A companion to our article about investing in frontier markets, we’ve analysis the composition of several leading frontier market indices (2021) and summarised the results below.
There is no generally accepted definition for frontier markets. In the same way, developed markets and emerging markets are also subjective.
Therefore, the composition of frontier market indices compiled by asset managers or index companies is the best reference available. The best funds to invest in will use these indices as their benchmark, which makes these very influential in determining what asset managers invest in.
A comprehensive list of all frontier markets
| All | FTSE Frontier Index | MSCI Frontier Markets Index | S&P Frontier BMI |
|---|---|---|---|
| Argentina | X | X | |
| Bahrain | |||
| Bangladesh | |||
| Benin | X | X | |
| Burkina Faso | X | X | |
| Bulgaria | X | ||
| Cote D'Ivore | X | X | |
| Croatia | |||
| Cyprus | X | X | |
| Ecuador | X | X | |
| Estonia | |||
| Guinea-Bissau | X | X | |
| FYR Macedonia | X | X | |
| Ghana | X | X | |
| Iceland | X | ||
| Ivory Coast | X | ||
| Jamaica | X | X | |
| Jordan | |||
| Kazakhstan | |||
| Kenya | |||
| Latvia | X | X | |
| Lithuania | |||
| Mauritius | |||
| Mali | X | X | |
| Morocco | |||
| Namibia | X | X | |
| Niger | X | X | |
| Nigeria | |||
| Occupied Palestinian Territory | X | X | |
| Oman | |||
| Panama | X | X | |
| Peru | X | X | |
| Romania | X | ||
| Serbia | X | X | |
| Senegal | X | X | |
| Slovakia | X | X | |
| Slovenia | |||
| Sri Lanka | |||
| Trinidad and Tobago | X | X | |
| Togo | X | X | |
| Tunisia | |||
| Vietnam | |||
| Zambia | X | X |