The percentage of global market cap that US equities make up has fallen from 35% at the start of 2007 to 28.35% at the moment.  At the start of 2007, China made up just 1.89% of global market cap, ranking 12th out of the top 18 countries.  Chinese equities currently rank second and make up 8.12% of global market cap!  China is followed by Japan, the UK, France and Hong Kong.  Over the past year, there has been a significant shift in these numbers.  Developed countries like the US, Japan, the UK and France have all suffered at the expense of China, India, Hong Kong and Brazil — all considered “emerging.”