The market capitalization – or market value – of a publicly traded company is calculated by multiplying the current share price by the number of shares. The market capitalization of a stock exchange is the sum of the individual market capitalizations of all companies listed on that exchange.
The significance of a stock exchange is therefore primarily determined by which and how many companies are listed there. Naturally, a stock exchange in a smaller country has fewer listed companies than the stock exchange of an economic powerhouse – such as the United States, Japan, or Germany. The market capitalization of a stock exchange must therefore be viewed in the context of the size of the respective national economy – or, more precisely, its gross domestic product.
The market capitalization of the Vienna Stock Exchange stands at 36.4% (as of 2025, source: World Bank) of Austria’s gross domestic product. However, the ratio of market capitalization to GDP in Austria is significantly lower than in the United States (224%), for example. This is primarily a result of differences in corporate structures: While large companies and conglomerates play a dominant role in the U.S. economy, small and medium-sized enterprises dominate in Austria.
