The global economy and markets have transformed since 1900

The global economy has altered enormously since 1900, with Figure 8 showing the relative rise and decline of various economies over the period.

The financial market landscape has also transformed.

Figure 3 shows that from a relatively evenly distributed global equity market in 1900, the US market now dominates, today accounting for around 62% of total world equity market value, despite its decline in relative GDP share since a peak in the late 1940s. This reflects the substantial returns from US stocks and the large volume of seasoned equity offerings and IPOS.

Source: UBS | Global Investment Returns Yearbook 2026