Summary
Raising and allocating capital is one of the core competencies of the U.S. economy, along with innovative technology, aerospace and defense design and manufacturing, and pharmaceutical R&D. During 2025, global investors raised approximately $44 billion via initial public offerings on U.S. exchanges, well ahead of the Hong Kong exchange, where an estimated $24 billion was raised. In recent years, some emerging markets have climbed up the leaderboard, while some long-time leaders have regressed. A case in point on the positive side is India, which ranked third last year and raised $18 billion. On the downside, the London Stock Exchange raised $2 billion for companies in 2025. Why is the U.S. a consistent leader in raising and allocating funds? We think key factors include the historical democratic-capitalist political/economic framework that the country has adopted over the decades. Further, the strength of the U.S. financial and banking systems is unmatched, as the U.S. dollar remains the world’s leading currency. In addition, U.S. regulators demand a high degree of transparency from companies seeking to raise funds in the U.S., down to the details of
