POP QUIZ: What Is Wal-Mart's Second Biggest Market?

Citigroup is out with a big report today highlighting Wal-Mart’s burgeoning international business.

So what are the retailer’s big non-US markets?

Here you go. China, which gets a lot of hype, remains just a sliver of the company’s business.

Photo: Citi

Of course, Wal-Mart’s stake in each market isn’t the same because in some cases it works with local partners.

Photo: Citi

Note: *WMT owns 225 stores and has a 35% stake in Trust-Mart, but is expected to purchase Trust-Mart in May 2011. As such, for the purposes of the sum-of-the-parts analysis, CIRA assumes 100%.

Click here to see 16 facts about Wal-Mart that will blow your mind >

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