If you owned Apple, and sold it, you could purchase the entire stock market of Russia, and still have enough change to buy every Russian an iPhone 6 Plus.

The total market value of all public companies in the world's largest country has slipped below that of the world's most-valued company for the first time on record, according to Bloomberg calculations.

Apple chief executive Tim Cook.

The gap, at $US121 billion ($139 billion) on November 12, is about the price of 143 million contract-free 64-gigabyte iPhones, based on Apple Store prices.



The combined value of Russian equities has slumped $US234 billion to $US531 billion this year, while that of Apple climbed $US147 billion to $US652 billion.

The US technology company's brand value attract investors, while Russia's political conflicts, sanctions and the threat of economic stagnation next year make them nervous, said Vadim Bit-Avragim, a portfolio manager who helps oversee about $US4 billion at Kapital Asset Management in Moscow.