Equity risk premium by country

Equity risk premium by country, with the default spread and country risk premium it is built from

Albania	Europe	3.06%	4.66%	7.96%	Published table
Algeria	Africa	3.83%	5.83%	9.13%	Published table
Andorra	Europe	1.36%	2.07%	5.37%	Published table
Angola	Africa	5.52%	8.41%	11.71%	Published table
Argentina	Latin America and the Caribbean	6.37%	9.71%	13.01%	Published table
Armenia	Europe	3.06%	4.66%	7.96%	Published table
Aruba	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Australia	Asia-Pacific	0.00%	0.00%	3.30%	Published table
Austria	Europe	0.21%	0.43%	3.73%	Modelled
Azerbaijan	Europe	1.87%	2.85%	6.15%	Published table
Bahamas	Latin America and the Caribbean	3.83%	5.83%	9.13%	Published table
Bahrain	Middle East	4.67%	7.12%	10.42%	Published table
Bangladesh	Asia-Pacific	4.67%	7.12%	10.42%	Published table
Barbados	Latin America and the Caribbean	4.67%	7.12%	10.42%	Published table
Belarus	Europe	17.50%	26.66%	29.96%	Published table
Belgium	Europe	0.65%	1.31%	4.61%	Modelled
Belize	Latin America and the Caribbean	6.37%	9.71%	13.01%	Published table
Benin	Africa	3.83%	5.83%	9.13%	Published table
Bermuda	Latin America and the Caribbean	0.72%	1.10%	4.40%	Published table
Bolivia	Latin America and the Caribbean	10.20%	15.54%	18.84%	Published table
Bosnia and Herzegovina	Europe	5.52%	8.41%	11.71%	Published table
Botswana	Africa	1.36%	2.07%	5.37%	Published table
Brazil	Latin America and the Caribbean	2.13%	3.24%	6.54%	Published table
Brunei	Asia-Pacific	0.51%	0.78%	4.08%	Published table
Bulgaria	Europe	1.36%	2.07%	5.37%	Published table
Burkina Faso	Africa	6.37%	9.71%	13.01%	Published table
Cabo Verde	Africa	4.67%	7.12%	10.42%	Published table
Cambodia	Asia-Pacific	4.67%	7.12%	10.42%	Published table
Cameroon	Africa	6.37%	9.71%	13.01%	Published table
Canada	North America	0.00%	0.00%	3.30%	Published table
Cayman Islands	Latin America and the Caribbean	0.51%	0.78%	4.08%	Published table
Chile	Latin America and the Caribbean	0.72%	1.10%	4.40%	Published table
China	Asia-Pacific	0.60%	0.91%	4.21%	Published table
Colombia	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Congo	Africa	7.65%	11.66%	14.96%	Published table
Cook Islands	Asia-Pacific	3.83%	5.83%	9.13%	Published table
Costa Rica	Latin America and the Caribbean	2.56%	3.90%	7.20%	Published table
Côte d'Ivoire	Africa	2.56%	3.90%	7.20%	Published table
Croatia	Europe	0.75%	1.52%	4.81%	Modelled
Cuba	Latin America and the Caribbean	10.20%	15.54%	18.84%	Published table
Curaçao	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Cyprus	Europe	1.02%	1.55%	4.85%	Published table
Czechia	Europe	0.51%	0.78%	4.08%	Published table
Denmark	Europe	0.00%	0.00%	3.30%	Published table
Dominican Republic	Latin America and the Caribbean	2.56%	3.90%	7.20%	Published table
DR Congo	Africa	5.52%	8.41%	11.71%	Published table
Ecuador	Latin America and the Caribbean	8.50%	12.95%	16.25%	Published table
Egypt	Africa	6.37%	9.71%	13.01%	Published table
El Salvador	Latin America and the Caribbean	5.52%	8.41%	11.71%	Published table
Estonia	Europe	0.53%	1.08%	4.37%	Modelled
Eswatini	Africa	4.67%	7.12%	10.42%	Published table
Ethiopia	Africa	7.65%	11.66%	14.96%	Published table
Fiji	Asia-Pacific	3.83%	5.83%	9.13%	Published table
Finland	Europe	0.33%	0.66%	3.96%	Modelled
France	Europe	0.97%	1.96%	5.26%	Modelled
Gabon	Africa	7.65%	11.66%	14.96%	Published table
Gambia	Africa	4.67%	7.12%	10.42%	Published table
Georgia	Europe	2.56%	3.90%	7.20%	Published table
Germany	Europe	0.00%	0.00%	3.30%	Observed
Ghana	Africa	6.37%	9.71%	13.01%	Published table
Greece	Europe	0.76%	1.54%	4.83%	Modelled
Guatemala	Latin America and the Caribbean	2.13%	3.24%	6.54%	Published table
Guernsey	Europe	0.60%	0.91%	4.21%	Published table
Guinea	Africa	7.65%	11.66%	14.96%	Published table
Guinea-Bissau	Africa	6.37%	9.71%	13.01%	Published table
Guyana	Latin America and the Caribbean	1.36%	2.07%	5.37%	Published table
Haiti	Latin America and the Caribbean	8.50%	12.95%	16.25%	Published table
Honduras	Latin America and the Caribbean	3.83%	5.83%	9.13%	Published table
Hong Kong	Asia-Pacific	0.51%	0.78%	4.08%	Published table
Hungary	Europe	1.62%	2.46%	5.76%	Published table
Iceland	Europe	0.60%	0.91%	4.21%	Published table
India	Asia-Pacific	1.87%	2.85%	6.15%	Published table
Indonesia	Asia-Pacific	1.62%	2.46%	5.76%	Published table
Iran	Middle East	6.37%	9.71%	13.01%	Published table
Iraq	Middle East	6.37%	9.71%	13.01%	Published table
Ireland	Europe	0.12%	0.24%	3.54%	Modelled
Isle of Man	Europe	0.51%	0.78%	4.08%	Published table
Israel	Middle East	1.36%	2.07%	5.37%	Published table
Italy	Europe	0.89%	1.81%	5.10%	Modelled
Jamaica	Latin America and the Caribbean	3.06%	4.66%	7.96%	Published table
Japan	Asia-Pacific	0.60%	0.91%	4.21%	Published table
Jersey	Europe	0.51%	0.78%	4.08%	Published table
Jordan	Middle East	3.06%	4.66%	7.96%	Published table
Kazakhstan	Asia-Pacific	1.36%	2.07%	5.37%	Published table
Kenya	Africa	6.37%	9.71%	13.01%	Published table
Kuwait	Middle East	0.60%	0.91%	4.21%	Published table
Kyrgyzstan	Asia-Pacific	5.52%	8.41%	11.71%	Published table
Laos	Asia-Pacific	7.65%	11.66%	14.96%	Published table
Latvia	Europe	0.87%	1.77%	5.07%	Modelled
Lebanon	Middle East	17.50%	26.66%	29.96%	Published table
Liberia	Africa	7.65%	11.66%	14.96%	Published table
Libya	Africa	2.56%	3.90%	7.20%	Published table
Liechtenstein	Europe	0.00%	0.00%	3.30%	Published table
Lithuania	Europe	0.50%	1.01%	4.30%	Modelled
Luxembourg	Europe	0.22%	0.45%	3.75%	Modelled
Macao	Asia-Pacific	0.51%	0.78%	4.08%	Published table
Madagascar	Africa	5.52%	8.41%	11.71%	Published table
Malawi	Africa	8.50%	12.95%	16.25%	Published table
Malaysia	Asia-Pacific	1.02%	1.55%	4.85%	Published table
Maldives	Asia-Pacific	7.65%	11.66%	14.96%	Published table
Mali	Africa	7.65%	11.66%	14.96%	Published table
Malta	Europe	0.12%	0.25%	3.55%	Modelled
Mauritius	Africa	1.87%	2.85%	6.15%	Published table
Mexico	Latin America and the Caribbean	1.62%	2.46%	5.76%	Published table
Moldova	Europe	5.52%	8.41%	11.71%	Published table
Mongolia	Asia-Pacific	3.83%	5.83%	9.13%	Published table
Montenegro	Europe	3.83%	5.83%	9.13%	Published table
Montserrat	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Morocco	Africa	2.13%	3.24%	6.54%	Published table
Mozambique	Africa	8.50%	12.95%	16.25%	Published table
Myanmar	Asia-Pacific	10.20%	15.54%	18.84%	Published table
Namibia	Africa	3.83%	5.83%	9.13%	Published table
Nepal	Asia-Pacific	3.06%	4.66%	7.96%	Published table
Netherlands	Europe	0.09%	0.18%	3.48%	Modelled
New Zealand	Asia-Pacific	0.00%	0.00%	3.30%	Published table
Nicaragua	Latin America and the Caribbean	4.67%	7.12%	10.42%	Published table
Niger	Africa	8.50%	12.95%	16.25%	Published table
Nigeria	Africa	5.52%	8.41%	11.71%	Published table
North Korea	Asia-Pacific	10.20%	15.54%	18.84%	Published table
North Macedonia	Europe	3.06%	4.66%	7.96%	Published table
Norway	Europe	0.00%	0.00%	3.30%	Published table
Oman	Middle East	1.87%	2.85%	6.15%	Published table
Pakistan	Asia-Pacific	6.37%	9.71%	13.01%	Published table
Panama	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Papua New Guinea	Asia-Pacific	4.67%	7.12%	10.42%	Published table
Paraguay	Latin America and the Caribbean	1.87%	2.85%	6.15%	Published table
Peru	Latin America and the Caribbean	1.36%	2.07%	5.37%	Published table
Philippines	Asia-Pacific	1.62%	2.46%	5.76%	Published table
Poland	Europe	0.72%	1.10%	4.40%	Published table
Portugal	Europe	0.38%	0.76%	4.06%	Modelled
Qatar	Middle East	0.42%	0.64%	3.94%	Published table
Romania	Europe	1.87%	2.85%	6.15%	Published table
Russia	Europe	2.56%	3.90%	7.20%	Published table
Rwanda	Africa	4.67%	7.12%	10.42%	Published table
Saint Vincent and the Grenadines	Latin America and the Caribbean	5.52%	8.41%	11.71%	Published table
Saudi Arabia	Middle East	0.51%	0.78%	4.08%	Published table
Senegal	Africa	6.37%	9.71%	13.01%	Published table
Serbia	Europe	2.56%	3.90%	7.20%	Published table
Sierra Leone	Africa	5.52%	8.41%	11.71%	Published table
Singapore	Asia-Pacific	0.00%	0.00%	3.30%	Published table
Sint Maarten	Latin America and the Caribbean	2.56%	3.90%	7.20%	Published table
Slovakia	Europe	0.77%	1.57%	4.87%	Modelled
Slovenia	Europe	0.34%	0.69%	3.98%	Modelled
Solomon Islands	Asia-Pacific	6.37%	9.71%	13.01%	Published table
Somalia	Africa	8.50%	12.95%	16.25%	Published table
South Africa	Africa	2.56%	3.90%	7.20%	Published table
South Korea	Asia-Pacific	0.42%	0.64%	3.94%	Published table
Spain	Europe	0.45%	0.91%	4.21%	Modelled
Sri Lanka	Asia-Pacific	10.20%	15.54%	18.84%	Published table
Sudan	Africa	17.50%	26.66%	29.96%	Published table
Suriname	Latin America and the Caribbean	6.37%	9.71%	13.01%	Published table
Sweden	Europe	0.00%	0.00%	3.30%	Published table
Switzerland	Europe	0.00%	0.00%	3.30%	Published table
Syria	Middle East	10.20%	15.54%	18.84%	Published table
Taiwan	Asia-Pacific	0.51%	0.78%	4.08%	Published table
Tajikistan	Asia-Pacific	5.52%	8.41%	11.71%	Published table
Tanzania	Africa	3.83%	5.83%	9.13%	Published table
Thailand	Asia-Pacific	1.36%	2.07%	5.37%	Published table
Togo	Africa	5.52%	8.41%	11.71%	Published table
Trinidad and Tobago	Latin America and the Caribbean	2.56%	3.90%	7.20%	Published table
Tunisia	Africa	6.37%	9.71%	13.01%	Published table
Türkiye	Europe	3.06%	4.66%	7.96%	Published table
Turks and Caicos Islands	Latin America and the Caribbean	1.36%	2.07%	5.37%	Published table
Uganda	Africa	5.52%	8.41%	11.71%	Published table
Ukraine	Europe	10.20%	15.54%	18.84%	Published table
United Arab Emirates	Middle East	0.42%	0.64%	3.94%	Published table
United Kingdom	Europe	0.51%	0.78%	4.08%	Published table
United States	North America	0.00%	0.00%	3.30%	Observed
Uruguay	Latin America and the Caribbean	1.36%	2.07%	5.37%	Published table
Uzbekistan	Asia-Pacific	3.06%	4.66%	7.96%	Published table
Venezuela	Latin America and the Caribbean	17.50%	26.66%	29.96%	Published table
Vietnam	Asia-Pacific	2.56%	3.90%	7.20%	Published table
Yemen	Middle East	10.20%	15.54%	18.84%	Published table
Zambia	Africa	7.65%	11.66%	14.96%	Published table
Zimbabwe	Africa	7.65%	11.66%	14.96%	Published table

Damodaran's table, January 2026

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Common questions

What is the equity risk premium?

It is the extra return investors expect from shares over a risk-free government bond. Analysts use it to work out a cost of equity.

How is each country's total built?

Every total is the mature market premium plus a country risk premium. The country risk premium is the country's default spread scaled by how much more volatile its shares are than its bonds.

What does the basis column mean?

Observed means worked out from market or official data. Modelled means estimated from other countries' data. Published table means the country premium was taken from Aswath Damodaran's public country risk table.

How often does the table change?

The mature market premium and our own country figures are worked out every month. Countries on the published table change when its author publishes a new edition.

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