 index points 36
219 Equatorial Guinea34 index points 34 index points 34
219 Timor-Leste34 index points 34 index points 34
221 Guinea-Bissau33 index points 33 index points 33
222 Burundi28 index points 28 index points 28
223 Yemen24 index points 24 index points 24
223 Western Sahara24 index points 24 index points 24
225 South Sudan23 index points 23 index points 23
226 Sudan22 index points 22 index points 22
227 Somalia20 index points 20 index points 20
227 Eritrea20 index points 20 index points 20
229 Korea DPR18 index points 18 index points 18

Last rating: June 17th, 2026

How the Raw Value Is Calculated

The raw value is a Nomadino 0-100 index value for capital-market depth and usability. 0 means very shallow and illiquid markets, while 100 means broad, stable and practically usable capital markets.

The starting point is Nomadino data on GDP per capita at purchasing power parity, economic freedom, banking stability, foreign-exchange reserves, fintech development and current-account balance. The result is checked against World Bank, IMF and financial-market source families.

The calculation combines six blocks: GDP per capita at purchasing power parity counts for 25%, economic freedom 20%, banking stability 20%, foreign-exchange reserves 15%, fintech development 10%, and current-account balance 10%.

This avoids estimating market depth only from income or market size. Institutional freedom, external liquidity and the banking system also count, so small wealthy financial centres and large but unstable markets are not distorted.

For countries and territories without complete direct coverage, Nomadino uses maintained replacement values. They are checked against administering states, regional peers, financial-centre functions and available Nomadino financial indicators.

The score equals the raw value. A higher raw value therefore improves the ranking.