Goldman Sachs Group Inc.

A graphic snapshot extract from the latest Goldman Sachs $GS Investment Strategy Group Report - Wealth Management Outlook (Jan 2023)

- US Equity Market                         - 164% of GDP
- Japan Equity Market                    - 127% of GDP
- France Equity Market                  - 104% of GDP
- India Equity Market                      - 96% of GDP
- South Africa Equity Market         - 95% of GDP


![Image upload](https://cdn.commonstock.com/2ccffa9e80800e6af1dd3b487107d7489fcf4a2ef1849594788215c1595c42fe-533x567.jpg)
_Source: GS Investment Strategy Group; Bloomberg_

[https://media.licdn.com/dms/document/C4D1FAQE5LHGREnY-Kw/feedshare-document-pdf-analyzed/0/1673775843412?e=1674691200&v=beta&t=iYi0psXNKI2hdzsxYVFCPk3iK6qjg6YvrSxyevrZ9fQ](https://media.licdn.com/dms/document/C4D1FAQE5LHGREnY-Kw/feedshare-document-pdf-analyzed/0/1673775843412?e=1674691200&v=beta&t=iYi0psXNKI2hdzsxYVFCPk3iK6qjg6YvrSxyevrZ9fQ)

The difference between France and Germany stands out. Any idea what is causing the discrepancy?

StockOpine

Equity Market Capitalization as a Share of GDP per Country

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