According to the World Bank, there were 47,926 total domestically listed companies in 2022. Asia and Pacific had the highest share of the total listed companies, with 27,701 companies listed in East Asia and Pacific and 3,306 companies in South Asia in 2022. The APAC region was followed by North America, with 8,186 listed companies.
The trend of regional dominance can also be seen in the Fortune 500 global list of 2023. Asia, Europe, and North America boast a high number of Global 500 companies. In 2023, 142 out of Global 500 companies were from China, followed by the US and Japan. Asian companies on the list were majorly from China, with only a few incorporated out of the country. The US is one of the major headquarters for Global 500 companies due to its advanced economy and well-developed infrastructure, which provides business growth, accessible capital, and a skilled workforce. You can also check out the Top 20 Business Travel Destinations in The World and 20 Highest Paying Countries for Business Analysts.
Rising Initial Public Offering (IPO) Activity
Established domestic companies play a major role in a nation's development. The IPO market serves the purpose of a feeder, allowing companies to access capital and seek broader markets. According to a report by PwC, the United States is expecting a positive market outlook for the first half of 2024. The stocks in the market grew significantly in the first quarter, driven by the technology and AI sector. The IPO market in the region is also on its path to recovery, with a robust pipeline of companies aiming to go public. In the first quarter of 2024, traditional initial public offerings (IPOs) surged. 14 companies went public, out of which 6 companies were from the pharmaceutical and life sciences sectors. These IPOs collectively generated more than $6.5 billion, representing a threefold increase than in Q1 2023. In the first quarter of 2024, the S&P 500 surged 9% quarter to date. This rise can be attributed to the high demand for AI-related stocks. Traditional IPOs increased by 19% in the first quarter, surpassing broader indexes. This performance by the IPOs hints at the revival of the IPO markets.
CG Oncology, Inc. (NASDAQ:CGON) is among the leading pharmaceutical and biotech companies that went public in the first quarter of 2024. It is a leading cancer drug-developing company, focused on bladder cancer treatment. The company announced its IPO, priced at $29 per share on the Nasdaq on January 25, 2024. On January 26, Reuters reported that CG Oncology, Inc. (NASDAQ:CGON) sold 20 million shares and generated $380 million. In its debut, the company's market value soared and reached $1.75 billion, driven by a 52.6% surge in its shares at its opening. As of April 5, CG Oncology, Inc. (NASDAQ:CGON) is valued at $2.70 billion.
The quarter also witnessed the public debut of two tech IPOs, Reddit, Inc. (NYSE:RDDT) and Astera Labs, Inc. (NASDAQ:ALAB). On March 11, Reuters reported that the leading social media company, Reddit, Inc. (NYSE:RDDT) is seeking a valuation of up to $6.4 billion, with its stock market debut. With a target of nearly 22 million shares, Reddit, Inc. (NYSE:RDDT) generated up to $748 million, with shares priced between $31 and $34. Astera Labs, Inc. (NASDAQ:ALAB) is a tech company providing semiconductor-based connectivity solutions. The company launched its IPO on March 19, consisting of 16,788,903 shares of common stock. Both companies surged with returns of 48% and 72%, respectively on their debut. The current valuation of Astera Labs, Inc. (NASDAQ:ALAB) is $11.36 billion, as of April 5, and Reddit, Inc. (NYSE:RDDT) is worth $7.56 billion.
Special Purpose Acquisition Company (SPAC) IPOs and mergers witnessed slowed growth compared to the previous quarters. In the first quarter of 2024, there were only 6 SPAC IPOs, 19 SPAC merger announcements, and 20 merger completions. The adoption of newly devised rules by the SEC, aimed at improving investor protection by mandating additional disclosure and reporting requirements with traditional IPOs, will affect the volume of transactions, as reported by the PwC.
The robust pipeline of companies aiming to go public and the positive performance of the recently launched public offerings are expected to drive the growth of IPOs and consequently increase the number of listed companies. With that said, let's have a look at the 20 countries with the most domestically listed companies.
20 Countries with the Most Domestically Listed Companies in the World
Close-up shot of a ticker board reflecting the companies stocks in the stock exchange.
Methodology
To compile our list of the 20 countries with the most domestically listed companies in the world, we consulted the World Bank to source the number of domestic publicly listed companies for each country. We also mentioned the market cap of domestic companies as a percentage of GDP, again sourced from the World Bank, to provide insights into the role of domestically listed companies in the economic development of countries. Our list ranks the 20 countries with the most domestically listed companies in the world in ascending order of their total number of domestically listed companies.
20 Countries with the Most Domestically Listed Companies in the World
20. Singapore
Number of Domestically Listed Companies (2022): 425
Singapore is ranked among the countries with the most domestically listed companies. In 2022, the total number of domestically listed companies reached 425 in the country. Some of the leading public companies in Singapore include Overseas Chinese Banking Corporation Ltd (SGX:O39), Singapore Telecommunications Ltd (SGX:Z74), and Singapore Airlines Ltd (SGX:C6L).
19. Germany
Number of Domestically Listed Companies (2022): 429
Germany ranks 19th on our list. The country had 429 domestically listed companies in 2022. The total market capitalization of domestically listed companies in Germany was 46.3% of its GDP in 2022.
18. Turkey
Number of Domestically Listed Companies (2022): 461
Turkey is one of the top countries with the highest number of domestically listed companies. In 2022, it had 461 listed domestic companies. Koc Holding AS (IST:KCHOL), Qnb Finansbank AS (IST:QNBFB), and Turkiye Petrol Rafinerileri AS (IST:TUPRS) are some of the major listed domestic companies in the country.
17. Pakistan
Number of Domestically Listed Companies (2022): 494
Pakistan ranks 17th on our list. In 2022, the country had 494 total domestically listed companies. The country's combined market capitalization of domestic companies was 7.7% of its gross domestic product (GDP).
16. Israel
Number of Domestically Listed Companies (2022): 518
Israel had 518 listed domestic companies in 2022. It is ranked 16th on our list of countries with the most domestically listed companies.
15. Iran
Number of Domestically Listed Companies (2022): 546
Ranked 15th on our list, Iran's total number of domestically listed companies was 546 in 2022. Its domestic market capitalization soared to nearly 390% of its GDP in 2022.
14. Poland
Number of Domestically Listed Companies (2022): 773
Poland is the 14th country with the most domestically listed companies in the world. In 2022, Poland had 773 domestically listed companies. Orlen SA (WSE:PKN), Bank Polska Kasa Opieki SA (WSE:PEO), and Powszechna Kasa Oszczednosci Bk Plski SA (WSE:PKO) are some of the top companies trading in the Polish stock market.
13. Thailand
Number of Domestically Listed Companies (2022): 810
Thailand ranks 13th on our list. In 2022, there were 810 domestically listed companies in the country. The total market value of these companies was 122% of the country's GDP in 2022.
12. Indonesia
Number of Domestically Listed Companies (2022): 825
Indonesia had 825 domestically listed companies in 2022. Bank Central Asia Tbk PT (OTCMKTS:PBCRF), Bayan Resources Tbk PT (IDX:BYAN), and Telkom Indonesia (Persero) Tbk PT (IDX:TLKM) are some of the biggest companies in Indonesia. It is ranked 12th on our list of the countries with the most domestically listed companies.
11. Malaysia
Number of Domestically Listed Companies (2022): 963
Malaysia ranks 11th on our list. In 2022, there were 963 listed domestic companies in the country, that had a market value of over 93% of its GDP.
10. Spain
Number of Domestically Listed Companies (2022): 1,472
Another country with the most domestically listed companies in the world is Spain. In 2022, it had 1,472 listed companies. The market value of these companies combined was 46.9% of Spain's GDP in 2022. Iberdrola, S.A. (BME:IBE), Banco Santander, S.A. (BME:SAN), and Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) are some of the most valuable publicly listed companies in the country.
9. United Kingdom
Number of Domestically Listed Companies (2021): 1,646
The United Kingdom is ranked 9th on our list. In 2021, there were 1,646 domestically listed companies in the country.
8. Australia
Number of Domestically Listed Companies (2022): 1,976
Australia is one of the countries with the most domestically listed companies. In 2022, the country had 1,976 domestically listed companies. These companies had a market valuation of over 99% of Australia's GDP. BHP Group Ltd (ASX:BHP), Commonwealth Bank of Australia (ASX:CBA), and Bendigo and Adelaide Bank Ltd (ASX:BEN) are some of the major stocks trading in the Australian market.
7. India
Number of Domestically Listed Companies (2022): 2,168
India had 2,168 domestically listed companies in 2022. The country's domestic market capitalization is over 100% of its GDP. Reliance Industries Ltd (NSE:RELIANCE), Tata Consultancy Services Limited (NSE:TCS), and Bharti Airtel Ltd (NSE:BHARTIARTL) are some of the most valuable companies operating in the Indian market. India is ranked 7th on our list.
6. Hong Kong
Number of Domestically Listed Companies (2022): 2,414
Hong Kong is ranked 6th on our list of the countries with the most domestically listed companies in the world. It had 2,414 listed domestic companies in 2022, valued at a tenfold higher market cap than its GDP.
