Taiwan has overtaken India to become the world’s fifth-largest stock market by market capitalization, driven by a sharp rally in Taiwan Semiconductor Manufacturing Company (TSMC) and strong global demand for artificial intelligence-linked chip stocks.
According to Bloomberg data, Taiwan’s stock market capitalization climbed to around $4.95 trillion, marginally ahead of India’s $4.92 trillion. The move pushed India to the sixth position globally.
Top 5 stock markets by market capitalization
| Rank | Market | Market Capitalization |
|---|---|---|
| 1 | United States | Around $76-78 trillion |
| 2 | China | Around $11-15.6 trillion |
| 3 | Japan | Around $7-8.7 trillion |
| 4 | Hong Kong | Around $7.3 trillion |
| 5 | Taiwan | Around $4.95 trillion |
Taiwan’s rise has been heavily driven by TSMC, which now accounts for more than 42% of Taiwan’s benchmark index. The chipmaker has seen strong investor interest due to the global AI boom and rising semiconductor demand.
India, despite slipping to sixth place, remains close behind Taiwan with a market value of around $4.92 trillion. Since the gap between the two markets is narrow, rankings may continue to shift depending on daily stock market movement, currency changes and foreign fund flows.
The United States continues to dominate global equity markets, supported by the NYSE, Nasdaq and strong exposure to technology and artificial intelligence companies. China, Japan and Hong Kong continue to occupy the next three positions.
Taiwan’s move above India highlights how concentrated technology-led rallies can reshape global market rankings quickly, especially when large-cap companies like TSMC drive a major share of overall market value.