economy
December 31, 2025
Global stock markets' winners and losers of 2025
Global stocks have seen a stellar run this year, even as sharp divergences opened up between the world's best and worst performing markets.
TL;DR
- Global stocks, measured by the MSCI All Country World Index, rose over 21% in 2025, hitting a record high.
- Colombia was the world's best-performing stock market, surging over 91% year-to-date.
- Denmark was the weakest performer, with its stock market falling over 13%.
- Emerging markets dominated the top performance tables, outperforming developed markets.
- Latin America, particularly Colombia, Chile, Peru, Mexico, and Brazil, saw significant gains.
- Colombia's rally was boosted by low starting valuations, concentrated index exposure (financials), and anticipation of a more market-friendly government.
- Denmark's underperformance was largely due to index concentration in Novo Nordisk, which accounts for about 40% of the MSCI Denmark index.
- South Korea was a standout in Asia, surging around 80%, driven by technology heavyweights like Samsung Electronics and SK Hynix.
- U.S. equities saw modest 16% gains, driven by AI-driven earnings growth and resilient consumer demand, with the S&P 500 and Nasdaq reaching fresh highs.
- Looking ahead to 2026, markets expect continued but more selective growth, with potential risks from high valuations and concentration.
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