FTSE Russell Insights

Different perspectives on stock market concentration

October 30, 2026

6 min

Andreas Schroeder

Head of Index Research and Design, Europe

Achal Srivastav

Senior Quant Analyst, FTSE Russell

Global stock markets have become more concentrated - but not in every way.

In recent years a few high-profile tech companies have dominated the returns of both US and global stock indices.

Mega-cap companies in the “Magnificent Seven” (Apple, Tesla, Nvidia, Microsoft, Alphabet, Meta, and Amazon) now account for a much bigger share of the equity indices than they did in the past.

How concentrated is the global equity universe in these stocks? In this FTSE Russell Insight, we look at how many companies account for the top 25% of the FTSE All-World Universe over the past 20 years by different fundamental measures of business activity [note1], drawing inspiration from the approach of Bye et al. (2026).

The fewer the number of companies required, the greater the concentration among these leading contributors. In June 2026, for example, 11 companies made up the top 25% of the FTSE All-World index’s market capitalisation, down from nearly 60 in 2011.

Chart view
Table view

Line chart comparing Market Cap, MDTV, Aggregated Dividends and Net Debt from 2006 to 2025. Market Cap and MDTV generally decline after 2019, while Aggregated Dividends becomes the strongest measure, ending near 50. Net Debt rises gradually to a peak of around 29 in 2019–2020 before declining to about 16 by 2025. — Source: FTSE Russell, FTSE All-World index, monthly observations from 23/1/2006 to 22/6/2026. Past performance is not a guide to future returns. Please see the end for important legal disclosures.

Table listing effective dates and corresponding Market Cap values from January 2006 to June 2026. Values range from a high of 59 in June 2011 to a low of 11, recorded several times in late 2025 and 2026. The latest value is 11 on 22 June 2026.
effective_date	Market Cap
23/01/2006	48
20/02/2006	50
20/03/2006	51
24/04/2006	51
22/05/2006	52
19/06/2006	51
24/07/2006	50
21/08/2006	49
18/09/2006	49
23/10/2006	49
20/11/2006	50
18/12/2006	51
22/01/2007	51
19/02/2007	52
19/03/2007	54
23/04/2007	55
21/05/2007	55
18/06/2007	55
23/07/2007	55
20/08/2007	54
24/09/2007	54
22/10/2007	54
19/11/2007	54
24/12/2007	53
21/01/2008	52
18/02/2008	52
24/03/2008	54
21/04/2008	54
19/05/2008	53
23/06/2008	55
21/07/2008	52
18/08/2008	52
22/09/2008	52
20/10/2008	46
24/11/2008	42
22/12/2008	39
19/01/2009	41
23/02/2009	43
23/03/2009	42
20/04/2009	43
18/05/2009	46
22/06/2009	50
20/07/2009	49
24/08/2009	50
21/09/2009	50
19/10/2009	51
23/11/2009	49
21/12/2009	49
18/01/2010	50
22/02/2010	51
22/03/2010	51
19/04/2010	52
24/05/2010	51
21/06/2010	52
19/07/2010	53
23/08/2010	54
20/09/2010	55
18/10/2010	56
22/11/2010	56
20/12/2010	58
24/01/2011	57
21/02/2011	57
21/03/2011	57
18/04/2011	57
23/05/2011	58
20/06/2011	59
18/07/2011	58
22/08/2011	56
19/09/2011	56
24/10/2011	51
21/11/2011	53
19/12/2011	52
23/01/2012	50
20/02/2012	53
19/03/2012	53
23/04/2012	51
21/05/2012	51
18/06/2012	48
23/07/2012	48
20/08/2012	46
24/09/2012	47
22/10/2012	47
19/11/2012	49
24/12/2012	50
21/01/2013	51
18/02/2013	52
18/03/2013	52
22/04/2013	52
20/05/2013	52
24/06/2013	51
22/07/2013	50
19/08/2013	51
23/09/2013	53
21/10/2013	55
18/11/2013	54
23/12/2013	52
20/01/2014	53
24/02/2014	53
24/03/2014	55
21/04/2014	56
19/05/2014	55
23/06/2014	55
21/07/2014	55
18/08/2014	55
22/09/2014	56
20/10/2014	53
24/11/2014	53
22/12/2014	53
19/01/2015	54
23/02/2015	54
23/03/2015	54
20/04/2015	56
18/05/2015	56
22/06/2015	55
20/07/2015	55
24/08/2015	53
21/09/2015	53
19/10/2015	52
23/11/2015	51
21/12/2015	50
18/01/2016	49
22/02/2016	48
21/03/2016	48
18/04/2016	49
23/05/2016	50
20/06/2016	49
18/07/2016	47
22/08/2016	48
19/09/2016	48
24/10/2016	48
21/11/2016	49
19/12/2016	48
23/01/2017	47
20/02/2017	47
20/03/2017	47
24/04/2017	47
22/05/2017	47
19/06/2017	48
24/07/2017	48
21/08/2017	48
18/09/2017	48
23/10/2017	48
20/11/2017	47
18/12/2017	47
22/01/2018	47
19/02/2018	47
19/03/2018	47
23/04/2018	48
21/05/2018	48
18/06/2018	46
23/07/2018	44
20/08/2018	44
24/09/2018	42
22/10/2018	42
19/11/2018	41
24/12/2018	42
21/01/2019	42
18/02/2019	43
18/03/2019	43
22/04/2019	41
20/05/2019	40
24/06/2019	42
22/07/2019	41
19/08/2019	40
23/09/2019	40
21/10/2019	40
18/11/2019	40
23/12/2019	39
20/01/2020	38
24/02/2020	36
23/03/2020	36
20/04/2020	32
18/05/2020	32
22/06/2020	33
20/07/2020	31
24/08/2020	29
21/09/2020	27
19/10/2020	29
23/11/2020	28
21/12/2020	31
18/01/2021	31
22/02/2021	30
22/03/2021	33
19/04/2021	33
24/05/2021	32
21/06/2021	34
19/07/2021	31
23/08/2021	31
20/09/2021	30
18/10/2021	31
22/11/2021	29
20/12/2021	27
24/01/2022	28
21/02/2022	28
21/03/2022	29
18/04/2022	27
23/05/2022	28
20/06/2022	30
18/07/2022	30
22/08/2022	27
19/09/2022	29
24/10/2022	29
21/11/2022	31
19/12/2022	31
23/01/2023	35
20/02/2023	33
20/03/2023	33
24/04/2023	29
22/05/2023	28
19/06/2023	24
24/07/2023	24
21/08/2023	24
18/09/2023	23
23/10/2023	22
20/11/2023	22
18/12/2023	21
22/01/2024	23
19/02/2024	21
18/03/2024	20
22/04/2024	20
20/05/2024	19
24/06/2024	16
22/07/2024	14
19/08/2024	16
23/09/2024	17
21/10/2024	17
18/11/2024	15
23/12/2024	14
20/01/2025	13
24/02/2025	14
24/03/2025	15
21/04/2025	17
19/05/2025	17
23/06/2025	15
21/07/2025	14
18/08/2025	13
22/09/2025	12
20/10/2025	12
24/11/2025	11
22/12/2025	11
19/01/2026	11
23/02/2026	13
23/03/2026	13
20/04/2026	14
18/05/2026	11
22/06/2026	11

But we can measure concentration in different ways. And while investors have become willing to pay increasingly large premiums to own a small subset of firms, underlying fundamentals remain more broadly distributed across the market.

In Figure 2, each grey dot represents the monthly readings for eleven different measures of stock market concentration, taken over the 20-year period to 2026 for the FTSE All-World index. The blue arrow shows the change from the first reading (in January 2006) to the last reading (in June 2026).

Chart view
Table view

Dot plot showing the number of stocks needed to reach 25% of the index across 11 measures from 2006 to 2026. Values vary considerably by measure. Book Value and Sales are generally highest, mostly around 55 to 70 stocks, while Net Debt is lowest, mostly around 12 to 30. The blue arrows indicate the change over the period. Market Cap, EBITDA, EV and Net Income decrease overall, while MDTV, Book Value, Sales, Cash Earnings, Cashflow, Div. and Net Debt increase. Market Cap falls from 48 stocks in January 2006 to 11 in June 2026, while Sales rises from 56 to 62 and Book Value changes from 59 to 60. — Source: FTSE Russell, FTSE All-World index, monthly observations from 23/1/2006 to 22/6/2026. Past performance is not a guide to future returns. Please see the end for important legal disclosures.

Table showing the number of stocks needed to reach 25% of the index by effective date from January 2006 to June 2026. It contains 11 measures: Market Cap, MDTV, Book Value, Sales, Cash Earnings, Cashflow, EBITDA, EV, Div., Net Debt and Net Income. The data show differing trends across measures over the period; for example, Market Cap decreases from 48 to 11, while Sales increases from 56 to 62.
effective_date	Market Cap	MDTV	Book Value	Sales	Cash Earnings	Cashflow	EBITDA	EV	Div.	Net Debt	Net Income
23/01/2006	48	53	59	56	32	36	49	34	34	14	48
20/02/2006	50	51	59	56	32	33	49	31	36	13	48
20/03/2006	51	51	59	56	32	33	49	31	36	13	48
24/04/2006	51	50	58	57	32	33	48	31	36	13	50
22/05/2006	52	51	60	56	31	32	49	31	36	13	50
19/06/2006	51	53	58	56	31	32	49	30	36	13	50
24/07/2006	50	55	58	56	31	32	49	30	36	13	49
21/08/2006	49	56	58	56	31	32	49	30	37	14	49
18/09/2006	49	58	58	56	31	32	49	31	36	14	49
23/10/2006	49	58	58	56	31	32	49	31	36	14	49
20/11/2006	50	57	58	56	31	32	49	32	36	14	49
18/12/2006	51	58	58	55	30	31	49	32	36	14	49
22/01/2007	51	57	58	57	39	31	49	32	36	13	52
19/02/2007	52	56	56	56	39	42	48	29	37	13	50
19/03/2007	54	57	56	56	38	42	48	29	38	13	50
23/04/2007	55	58	56	57	39	42	48	30	38	13	51
21/05/2007	55	59	58	56	39	43	48	30	39	13	51
18/06/2007	55	59	58	57	39	43	48	31	39	13	51
23/07/2007	55	59	58	57	40	43	48	32	39	13	51
20/08/2007	54	59	59	57	40	43	48	32	39	13	51
24/09/2007	54	59	59	58	40	44	49	32	39	13	51
22/10/2007	54	57	59	58	39	43	49	33	39	13	51
19/11/2007	54	54	59	57	40	43	49	34	40	13	51
24/12/2007	53	51	59	57	40	43	49	34	40	13	51
21/01/2008	52	51	59	58	44	44	49	34	40	13	51
18/02/2008	52	51	59	57	43	47	51	28	40	13	52
24/03/2008	54	49	60	57	43	47	51	29	41	13	51
21/04/2008	54	50	60	58	42	47	52	28	41	13	51
19/05/2008	53	49	60	58	42	46	52	29	41	13	51
23/06/2008	55	50	60	58	42	46	52	31	42	13	51
21/07/2008	52	50	60	58	42	46	52	28	42	13	51
18/08/2008	52	50	60	58	42	46	51	28	42	13	50
22/09/2008	52	49	60	58	43	47	50	29	41	12	50
20/10/2008	46	48	59	58	43	46	50	26	40	12	50
24/11/2008	42	46	59	58	43	46	50	24	40	12	50
22/12/2008	39	44	59	58	40	46	50	23	39	13	49
19/01/2009	41	42	59	59	28	43	51	24	39	12	49
23/02/2009	43	39	59	59	28	29	47	25	33	13	40
23/03/2009	42	36	58	58	28	29	47	24	33	13	39
20/04/2009	43	34	58	59	28	29	47	25	33	13	39
18/05/2009	46	35	57	59	29	30	45	27	33	13	36
22/06/2009	50	37	57	59	29	30	45	27	33	13	36
20/07/2009	49	37	57	59	29	30	45	27	33	13	36
24/08/2009	50	38	58	59	29	30	45	29	33	13	36
21/09/2009	50	40	58	59	29	30	45	29	33	13	36
19/10/2009	51	43	58	60	29	30	45	30	34	13	36
23/11/2009	49	43	58	59	29	30	45	30	34	13	35
21/12/2009	49	44	59	60	29	30	45	28	34	13	36
18/01/2010	50	43	59	65	35	31	45	30	34	13	36
22/02/2010	51	43	54	65	35	35	49	31	36	13	42
22/03/2010	51	43	55	65	35	35	50	32	37	13	42
19/04/2010	52	41	55	65	37	36	50	33	37	13	42
24/05/2010	51	41	56	65	38	38	50	34	37	14	43
21/06/2010	52	39	57	65	37	38	50	32	37	13	43
19/07/2010	53	37	57	65	37	38	50	35	37	14	43
23/08/2010	54	38	57	65	37	38	50	36	37	15	43
20/09/2010	55	39	57	65	38	38	50	36	37	15	43
18/10/2010	56	39	58	66	38	39	51	37	37	15	43
22/11/2010	56	40	58	66	38	39	51	38	37	15	44
20/12/2010	58	43	59	66	38	39	51	39	38	15	37
24/01/2011	57	45	59	66	38	39	52	40	38	15	37
21/02/2011	57	45	57	66	39	44	53	40	43	15	46
21/03/2011	57	45	57	65	38	44	53	40	44	15	46
18/04/2011	57	46	57	65	47	44	53	41	44	15	46
23/05/2011	58	47	58	65	47	43	54	41	44	15	48
20/06/2011	59	49	58	66	32	43	54	41	44	15	48
18/07/2011	58	50	58	66	32	43	54	41	44	15	48
22/08/2011	56	51	58	67	43	44	54	40	44	15	47
19/09/2011	56	51	58	67	43	43	54	39	44	15	47
24/10/2011	51	50	58	67	42	42	53	36	44	15	46
21/11/2011	53	48	58	67	42	42	53	39	44	15	46
19/12/2011	52	47	58	67	41	42	53	38	44	15	46
23/01/2012	50	46	58	67	42	43	53	38	44	15	46
20/02/2012	53	46	58	68	42	41	49	45	43	17	40
19/03/2012	53	47	58	67	40	41	49	46	43	17	40
23/04/2012	51	46	58	65	41	40	49	46	42	17	40
21/05/2012	51	46	58	66	40	37	49	45	43	17	40
18/06/2012	48	39	58	65	36	36	49	44	43	17	40
23/07/2012	48	42	58	65	36	36	49	44	43	17	40
20/08/2012	46	41	59	66	36	36	49	44	43	17	42
24/09/2012	47	41	59	66	36	36	49	44	43	17	42
22/10/2012	47	42	59	66	36	36	49	44	43	17	42
19/11/2012	49	41	58	65	36	36	48	45	43	17	41
24/12/2012	50	39	58	65	36	36	48	45	43	17	41
21/01/2013	51	38	58	65	36	37	48	46	42	17	41
18/02/2013	52	38	57	65	36	42	49	50	43	19	39
18/03/2013	52	40	57	66	34	43	49	51	44	19	39
22/04/2013	52	43	57	66	42	43	49	51	43	19	39
20/05/2013	52	47	57	65	42	44	48	51	43	19	40
24/06/2013	51	49	57	64	43	45	47	51	43	19	40
22/07/2013	50	52	57	64	45	45	48	50	43	19	39
19/08/2013	51	53	57	64	45	45	48	50	43	19	40
23/09/2013	53	53	56	64	45	45	48	50	43	19	39
21/10/2013	55	52	56	64	45	45	49	52	43	19	40
18/11/2013	54	50	56	63	45	45	48	52	41	19	40
23/12/2013	52	49	56	63	44	45	48	51	41	19	40
20/01/2014	53	47	56	62	44	45	48	51	41	19	39
24/02/2014	53	46	56	62	45	39	49	54	41	20	42
24/03/2014	55	46	57	63	42	40	50	55	40	20	43
21/04/2014	56	47	57	64	40	40	48	55	40	20	44
19/05/2014	55	46	58	63	36	36	50	57	41	21	44
23/06/2014	55	48	58	64	36	37	49	58	42	21	44
21/07/2014	55	50	58	64	37	38	50	59	43	21	44
18/08/2014	55	50	58	65	37	37	50	58	42	20	44
22/09/2014	56	55	59	65	37	37	50	59	43	21	44
20/10/2014	53	54	59	65	37	38	50	58	43	20	43
24/11/2014	53	55	59	65	37	37	50	58	43	20	43
22/12/2014	53	56	59	64	37	37	50	59	42	20	43
19/01/2015	54	56	60	64	35	35	49	58	42	21	43
23/02/2015	54	55	59	64	35	39	52	63	41	22	46
23/03/2015	54	55	58	66	35	39	52	63	41	22	45
20/04/2015	56	56	58	67	42	42	52	64	41	23	45
18/05/2015	56	58	58	67	43	44	52	64	42	23	46
22/06/2015	55	58	58	67	42	43	53	65	42	23	45
20/07/2015	55	60	58	67	44	44	53	64	43	23	45
24/08/2015	53	61	58	65	43	44	52	62	43	22	47
21/09/2015	53	61	57	65	43	43	55	62	43	23	47
19/10/2015	52	60	57	65	42	42	54	61	42	23	46
23/11/2015	51	58	57	64	41	41	53	61	43	23	46
21/12/2015	50	56	57	64	42	42	54	60	42	23	46
18/01/2016	49	53	57	64	41	41	54	59	42	23	46
22/02/2016	48	50	57	63	40	41	53	59	42	24	47
21/03/2016	48	50	57	66	45	44	55	62	43	26	48
18/04/2016	49	50	58	68	42	42	56	64	44	26	49
23/05/2016	50	51	58	69	42	42	55	65	44	26	49
20/06/2016	49	52	58	68	38	38	54	64	45	26	49
18/07/2016	47	54	58	69	38	38	54	64	46	26	49
22/08/2016	48	57	58	69	38	38	54	64	46	26	48
19/09/2016	48	59	60	68	42	42	54	64	46	26	48
24/10/2016	48	59	60	68	42	42	55	64	46	26	49
21/11/2016	49	59	60	68	42	43	55	64	46	26	48
19/12/2016	48	58	59	68	42	42	54	63	45	26	48
23/01/2017	47	57	59	68	42	42	53	62	45	26	48
20/02/2017	47	55	60	68	43	43	54	63	45	27	49
20/03/2017	47	55	61	69	45	45	55	64	42	27	49
24/04/2017	47	54	60	70	51	51	55	64	43	26	49
22/05/2017	47	55	60	70	51	51	56	64	45	26	50
19/06/2017	48	54	61	70	54	54	56	63	45	25	50
24/07/2017	48	53	61	71	53	53	56	63	46	26	50
21/08/2017	48	52	61	71	53	53	56	63	45	26	51
18/09/2017	48	51	62	71	54	54	57	62	46	26	52
23/10/2017	48	48	62	71	54	54	57	62	46	26	52
20/11/2017	47	47	62	71	54	54	57	61	45	26	52
18/12/2017	47	46	62	71	54	53	56	61	45	26	52
22/01/2018	47	46	62	71	57	57	57	61	46	26	52
19/02/2018	47	45	63	71	57	57	58	60	46	26	54
19/03/2018	47	45	63	70	56	55	55	61	43	26	54
23/04/2018	48	41	64	70	52	52	57	62	47	25	54
21/05/2018	48	37	64	70	47	47	58	61	47	25	55
18/06/2018	46	36	64	70	47	47	58	60	49	25	55
23/07/2018	44	35	64	70	48	48	58	59	49	25	55
20/08/2018	44	35	64	70	48	48	58	59	49	25	54
24/09/2018	42	35	64	70	48	48	57	58	48	25	54
22/10/2018	42	34	64	70	48	48	57	58	49	25	54
19/11/2018	41	33	64	69	48	48	57	58	48	25	54
24/12/2018	42	30	64	69	48	48	57	58	48	25	54
21/01/2019	42	28	64	69	48	48	57	58	49	25	53
18/02/2019	43	28	64	69	48	48	56	59	49	26	51
18/03/2019	43	30	65	67	47	47	54	59	48	25	51
22/04/2019	41	31	66	67	48	48	53	58	48	26	51
20/05/2019	40	33	65	68	46	46	52	56	51	26	50
24/06/2019	42	43	70	74	50	50	56	63	56	28	52
22/07/2019	41	45	71	74	50	50	56	63	57	28	52
19/08/2019	40	47	71	74	49	50	56	62	56	28	52
23/09/2019	40	47	70	74	50	50	56	63	56	29	52
21/10/2019	40	48	70	74	50	50	56	63	57	29	52
18/11/2019	40	48	71	74	50	50	56	63	57	29	52
23/12/2019	39	48	68	72	46	46	50	58	57	28	46
20/01/2020	38	48	68	72	45	45	50	58	57	29	47
24/02/2020	36	46	68	72	44	44	50	56	57	28	41
23/03/2020	36	46	69	72	46	46	51	57	53	29	42
20/04/2020	32	41	68	72	49	48	51	52	52	28	41
18/05/2020	32	33	69	73	49	50	52	52	49	28	39
22/06/2020	33	29	69	73	50	50	53	53	51	28	40
20/07/2020	31	28	69	73	50	50	53	53	51	28	40
24/08/2020	29	25	69	73	50	50	53	53	50	28	40
21/09/2020	27	23	68	72	48	48	53	51	51	28	40
19/10/2020	29	19	68	70	49	49	52	52	51	27	39
23/11/2020	28	16	68	72	49	49	51	52	51	27	38
21/12/2020	31	14	68	71	48	48	51	54	50	27	38
18/01/2021	31	13	69	71	50	50	51	54	51	28	38
22/02/2021	30	13	69	70	49	49	48	55	51	27	36
22/03/2021	33	19	70	72	43	43	49	56	47	28	37
19/04/2021	33	24	69	74	43	44	50	55	36	27	37
24/05/2021	32	25	70	75	44	44	50	53	37	27	36
21/06/2021	34	28	69	75	43	43	50	54	39	27	36
19/07/2021	31	28	69	75	43	43	50	54	37	27	36
23/08/2021	31	30	68	75	43	43	49	53	37	27	36
20/09/2021	30	31	69	75	43	43	49	53	37	27	36
18/10/2021	31	32	69	74	43	43	48	54	37	27	34
22/11/2021	29	33	69	74	43	43	48	51	37	27	35
20/12/2021	27	27	68	73	43	43	48	49	37	26	34
24/01/2022	28	27	68	73	42	42	48	50	37	27	35
21/02/2022	28	23	68	72	43	43	48	49	39	26	38
21/03/2022	29	21	68	69	42	41	48	49	39	26	38
18/04/2022	27	19	68	69	41	40	45	46	41	25	38
23/05/2022	28	19	69	69	40	40	45	48	40	25	39
20/06/2022	30	18	69	69	41	41	46	49	42	25	40
18/07/2022	30	18	68	68	40	40	46	49	42	25	39
22/08/2022	27	18	68	68	40	40	46	47	42	25	39
19/09/2022	29	20	67	66	40	40	46	49	43	26	39
24/10/2022	29	21	67	65	39	39	45	49	42	25	38
21/11/2022	31	22	67	64	39	39	45	50	42	26	39
19/12/2022	31	22	67	65	39	39	46	52	43	26	39
23/01/2023	35	22	68	67	39	39	46	54	43	26	39
20/02/2023	33	23	68	66	39	38	45	53	45	26	37
20/03/2023	33	23	68	62	36	37	44	53	42	26	37
24/04/2023	29	21	68	62	35	35	41	50	42	26	37
22/05/2023	28	21	67	62	38	38	40	47	43	25	38
19/06/2023	24	19	68	63	37	37	40	43	44	25	37
24/07/2023	24	16	68	62	37	37	40	43	45	25	37
21/08/2023	24	13	68	63	38	38	40	43	45	25	37
18/09/2023	23	13	69	63	38	38	40	42	45	25	37
23/10/2023	22	10	68	62	38	38	40	42	45	25	37
20/11/2023	22	9	68	62	37	38	40	41	45	25	37
18/12/2023	21	9	68	63	38	38	40	41	46	25	37
22/01/2024	23	9	69	64	38	38	40	42	46	25	37
19/02/2024	21	9	68	63	38	38	40	40	45	25	34
18/03/2024	20	10	67	63	44	45	41	38	42	25	34
22/04/2024	20	10	66	63	48	47	45	37	46	22	34
20/05/2024	19	9	66	63	46	47	45	37	43	22	34
24/06/2024	16	9	66	63	47	47	45	34	44	22	34
22/07/2024	14	9	66	63	47	47	45	31	45	22	34
19/08/2024	16	9	66	63	47	46	45	33	45	22	34
23/09/2024	17	9	65	63	46	46	45	33	45	22	34
21/10/2024	17	10	66	63	46	46	45	34	46	22	34
18/11/2024	15	10	65	62	46	46	45	32	45	22	33
23/12/2024	14	11	65	62	46	46	44	31	44	22	33
20/01/2025	13	12	64	61	45	45	44	28	44	22	33
24/02/2025	14	13	64	61	45	45	43	28	44	22	30
24/03/2025	15	14	62	61	45	45	40	31	43	22	30
21/04/2025	17	13	63	62	43	43	42	31	43	20	30
19/05/2025	17	12	64	63	44	44	43	30	44	20	32
23/06/2025	15	12	64	63	44	44	44	29	45	21	32
21/07/2025	14	11	64	64	45	45	44	28	46	21	32
18/08/2025	13	12	63	63	43	43	43	26	46	20	31
22/09/2025	12	13	64	63	44	44	43	27	46	20	32
20/10/2025	12	13	64	63	44	44	43	25	46	20	32
24/11/2025	11	13	63	62	44	44	43	23	46	20	31
22/12/2025	11	13	63	62	44	44	43	23	46	20	31
19/01/2026	11	14	63	62	43	43	43	24	46	20	31
23/02/2026	13	14	63	62	42	42	42	25	46	20	30
23/03/2026	13	16	60	61	38	38	41	28	44	20	29
20/04/2026	14	17	59	61	41	41	42	25	48	17	30
18/05/2026	11	16	60	62	40	40	42	22	49	17	30
22/06/2026	11	17	60	62	40	40	43	22	51	17	31

Figure 2 shows that the stock market has become more concentrated in terms of market cap (i.e., the valuations that investors are willing to attribute to the largest companies), but not in other ways.

For example, if we look at those measures that are linked to the underlying scale of corporate activity (particularly book value, sales and cashflow), a broadly similar number of firms continue to make up 25% of the index when compared to two decades ago. For sales and cashflow, the direction of the blue arrows in Figure 2 (upwards) suggest reduced concentration among the largest contributors.

Interestingly, dividend concentration has also moved in the opposite direction to market capitalisation and dividends are now spread more evenly across companies.

Debt concentration has also declined, with the low or zero interest rates after the great financial crisis allowing companies to borrow more cheaply; however, this trend has started to reverse slightly in the recent rate hike cycle.

However, perhaps the most striking trend is in liquidity. Liquidity (measured by Median Daily Traded Value, MDTV) has shown an even sharper decline in diversification than market capitalisation.

In other words, trading activity has become heavily concentrated, with investors increasingly directing flows toward the largest and most visible companies.

This disconnect likely suggests that the current period of heavy market concentration is primarily the outcome of investor behaviour, rather than a reflection of the real economic footprint.

Looking beneath the global picture reveals differing regional patterns. By calculating our 25% metric within each region, we can compare how these counts evolve over time (without directly comparing concentration levels between regions).

Chart view
Table view

Chart showing the number of stocks contributing one-quarter of Net Income within each FTSE All-World region from 2006 to 2026. The five regions are the United States, Japan, Europe, Asia Pacific excluding Japan, and Rest of World. The number of stocks varies from roughly 1 to 22 across the period. Europe has the highest observed values, reaching about 22 stocks, while Rest of World has the lowest, falling to about 5. Blue arrows indicate the direction of change over the period: the number increases for Europe, Japan and Asia Pacific excluding Japan, and decreases for the United States and Rest of World. — Source: FTSE Russell, FTSE All-World index, monthly observations from 23/1/2006 to 22/6/2026. Past performance is not a guide to future returns. Please see the end for important legal disclosures.

effective_date	United States	Japan	Europe	Asia Pacific ex Japan	Rest of World
23/01/2006	14	6	16	13	9
20/02/2006	14	6	16	13	9
20/03/2006	14	6	16	14	9
24/04/2006	14	8	16	14	9
22/05/2006	14	8	16	14	9
19/06/2006	14	8	16	14	9
24/07/2006	14	8	16	13	9
21/08/2006	14	8	15	13	9
18/09/2006	14	8	15	13	9
23/10/2006	14	8	15	13	9
20/11/2006	14	8	15	13	8
18/12/2006	14	8	16	13	8
22/01/2007	14	8	18	12	8
19/02/2007	13	8	18	12	8
19/03/2007	13	8	18	12	8
23/04/2007	13	8	18	12	8
21/05/2007	13	8	18	12	8
18/06/2007	13	8	19	12	7
23/07/2007	13	8	18	12	8
20/08/2007	13	8	18	12	8
24/09/2007	13	8	19	12	8
22/10/2007	13	8	19	12	8
19/11/2007	13	8	19	12	7
24/12/2007	13	8	19	12	7
21/01/2008	13	8	18	13	8
18/02/2008	13	8	18	12	8
24/03/2008	13	8	18	13	8
21/04/2008	13	8	18	14	8
19/05/2008	13	8	18	14	8
23/06/2008	13	8	18	14	8
21/07/2008	13	8	18	13	8
18/08/2008	13	8	18	13	8
22/09/2008	13	8	18	13	8
20/10/2008	13	8	17	13	9
24/11/2008	13	8	17	12	8
22/12/2008	13	8	17	12	9
19/01/2009	12	7	17	12	9
23/02/2009	10	7	13	8	6
23/03/2009	10	7	13	7	6
20/04/2009	10	7	13	8	6
18/05/2009	10	4	13	8	6
22/06/2009	10	4	13	8	6
20/07/2009	10	4	13	8	6
24/08/2009	10	4	13	9	6
21/09/2009	10	5	13	9	5
19/10/2009	9	5	13	9	5
23/11/2009	9	5	13	9	5
21/12/2009	9	5	13	9	6
18/01/2010	9	5	13	9	6
22/02/2010	13	4	14	9	7
22/03/2010	12	4	14	9	7
19/04/2010	12	4	14	10	7
24/05/2010	12	7	14	10	7
21/06/2010	13	7	14	10	7
19/07/2010	13	7	14	10	7
23/08/2010	12	7	14	9	7
20/09/2010	12	7	14	9	7
18/10/2010	12	7	14	9	7
22/11/2010	13	7	14	10	7
20/12/2010	7	7	14	10	7
24/01/2011	8	7	14	10	7
21/02/2011	13	7	16	10	5
21/03/2011	13	7	16	10	5
18/04/2011	13	7	16	10	5
23/05/2011	13	8	16	10	5
20/06/2011	13	8	16	10	5
18/07/2011	13	8	16	10	5
22/08/2011	13	8	16	10	6
19/09/2011	13	8	16	10	5
24/10/2011	12	8	16	9	6
21/11/2011	13	8	16	10	6
19/12/2011	13	8	16	9	6
23/01/2012	13	8	16	9	6
20/02/2012	12	8	11	9	6
19/03/2012	12	8	11	9	6
23/04/2012	12	8	11	9	6
21/05/2012	13	7	11	9	6
18/06/2012	12	7	11	9	6
23/07/2012	13	7	11	9	6
20/08/2012	13	7	11	10	6
24/09/2012	13	7	11	9	6
22/10/2012	13	7	11	10	6
19/11/2012	12	7	11	10	6
24/12/2012	12	7	11	9	6
21/01/2013	12	7	11	10	6
18/02/2013	11	7	11	8	9
18/03/2013	11	7	11	8	10
22/04/2013	11	7	11	8	10
20/05/2013	11	8	11	8	10
24/06/2013	11	8	11	8	10
22/07/2013	11	8	11	8	10
19/08/2013	11	8	12	7	10
23/09/2013	11	8	12	7	10
21/10/2013	12	8	12	7	10
18/11/2013	12	8	12	7	9
23/12/2013	12	8	12	7	10
20/01/2014	12	8	12	7	10
24/02/2014	14	8	14	7	9
24/03/2014	14	8	15	7	9
21/04/2014	14	8	15	7	9
19/05/2014	14	8	14	7	8
23/06/2014	14	8	14	7	9
21/07/2014	14	8	14	7	8
18/08/2014	14	8	14	7	9
22/09/2014	14	8	14	7	9
20/10/2014	14	8	14	7	9
24/11/2014	14	8	14	7	9
22/12/2014	14	8	14	7	9
19/01/2015	14	8	14	7	9
23/02/2015	14	8	16	8	10
23/03/2015	14	8	16	8	10
20/04/2015	14	8	15	8	11
18/05/2015	14	8	16	8	11
22/06/2015	14	8	16	8	11
20/07/2015	14	8	16	8	11
24/08/2015	15	10	17	8	11
21/09/2015	15	8	17	8	11
19/10/2015	14	8	17	8	11
23/11/2015	14	9	17	8	11
21/12/2015	14	9	17	8	11
18/01/2016	14	9	18	8	11
22/02/2016	13	9	19	9	9
21/03/2016	13	9	19	9	10
18/04/2016	14	10	19	9	9
23/05/2016	13	9	20	9	10
20/06/2016	13	9	20	9	10
18/07/2016	13	9	20	9	9
22/08/2016	13	9	20	9	9
19/09/2016	13	9	20	9	10
24/10/2016	14	9	19	9	10
21/11/2016	14	9	20	9	10
19/12/2016	14	9	20	9	10
23/01/2017	14	9	19	9	9
20/02/2017	14	9	22	9	10
20/03/2017	14	9	22	9	10
24/04/2017	14	9	22	9	11
22/05/2017	14	8	21	9	11
19/06/2017	14	8	21	9	11
24/07/2017	14	8	21	9	11
21/08/2017	13	8	22	10	11
18/09/2017	13	8	22	10	11
23/10/2017	13	8	22	10	11
20/11/2017	13	8	22	10	11
18/12/2017	13	8	22	10	10
22/01/2018	13	9	22	10	10
19/02/2018	14	9	21	9	11
19/03/2018	14	9	21	9	11
23/04/2018	14	9	21	9	11
21/05/2018	14	10	21	9	10
18/06/2018	14	10	21	9	10
23/07/2018	14	10	21	9	10
20/08/2018	14	10	20	10	10
24/09/2018	14	10	20	10	10
22/10/2018	14	10	20	10	10
19/11/2018	14	10	20	10	10
24/12/2018	14	10	20	10	10
21/01/2019	13	10	20	10	10
18/02/2019	13	10	19	9	11
18/03/2019	13	10	19	9	12
22/04/2019	13	10	19	9	12
20/05/2019	13	10	19	9	13
24/06/2019	13	10	19	12	13
22/07/2019	13	10	19	12	13
19/08/2019	12	10	19	12	13
23/09/2019	12	10	19	12	13
21/10/2019	12	10	19	12	13
18/11/2019	12	10	19	12	13
23/12/2019	12	10	19	12	1
20/01/2020	12	10	18	12	1
24/02/2020	8	10	19	13	3
23/03/2020	8	10	20	13	3
20/04/2020	8	10	20	13	2
18/05/2020	8	10	20	13	2
22/06/2020	8	10	20	13	2
20/07/2020	8	10	20	13	2
24/08/2020	8	10	20	13	2
21/09/2020	8	10	20	13	2
19/10/2020	8	10	20	13	2
23/11/2020	8	10	20	13	2
21/12/2020	8	10	19	12	2
18/01/2021	8	10	19	12	3
22/02/2021	8	10	17	11	4
22/03/2021	9	10	17	11	4
19/04/2021	9	9	17	11	4
24/05/2021	9	4	17	12	4
21/06/2021	9	4	17	12	5
19/07/2021	9	4	17	12	5
23/08/2021	8	4	17	12	5
20/09/2021	8	4	17	12	5
18/10/2021	8	4	17	12	5
22/11/2021	8	4	17	12	5
20/12/2021	8	4	17	12	4
24/01/2022	8	4	17	12	4
21/02/2022	8	4	17	13	3
21/03/2022	8	4	16	13	3
18/04/2022	8	4	16	13	3
23/05/2022	8	11	16	14	3
20/06/2022	8	11	16	14	3
18/07/2022	8	11	16	14	3
22/08/2022	7	11	16	14	3
19/09/2022	7	11	16	15	3
24/10/2022	7	11	16	15	3
21/11/2022	7	11	16	15	3
19/12/2022	7	11	16	15	3
23/01/2023	7	11	16	14	3
20/02/2023	9	11	13	12	2
20/03/2023	9	11	13	13	2
24/04/2023	9	11	13	13	2
22/05/2023	9	11	13	13	2
19/06/2023	9	11	13	13	2
24/07/2023	9	11	13	13	2
21/08/2023	9	11	13	13	2
18/09/2023	9	11	13	13	2
23/10/2023	8	11	13	13	2
20/11/2023	9	11	13	13	2
18/12/2023	9	11	13	13	2
22/01/2024	9	11	13	13	2
19/02/2024	7	11	16	14	2
18/03/2024	7	11	16	14	2
22/04/2024	7	11	16	14	2
20/05/2024	7	8	15	14	2
24/06/2024	7	8	15	14	2
22/07/2024	7	8	15	14	2
19/08/2024	7	8	15	14	2
23/09/2024	7	8	15	14	2
21/10/2024	7	8	15	14	2
18/11/2024	7	8	15	14	2
23/12/2024	6	8	15	14	2
20/01/2025	6	9	15	14	2
24/02/2025	6	8	19	14	4
24/03/2025	7	8	19	14	4
21/04/2025	7	8	19	14	4
19/05/2025	7	9	19	14	4
23/06/2025	7	9	19	14	4
21/07/2025	7	9	19	14	4
18/08/2025	6	9	19	14	4
22/09/2025	6	9	19	14	5
20/10/2025	6	9	19	14	5
24/11/2025	6	9	19	14	5
22/12/2025	6	9	19	15	4
19/01/2026	6	9	19	14	4
23/02/2026	6	9	20	13	5
23/03/2026	6	9	19	13	5
20/04/2026	6	9	20	13	5
18/05/2026	6	9	20	13	5
22/06/2026	6	7	20	14	5

Chart view
Table view

Chart showing the number of stocks contributing one-quarter of Book Value across five FTSE All-World regions from January 2006 to June 2026. Asia Pacific excluding Japan generally records the highest values and ends at 21 stocks, equal to Europe. Over the full period, the United States declines from 16 to 10 stocks and Japan declines from 13 to 11, while Europe rises from 18 to 21. Asia Pacific excluding Japan changes from 20 to 21, while Rest of World moves from 12 to 11. The data show regional differences in the concentration of Book Value within the FTSE All-World Index. — Source: FTSE Russell, FTSE All-World index, monthly observations from 23/1/2006 to 22/6/2026. Past performance is not a guide to future returns. Please see the end for important legal disclosures.

Table showing the number of stocks contributing one-quarter of Book Value across FTSE All-World regions by effective date from January 2006 to June 2026. The table covers the United States, Japan, Europe, Asia Pacific excluding Japan and Rest of World. From the first to latest observation, the United States declines from 16 to 10 stocks, Japan from 13 to 11 and Rest of World from 12 to 11, while Europe rises from 18 to 21 and Asia Pacific excluding Japan from 20 to 21.
effective_date	United States	Japan	Europe	Asia Pacific ex Japan	Rest of World
23/01/2006	16	13	18	20	12
20/02/2006	16	13	17	20	13
20/03/2006	16	13	17	20	13
24/04/2006	16	14	17	20	13
22/05/2006	16	13	18	21	12
19/06/2006	16	13	17	21	12
24/07/2006	16	13	17	21	12
21/08/2006	16	13	16	20	12
18/09/2006	16	13	17	20	12
23/10/2006	16	13	17	20	12
20/11/2006	15	13	17	20	12
18/12/2006	16	13	17	20	11
22/01/2007	16	13	17	21	12
19/02/2007	14	13	18	21	13
19/03/2007	14	13	18	20	12
23/04/2007	14	13	18	20	12
21/05/2007	14	13	18	21	12
18/06/2007	14	13	19	21	12
23/07/2007	14	13	19	21	12
20/08/2007	14	13	19	21	12
24/09/2007	14	13	19	21	12
22/10/2007	14	13	19	21	12
19/11/2007	14	13	19	22	12
24/12/2007	14	13	19	22	12
21/01/2008	14	13	19	23	12
18/02/2008	14	13	19	23	12
24/03/2008	14	13	19	24	12
21/04/2008	14	13	19	25	12
19/05/2008	14	13	19	24	12
23/06/2008	14	13	19	24	13
21/07/2008	14	13	19	24	12
18/08/2008	14	13	18	23	13
22/09/2008	14	13	18	23	13
20/10/2008	14	13	18	23	13
24/11/2008	14	13	18	23	13
22/12/2008	13	13	18	23	12
19/01/2009	13	13	19	23	12
23/02/2009	14	13	17	20	11
23/03/2009	14	13	17	20	11
20/04/2009	14	13	17	20	11
18/05/2009	14	14	17	20	11
22/06/2009	14	14	17	20	11
20/07/2009	14	14	17	20	11
24/08/2009	14	14	17	20	11
21/09/2009	14	14	17	20	11
19/10/2009	14	14	17	20	11
23/11/2009	14	14	17	19	10
21/12/2009	14	14	17	20	11
18/01/2010	14	13	17	20	11
22/02/2010	12	13	17	20	11
22/03/2010	12	13	17	21	11
19/04/2010	12	13	17	21	11
24/05/2010	12	12	17	21	11
21/06/2010	12	12	17	21	11
19/07/2010	12	12	17	21	11
23/08/2010	12	12	17	21	11
20/09/2010	12	12	17	21	11
18/10/2010	12	12	17	21	12
22/11/2010	12	12	17	21	12
20/12/2010	12	12	17	21	12
24/01/2011	12	12	18	21	12
21/02/2011	12	12	18	21	10
21/03/2011	12	12	18	21	10
18/04/2011	12	12	18	21	10
23/05/2011	12	12	18	22	10
20/06/2011	12	12	18	22	10
18/07/2011	12	12	18	22	10
22/08/2011	12	12	18	22	10
19/09/2011	12	12	18	22	10
24/10/2011	12	12	18	22	10
21/11/2011	12	12	18	21	10
19/12/2011	12	12	18	21	10
23/01/2012	12	12	18	21	10
20/02/2012	12	12	17	20	10
19/03/2012	12	12	17	21	10
23/04/2012	12	12	17	20	10
21/05/2012	12	11	17	21	10
18/06/2012	12	11	17	21	10
23/07/2012	12	11	17	21	10
20/08/2012	12	11	17	20	11
24/09/2012	12	11	17	20	11
22/10/2012	13	11	17	21	11
19/11/2012	12	11	17	20	11
24/12/2012	12	11	17	20	11
21/01/2013	12	11	17	20	10
18/02/2013	12	11	17	20	10
18/03/2013	12	11	17	20	11
22/04/2013	12	11	17	20	11
20/05/2013	12	10	17	20	11
24/06/2013	12	10	17	20	11
22/07/2013	12	10	17	20	11
19/08/2013	12	10	17	20	11
23/09/2013	12	10	17	19	11
21/10/2013	12	10	17	19	11
18/11/2013	12	10	17	19	11
23/12/2013	12	10	17	19	11
20/01/2014	12	10	17	19	11
24/02/2014	13	11	17	18	11
24/03/2014	13	11	18	19	11
21/04/2014	13	11	17	19	10
19/05/2014	12	10	17	19	10
23/06/2014	13	10	17	19	10
21/07/2014	13	10	17	19	10
18/08/2014	13	10	17	19	10
22/09/2014	13	10	17	19	10
20/10/2014	13	10	18	19	11
24/11/2014	13	10	18	19	11
22/12/2014	13	10	18	19	10
19/01/2015	13	10	18	19	10
23/02/2015	12	10	17	19	12
23/03/2015	12	10	17	19	12
20/04/2015	12	10	17	19	13
18/05/2015	12	10	17	19	12
22/06/2015	12	10	17	19	13
20/07/2015	12	10	17	19	13
24/08/2015	12	10	17	19	13
21/09/2015	12	10	17	17	13
19/10/2015	12	10	17	17	13
23/11/2015	13	10	17	17	13
21/12/2015	13	9	17	17	12
18/01/2016	13	9	18	17	12
22/02/2016	12	9	18	17	13
21/03/2016	12	9	18	17	13
18/04/2016	12	9	18	17	13
23/05/2016	12	9	18	17	13
20/06/2016	12	9	18	17	13
18/07/2016	12	9	19	17	13
22/08/2016	12	9	19	17	13
19/09/2016	12	9	19	19	13
24/10/2016	12	9	19	19	13
21/11/2016	12	9	19	19	14
19/12/2016	12	9	19	19	13
23/01/2017	12	9	19	19	13
20/02/2017	12	9	18	19	13
20/03/2017	12	9	18	19	14
24/04/2017	12	8	18	20	14
22/05/2017	12	9	18	20	14
19/06/2017	12	9	18	20	14
24/07/2017	12	9	19	20	14
21/08/2017	12	9	19	20	13
18/09/2017	12	9	19	20	13
23/10/2017	12	9	19	21	13
20/11/2017	12	9	19	21	13
18/12/2017	12	9	19	21	13
22/01/2018	12	9	19	21	13
19/02/2018	13	9	19	21	14
19/03/2018	12	9	20	21	14
23/04/2018	12	9	20	21	14
21/05/2018	12	10	20	20	14
18/06/2018	12	10	20	20	14
23/07/2018	12	10	20	20	14
20/08/2018	12	10	20	20	14
24/09/2018	12	10	20	21	14
22/10/2018	12	10	20	21	14
19/11/2018	12	10	20	20	13
24/12/2018	12	10	20	20	14
21/01/2019	12	10	20	20	13
18/02/2019	12	10	20	20	13
18/03/2019	12	10	20	21	14
22/04/2019	12	10	20	21	14
20/05/2019	13	10	20	20	14
24/06/2019	13	10	20	24	14
22/07/2019	13	10	20	24	14
19/08/2019	12	10	20	24	14
23/09/2019	12	10	20	25	14
21/10/2019	12	10	20	25	14
18/11/2019	12	10	20	25	14
23/12/2019	12	10	20	25	8
20/01/2020	12	10	20	25	8
24/02/2020	13	10	20	24	8
23/03/2020	13	10	21	25	9
20/04/2020	13	10	21	23	8
18/05/2020	13	10	21	24	8
22/06/2020	13	10	21	24	8
20/07/2020	13	10	21	24	8
24/08/2020	12	10	21	23	8
21/09/2020	12	10	21	24	8
19/10/2020	12	10	21	24	8
23/11/2020	12	10	21	24	8
21/12/2020	12	10	21	23	8
18/01/2021	12	10	21	24	8
22/02/2021	12	10	21	24	8
22/03/2021	13	10	22	24	8
19/04/2021	13	10	22	23	9
24/05/2021	13	10	22	24	9
21/06/2021	13	9	22	23	9
19/07/2021	13	9	22	23	9
23/08/2021	13	9	22	23	9
20/09/2021	13	9	22	23	9
18/10/2021	13	9	22	23	9
22/11/2021	13	9	22	23	8
20/12/2021	13	9	22	22	8
24/01/2022	13	9	22	22	8
21/02/2022	13	9	22	22	9
21/03/2022	14	9	21	23	9
18/04/2022	13	9	22	21	9
23/05/2022	13	10	22	23	9
20/06/2022	13	10	21	23	9
18/07/2022	13	10	21	23	9
22/08/2022	13	10	21	23	9
19/09/2022	13	10	21	22	9
24/10/2022	13	10	21	22	9
21/11/2022	13	10	21	22	9
19/12/2022	13	10	21	22	9
23/01/2023	13	10	21	22	9
20/02/2023	14	10	21	22	9
20/03/2023	14	10	21	22	9
24/04/2023	14	10	21	22	8
22/05/2023	14	11	21	22	8
19/06/2023	14	11	21	22	8
24/07/2023	14	11	20	23	8
21/08/2023	14	11	21	22	8
18/09/2023	14	11	20	24	8
23/10/2023	13	11	20	24	8
20/11/2023	14	11	20	24	8
18/12/2023	14	11	20	24	8
22/01/2024	14	11	20	24	8
19/02/2024	14	11	20	24	8
18/03/2024	13	11	21	24	8
22/04/2024	13	11	21	23	8
20/05/2024	13	12	20	23	8
24/06/2024	13	11	20	23	8
22/07/2024	13	11	20	24	8
19/08/2024	12	11	20	23	8
23/09/2024	12	11	20	24	8
21/10/2024	12	11	20	24	8
18/11/2024	12	11	20	24	8
23/12/2024	12	11	20	24	7
20/01/2025	12	11	20	23	7
24/02/2025	12	11	20	23	7
24/03/2025	11	11	20	23	8
21/04/2025	11	11	21	22	9
19/05/2025	11	11	21	22	9
23/06/2025	11	11	21	23	9
21/07/2025	11	11	21	23	9
18/08/2025	11	11	21	23	9
22/09/2025	11	11	21	23	10
20/10/2025	11	11	21	23	10
24/11/2025	11	11	21	22	10
22/12/2025	11	11	21	22	10
19/01/2026	11	11	21	22	10
23/02/2026	11	11	21	21	10
23/03/2026	10	11	21	22	10
20/04/2026	10	11	21	21	10
18/05/2026	10	11	21	21	10
22/06/2026	10	11	21	21	11

Chart view
Table view

Chart showing the number of stocks contributing one-quarter of Operating Cashflow across five FTSE All-World regions from January 2006 to June 2026. Asia Pacific excluding Japan records some of the highest values over the period, reaching 21 stocks, while Rest of World falls as low as 2. By June 2026, Europe has the highest value at 14 stocks, followed by Japan and Asia Pacific excluding Japan at 13 each, the United States at 8 and Rest of World at 5. Over the full period, the United States declines from 10 to 8 stocks and Rest of World from 12 to 5, while Japan rises from 7 to 13 and Europe from 12 to 14. Asia Pacific excluding Japan starts and ends at 13 stocks. — Source: FTSE Russell, FTSE All-World index, monthly observations from 23/1/2006 to 22/6/2026. Past performance is not a guide to future returns. Please see the end for important legal disclosures.

Table showing the number of stocks contributing one-quarter of Operating Cashflow across FTSE All-World regions by effective date from January 2006 to June 2026. The table covers the United States, Japan, Europe, Asia Pacific excluding Japan and Rest of World. From the first to latest observation, the United States declines from 10 to 8 stocks and Rest of World from 12 to 5, while Japan rises from 7 to 13 and Europe from 12 to 14. Asia Pacific excluding Japan is 13 stocks at both the beginning and end of the period.
effective_date	United States	Japan	Europe	Asia Pacific ex Japan	Rest of World
23/01/2006	10	7	12	13	12
20/02/2006	10	7	11	14	11
20/03/2006	10	7	11	14	11
24/04/2006	10	7	11	14	11
22/05/2006	10	6	11	14	10
19/06/2006	10	6	11	14	10
24/07/2006	10	6	11	14	10
21/08/2006	10	6	11	14	10
18/09/2006	10	6	11	14	10
23/10/2006	10	6	11	14	10
20/11/2006	10	6	11	13	10
18/12/2006	10	6	11	13	10
22/01/2007	10	6	10	13	10
19/02/2007	13	6	15	15	10
19/03/2007	13	6	15	14	10
23/04/2007	13	6	15	14	10
21/05/2007	13	7	15	15	10
18/06/2007	13	7	15	15	10
23/07/2007	13	7	15	15	10
20/08/2007	13	7	15	15	10
24/09/2007	13	7	15	15	10
22/10/2007	13	7	15	15	10
19/11/2007	13	7	15	16	10
24/12/2007	13	7	15	17	8
21/01/2008	13	7	15	17	8
18/02/2008	12	7	19	15	9
24/03/2008	11	7	19	15	9
21/04/2008	11	7	18	16	9
19/05/2008	11	4	18	15	9
23/06/2008	11	4	19	15	9
21/07/2008	11	4	18	15	9
18/08/2008	11	4	18	14	9
22/09/2008	12	4	18	14	9
20/10/2008	12	4	18	14	9
24/11/2008	12	4	18	14	9
22/12/2008	12	4	18	14	8
19/01/2009	10	4	18	14	8
23/02/2009	7	4	10	13	7
23/03/2009	7	4	10	13	7
20/04/2009	7	4	10	13	7
18/05/2009	7	5	10	13	7
22/06/2009	7	5	10	13	7
20/07/2009	7	5	10	13	7
24/08/2009	7	5	10	13	7
21/09/2009	7	5	10	13	7
19/10/2009	7	5	11	13	7
23/11/2009	7	5	11	13	7
21/12/2009	7	5	11	13	6
18/01/2010	7	5	11	13	6
22/02/2010	6	5	16	11	7
22/03/2010	6	5	16	11	6
19/04/2010	6	5	16	11	6
24/05/2010	6	8	16	11	6
21/06/2010	6	8	16	12	6
19/07/2010	6	8	16	12	6
23/08/2010	6	8	16	12	6
20/09/2010	6	8	16	12	6
18/10/2010	6	8	16	12	6
22/11/2010	6	8	16	13	6
20/12/2010	6	8	16	13	8
24/01/2011	6	8	16	13	8
21/02/2011	10	8	14	12	8
21/03/2011	10	8	14	13	8
18/04/2011	10	8	14	13	8
23/05/2011	10	7	14	13	8
20/06/2011	10	7	14	13	8
18/07/2011	10	7	14	13	8
22/08/2011	10	7	14	12	8
19/09/2011	10	7	14	12	8
24/10/2011	9	7	14	12	9
21/11/2011	9	7	14	12	8
19/12/2011	10	7	14	11	9
23/01/2012	10	7	14	12	9
20/02/2012	9	7	15	10	8
19/03/2012	9	7	15	10	8
23/04/2012	9	7	15	10	8
21/05/2012	9	3	14	10	9
18/06/2012	9	3	14	10	8
23/07/2012	9	3	14	10	9
20/08/2012	9	3	14	11	9
24/09/2012	9	3	14	11	9
22/10/2012	9	3	14	11	9
19/11/2012	8	3	14	10	9
24/12/2012	8	3	14	10	9
21/01/2013	8	3	14	10	9
18/02/2013	11	3	15	10	9
18/03/2013	12	4	15	10	9
22/04/2013	12	4	15	10	9
20/05/2013	12	4	15	10	9
24/06/2013	12	6	15	10	9
22/07/2013	12	5	15	10	10
19/08/2013	12	5	15	10	10
23/09/2013	12	5	15	10	10
21/10/2013	12	5	15	11	10
18/11/2013	12	5	15	11	10
23/12/2013	12	5	15	11	10
20/01/2014	12	5	15	11	8
24/02/2014	8	5	15	11	10
24/03/2014	8	6	16	11	9
21/04/2014	9	6	16	10	9
19/05/2014	9	5	14	8	9
23/06/2014	9	6	14	8	9
21/07/2014	9	6	14	9	9
18/08/2014	9	6	14	9	8
22/09/2014	9	6	14	9	7
20/10/2014	9	6	14	9	9
24/11/2014	9	6	14	9	9
22/12/2014	9	6	15	9	9
19/01/2015	9	6	15	9	5
23/02/2015	12	6	12	9	5
23/03/2015	12	6	12	9	4
20/04/2015	14	6	11	10	4
18/05/2015	14	7	11	12	4
22/06/2015	14	5	11	12	4
20/07/2015	14	7	11	12	4
24/08/2015	15	7	11	12	4
21/09/2015	15	5	12	11	4
19/10/2015	15	5	11	11	4
23/11/2015	14	5	11	11	4
21/12/2015	14	5	12	10	4
18/01/2016	14	8	12	11	3
22/02/2016	13	8	12	11	3
21/03/2016	13	8	14	11	3
18/04/2016	13	8	14	8	3
23/05/2016	13	8	13	8	3
20/06/2016	13	3	13	8	3
18/07/2016	13	3	13	9	3
22/08/2016	13	3	13	9	3
19/09/2016	13	6	13	9	4
24/10/2016	13	6	13	9	4
21/11/2016	13	6	13	9	4
19/12/2016	13	6	13	9	3
23/01/2017	13	6	13	10	3
20/02/2017	14	6	13	10	3
20/03/2017	14	6	17	7	4
24/04/2017	16	6	16	14	4
22/05/2017	16	6	16	14	4
19/06/2017	16	9	16	16	4
24/07/2017	16	9	16	16	3
21/08/2017	16	9	16	16	3
18/09/2017	16	9	16	16	3
23/10/2017	16	9	16	16	3
20/11/2017	16	9	16	16	3
18/12/2017	16	9	16	17	3
22/01/2018	16	9	16	17	6
19/02/2018	16	9	17	17	6
19/03/2018	18	9	15	16	6
23/04/2018	18	9	14	11	6
21/05/2018	18	10	12	7	6
18/06/2018	18	10	12	7	6
23/07/2018	18	10	12	7	7
20/08/2018	17	10	13	7	7
24/09/2018	18	10	12	7	7
22/10/2018	18	10	12	7	7
19/11/2018	18	10	12	7	7
24/12/2018	17	10	12	7	9
21/01/2019	17	10	12	7	10
18/02/2019	17	10	12	7	10
18/03/2019	16	10	13	8	11
22/04/2019	16	10	14	8	10
20/05/2019	16	10	14	6	10
24/06/2019	16	9	14	10	11
22/07/2019	16	9	14	10	11
19/08/2019	15	9	14	10	11
23/09/2019	15	9	14	11	11
21/10/2019	15	9	14	11	11
18/11/2019	15	10	14	11	11
23/12/2019	15	10	14	11	2
20/01/2020	15	10	14	11	2
24/02/2020	15	10	14	10	2
23/03/2020	15	10	16	11	2
20/04/2020	15	10	15	12	2
18/05/2020	15	10	15	14	2
22/06/2020	15	11	16	14	2
20/07/2020	15	10	16	15	2
24/08/2020	14	10	16	15	2
21/09/2020	14	10	14	15	2
19/10/2020	14	10	15	15	2
23/11/2020	14	10	15	15	2
21/12/2020	13	10	15	14	2
18/01/2021	14	10	15	14	3
22/02/2021	13	10	15	14	3
22/03/2021	12	10	10	13	3
19/04/2021	13	10	10	12	5
24/05/2021	13	10	10	13	5
21/06/2021	13	7	10	13	5
19/07/2021	13	7	10	13	5
23/08/2021	12	7	10	13	5
20/09/2021	12	7	10	13	5
18/10/2021	12	7	10	13	5
22/11/2021	12	7	10	13	5
20/12/2021	12	7	10	13	5
24/01/2022	12	7	10	13	5
21/02/2022	13	7	10	12	5
21/03/2022	11	7	10	13	6
18/04/2022	11	7	12	13	4
23/05/2022	11	7	12	13	3
20/06/2022	11	6	11	14	4
18/07/2022	11	6	11	14	3
22/08/2022	11	6	11	14	3
19/09/2022	11	6	11	14	3
24/10/2022	11	6	11	14	3
21/11/2022	10	6	11	14	3
19/12/2022	10	6	11	14	3
23/01/2023	10	6	11	14	3
20/02/2023	10	6	11	13	3
20/03/2023	11	6	8	13	4
24/04/2023	12	6	7	11	3
22/05/2023	12	6	7	15	3
19/06/2023	11	9	7	15	2
24/07/2023	12	9	7	16	3
21/08/2023	12	9	7	15	3
18/09/2023	12	9	7	16	3
23/10/2023	12	9	7	16	3
20/11/2023	12	9	7	15	2
18/12/2023	12	9	7	15	3
22/01/2024	12	9	7	15	2
19/02/2024	12	9	7	16	2
18/03/2024	13	10	12	16	2
22/04/2024	13	10	12	18	3
20/05/2024	13	12	10	20	3
24/06/2024	13	14	10	21	3
22/07/2024	13	14	10	21	3
19/08/2024	12	14	10	21	3
23/09/2024	12	14	10	21	3
21/10/2024	12	14	10	21	3
18/11/2024	12	14	10	21	3
23/12/2024	12	14	10	21	3
20/01/2025	12	14	10	21	3
24/02/2025	11	14	10	20	3
24/03/2025	10	14	12	19	3
21/04/2025	10	14	16	12	4
19/05/2025	10	13	16	12	4
23/06/2025	10	12	16	12	4
21/07/2025	10	12	16	12	4
18/08/2025	9	12	16	12	4
22/09/2025	9	12	16	12	5
20/10/2025	9	12	16	12	5
24/11/2025	9	12	16	12	5
22/12/2025	9	12	16	12	5
19/01/2026	9	12	16	12	4
23/02/2026	9	12	16	11	5
23/03/2026	8	12	13	11	5
20/04/2026	8	12	13	14	5
18/05/2026	8	12	14	13	5
22/06/2026	8	13	14	13	5

Over the past 20 years, fewer US companies have been needed to account for a quarter of the region's positive net income, book value and operating cash flow (Figures 3/4/5).

The rise of large, highly scalable businesses, particularly in technology, has helped reshape the US market over this period.

Europe, by contrast, has generally moved in the opposite direction, with these fundamentals becoming more broadly distributed. Elsewhere, trends have been more nuanced, with some regions showing relatively little change over time.

These results suggest that we need to embrace different perspectives on stock market concentration.

While global equity markets have become increasingly concentrated by market capitalisation, the FTSE All-World universe reveals a more nuanced picture beneath the surface, with different fundamentals and regions exhibiting distinct, sometimes opposing concentration trends.

The FTSE All-World Index is one of the world's most recognised benchmarks for global equities, covering approximately 4,200 large and mid-cap stocks across developed and emerging markets in more than 45 countries. As part of the FTSE Global Equity Index Series (FTSE GEIS), it represents around 90-95% of the world's investable market capitalisation, offering broad, transparent exposure to global equities in a single measure. Free-float adjusted and liquidity screened, the index is built on a rigorous, rules-based methodology designed to reflect the real investable opportunity set. It's a trusted foundation for funds, ETFs, derivatives, and benchmarking.

[1] Negative fundamental values are treated as zero, so concentration reflects positive contributions only. | Back to Note 1.

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FTSE All-World Index

The FTSE All-World Index is a market-capitalisation index representing large and mid-cap stocks in the GEIS universe.

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Benchmarks and Indices

FTSE All-World Index

The FTSE All-World Index is a market-capitalisation index representing large and mid-cap stocks in the GEIS universe.

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