Facebook is worth £1.21 billion more than Malaysia and IBM is valued at £1.81 billion more than Mexico, according to research released today by Bank of America Merill Lynch (BAML).

The bank’s report, titled The Thundering World, highlighted that the social media giant is worth £88.33 billion compared to Malaysia’s £87.11 billion, while computing heavyweight IBM is worth £124.27 billion compared to Mexico’s £122.44 billion.

But the two tech behemoths included in the report aren’t the only US tech firms outpacing the market value of entire countries. Indeed, Google boasts a market value of £231 billion and Apple, the richest tech company in the world but not included in the report, has a market value of £293 billion.

BAML compared nine US company stocks, including non-tech firms such as Starbucks and Exxon, to nine countries and emerging market economies.

Overall the countries came out on top with a market value of £1.98 trillion, compared to the stocks’ £1.97 trillion.  

The bank’s chief strategist, Michael Hartnett, says the comparisons show that emerging markets seem inexpensive: “Brazil’s market cap barely exceeds that of Google, India’s is less than Wells Fargo’s and Turkey’s is practically the same as Starbucks,” he said.

Harnett added that there appears to a “buyer’s strike” taking place at the moment, pointing to a foreign exchange survey carried out this with 250 BAML clients, which revealed that only seven percent are buyers of emerging market currencies.