The US is ~62% of global listed equity value (UBS/DMS Yearbook 2026) — one country, nearly two-thirds of world market cap. pmarca’s claim over the chart: “We will see this at 90%+, barring catastrophic policy choices.”
His own chart argues back (Check the stat against its own chart): the only prior visit to these heights, the ~66% mid-century peak around 1970, was followed by a slide to 29% by 1988 — when Tokyo was briefly the world’s largest market (Now show Japan). 62% is not a trend confirmation; it’s the second visit to the historical extreme. And 90% would mean the rest of the world’s markets shrivel to a rounding error — a claim about relative institutional collapse elsewhere, not about US growth. Note who’s talking: a16z’s entire portfolio is a bet on US tech dominance. The concentration nesting is the practical point: top-10 ≈ 38% of the S&P (Top-10 turnover), the S&P is most of US cap, the US is 62% of world — a “global” index portfolio is a stack of correlated concentration bets.
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