In 1969, the MSCI World and the MSCI EAFE Indexes were launched, covering 16 countries and 15 countries, respectively. Today the MSCI World Index covers 23 Developed Markets countries. The MSCI Developed Markets Indexes also span large, mid, small and micro caps, which can be segmented across styles and sectors.

Market Classification

MSCI regularly reviews the market classification of all countries included (or under consideration for inclusion) in its global equity universe based on extensive discussions with the investment community. Using the MSCI Market Classification Framework, MSCI examines each country’s economic development, size, liquidity and market accessibility in order to be classified in a given investment universe. Each June, MSCI communicates its conclusions on the list of countries under review and announces the new list of countries, if any, under review for potential market reclassification in the upcoming cycle.

Country Coverage


MSCI Emerging Markets Index

The MSCI Emerging Markets Index captures large and mid cap representation across 21 Emerging Markets (EM) countries. With 822 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Find out more.