Fifty years of global stock markets, according to data from Credit Suisse, showed that the U.S. remained the world's financial power as of the final quarter in 2022. But how long-lasting is the U.S.' vast share of the global stock market? History suggests that the rise and fall of financial powers tend to be influenced by debt levels, economic strength, and military power. Amsterdam's stock market, considered one of the oldest globally, predates the New York Stock Exchange by nearly two centuries, originating in 1602. By the 1700s, London began to eclipse Amsterdam as a leading financial market. Following World War II, New York surpassed London as a global financial center, a position which it continues to hold.

Japan was listed as the second largest stock market at 6.3% of the global market share. In 1989, Nikkei hit an all-time high and Japan outperformed the U.S. amid rapid economic growth. However, the interval was short lived, and it took thirty-three years for Japan's stock market to reacquire those highs. Despite China's status as the second-largest global economy, its share of the world's equity market is merely 3.7%, on par with that of the UK. America's stock market returns have outperformed nearly all other countries since 1900, which has attracted investors internationally. Furthermore, the U.S. dollar's status as a reserve currency, alongside the depth of its financial markets, are central components for why the U.S. has sustained its influence over global stock markets.