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 the first half of 2025, global investors raised more than $19.0 billion on U.S. exchanges, well ahead of the Hong Kong exchange, where an estimated $14 billion was raised. In recent years, some emerging markets have climbed the leaderboard, while some long-time leaders have fallen back. A case in point on the positive side is India, which ranked second behind the U.S. in 2024 and raised $19.9 billion. On the downside, the London Stock Exchange has raised only $200 million for companies in 2025, below the $900 million raised last year. 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 are 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 de
