Total market value of US-listed stocks divided by nominal GDP. Warren Buffett called it “probably the best single measure of where valuations stand at any given moment”.
Trend, 1998–2025
Data
Year
Market cap ($ bn)
GDP ($ bn)
Market cap ÷ GDP
Sources
Market cap:Siblis Research, US-domiciled companies listed on NYSE, Nasdaq and OTCQX, year-end value, not free-float adjusted.