Global stock market concentration has risen to its highest level in decades, increasing risk for passive investors.
The 10 largest stocks in the MSCI All Country World Index now account for 19.5 per cent of the widely followed benchmark of 23 developed and 24 emerging countries. This is up from less than 9 per cent as recently as 2016 and well above the dotcom era peak of 16.2 per cent in March 2000, according to MSCI data stretching back to 1994.
In the MSCI World Index, which covers developed markets only, the 10 heavyweights — which are all American companies — are now 21.7 per cent of total market capitalisation, helping drive the US share of the index to almost 71 per cent.
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