According to a study performed by the London Business School and Credit Suisse, and subsequently reported by Bloomberg, South Africa has had the highest-yielding stock market since 1900, followed by Australia. The US came in third.The study measured 23 markets, estimated to cover 91% of the coverage universe. Only eight outperformed the world average: after South Africa, Australia, and the US came New Zealand, Sweden, Canada, the UK, and Finland. Resource richness was the leading factor behind the performances in South Africa and Australia. Denmark, Sweden, and Switzerland were the top gainers over the time horizon in the bond market.World average returns came to approximately 5.1% and 1.9% in equities and bonds, respectively, in terms of real returns.