The concentration of wealth is increasing in the global equity market, with a very small cohort of companies driving the overwhelming majority of wealth creation, according to Yes Securities’ latest report:
Where the Money Flows – May’ 26′.
The report said that global market capitalization has expanded to approximately $12 trillion in CY26 YTD, but nearly 95 per cent of this wealth creation has come from just 100 stocks – equivalent of merely 1 per cent of the investable universe.
“While global indices continue to post gains, participation beneath the surface remains limited, suggesting leadership concentration rather than synchronized equity expansion, Yes Securities highlighted.
Despite the concentration, the report suggests that the market is rewarding companies with demonstrably superior growth visibility, rather than indiscriminately “allocating capital into thematic momentum trades.”
Global investors are pouring money into markets where AI is a dominant theme. The markets of the US, South Korea, Taiwan, and Japan have touched a record high, a rally that has been driven by AI-led companies.
Tech stocks heavy Nasdaq composite surged 19 per cent YTD in 2026 to a record level of 30,000 amid the AI-driven rally. The index surpassed 30,000 for the first time, fueled by AI spending and strong earnings. It was led by chipmakers such as Micron, AMD, Sandisk, Nvidia, etc.
Likewise, Taiwan’s benchmark index TAIEX hit a fresh high of 44,818 on Wednesday. The index surged 50 per cent in 2026 year-to-date.
Japan’s Nikkei 225 and South Korea’s Kospi also climbed to record highs.
1% of Stocks Are Driving Global Wealth Creation
Yes Securities’ report highlighted that of the $ 12 trillion increase in global equity market capitalization in CY26 YTD, the top 100 market-cap gainers accounted for approximately $ 11.4 trillion, leaving the remaining 9,900 companies contributing just a fraction of total gains.
The top 100 stocks delivered approximately 33.6% YTD market-cap appreciation versus just 0.6% for the remaining universe, it added.
The report said that “earnings appear to be validating concentration.”
AI Is The Dominant Theme
The report suggested that IT alone accounts for nearly two-thirds of
market capitalization gains among the top 100 gainers, making it by far the single largest contributor to global wealth creation.
It added that the current concentration is not random, but thematic. “Global capital appears to be consolidating around a single structural growth narrative: AI monetization and the enabling infrastructure required to sustain it,” it added.
Upon the concentration of the wealth, it said that the trend is far broader geographically. “Most major markets—including the United States, China, Japan, France, Germany, and UK—have witnessed similarly concentrated market cap expansion, where a small subset of leaders have generated the bulk of gains while the broader equity universe has materially lagged,” it said.
Taiwan, South Korea, and Norway stand out as markets where gains have extended meaningfully beyond the top performers, suggesting healthier market breadth.
