Signal US, Canada, Japan, and South Korea hit all-time equity highs, the US at double its average

Summary

MGI finds that in 2025 countries broadly split into two camps on equity relative to GDP. The first group, which includes the United States, Canada, Japan, and South Korea, reached all-time highs. US equity values were close to twice their historical average, the most extreme case in the group. Part of this surge reflected a technology boom, above all in AI, and another driver was the rising share of corporate profits in US GDP. The second group, including most European economies and China, peaked around the pandemic and remains below those highs despite some growth in 2025.