India's stock market grew 23-fold since 2000
Market value of listed domestic companies, India vs Hong Kong, year-end, US$ trillion, 2000–2025.
India's listed companies went from $226 billion in 2000 to about $5.25 trillion at the end of 2025.
Hong Kong grew from $623 billion to $6.09 trillion, and retook the lead with a 34% jump in 2025.
India ended the year ahead of Hong Kong for the first time, $4.34 trillion vs $3.97 trillion, and stayed ahead in 2024.
the numbers
| Year | India (tn) | Hong Kong (tn) |
|---|---|---|
| 2000 | 0.23 | 0.62 |
| 2005 | 0.62 | 1.05 |
| 2010 | 1.76 | 2.71 |
| 2015 | 1.75 | 3.18 |
| 2020 | 2.55 | 6.13 |
| 2021 | 3.55 | 5.43 |
| 2022 | 3.39 | 4.57 |
| 2023 | 4.34 | 3.97 |
| 2024 | 5.13 | 4.55 |
| 2025 | 5.25 | 6.09 |
source notes & method
2000–2024 values: World Bank WDI, retrieved via the Statistics of the World mirror (shown to 3 significant figures). Hong Kong 2025: World Bank $6.09 trillion; matches HKEX Main Board + GEM market cap of HK$47,392.5 bn at 31 Dec 2025, up 34.2% on HK$35,319.5 bn (https://www.hkex.com.hk/Market-Data/Statistics/Consolidated-Reports/Annual-Market-Statistics/2025-Annual-Market-Statistics). India 2025: BSE-listed companies' market cap of Rs 472.15 lakh crore (about $5.25 trillion) at the end of December 2025, BSE data reported by PTI (Outlook Business, 30 Dec 2025); not yet in the World Bank series. India's World Bank series tracks BSE market cap. 2018 World Bank value for India ($4.14T) looks inconsistent with BSE data and is not used. Hong Kong figures include mainland Chinese companies listed in Hong Kong. Growth multiples (India 5.25/0.226 = 23.2×; Hong Kong 6.09/0.623 = 9.8×) are derived by progrss; India's endpoint mixes World Bank (2000) and BSE (2025) figures for the same BSE market-cap measure.
Published 3 Nov 2026
what connects to this
one plate, every morning
The new world, explained in one chart, in your inbox at 7:00, your time. Free.
or follow via rss, the "rss" in progrss