Mapping The Biggest Companies By Market Cap in 60 Countries
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Mapping The Biggest Companies By Market Cap in 60 Countries

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The Biggest Companies By Market Cap in 60 Countries

Tech giants are increasingly making up more of the Fortune 500, but the world’s biggest companies by market cap aren’t so cut and dry.

Despite accounting for the largest market caps worldwide—with trillion-dollar companies like Apple and contenders including Tencent and Samsung—tech wealth is largely concentrated in just a handful of countries.

So what are the biggest companies in each country? We mapped the largest company by market cap across 60 countries in August 2021 using market data from CompaniesMarketCap, TradingView, and MarketScreener.

What are the Largest Companies in the World?

The world has 60+ stock exchanges, and each one has a top company. We looked at the largest local company, since many of the world’s largest firms trade on multiple exchanges, and converted market cap to USD.

CountryCompanyIndustryMarket Cap (August 2021)
USAAppleTechnology$2.5T
Saudi ArabiaSaudi AramcoEnergy$1.9T
TaiwanTSMCTechnology$594.5B
ChinaTencentTechnology$554.0B
South KoreaSamsungTechnology$429.7B
FranceLVMHConsumer Cyclical$414.3B
SwitzerlandRocheHealthcare$350.0B
NetherlandsASMLTechnology$322.6B
JapanToyotaConsumer Cyclical$251.6B
DenmarkNovo NordiskHealthcare$236.7B
IrelandAccentureTechnology$208.2B
IndiaReliance IndustriesEnergy$198.1B
AustraliaBHP GroupMaterials$191.7B
CanadaShopifyTechnology$185.7B
UKAstrazenecaHealthcare$182.0B
GermanySAPTechnology$174.6B
SingaporeSEATechnology$152.3B
Hong KongAIAFinancials$146.4B
BelgiumAnheuser-Busch InbevConsumer Staples$122.7B
SpainInditexConsumer Cyclical$108.3B
BrazilVALEMaterials$103.9B
RussiaSberbankFinancials$96.7B
ItalyEnelUtilities$93.7B
ArgentinaMercadoLibreConsumer Cyclical$89.5B
SwedenAtlas CopcoIndustrials$84.1B
South AfricaNaspersTechnology$74.1B
NorwayEquinorEnergy$67.9B
UAEEtisalatCommunication$58.7B
MexicoWalmexConsumer Staples$58.1B
IndonesiaBank Cental AsiaFinancials$54.8B
KazakhstanKaspi.kzFinancials$49.8B
QatarQNBFinancials$48.2B
FinlandNordea BankFinancials$48.0B
LuxembourgArcelorMittalMaterials$36.3B
AustriaVerbundUtilities$33.7B
ThailandPTT PCLEnergy$30.1B
ColombiaEcopetrolEnergy$26.7B
MalaysiaMaybankFinancials$23.7B
PhilippinesSM InvestmentsConsumer Cyclical$22.9B
KuwaitKuwait Finance HouseFinancials$21.9B
PortugalEDP GroupUtilities$21.0B
VietnamVinhomesReal Estate$17.1B
IsraelNICETechnology$16.9B
KenyaSafaricomCommunication$16.0B
Czech RepublicÄŒEZ GroupEnergy$15.8B
New ZealandXeroTechnology$15.8B
TurkeyQNB FinansbankFinancials$15.8B
HungaryOTP BankFinancials$15.6B
ChileEnel AmericasUtilities$14.3B
MoroccoMaroc TelecomCommunication$13.6B
PolandPKO Bank PolskiFinancials$12.6B
CyprusPolymetalMaterials$10.0B
NigeriaDangote GroupMaterials$10.0B
BahrainAhli United BankFinancials$8.6B
GreeceOTE GroupCommunication$8.4B
PeruCredicorpFinancials$8.0B
EgyptCommercial International BankFinancials$5.9B
IcelandMarelIndustrials$5.8B
OmanBank MuscatFinancials$4.2B
PanamaCopa HoldingsIndustrials$3.1B

Many are former monopolies or massive conglomerates that have grown in the public space, such as South Africa’s Naspers and India’s Reliance Industries.

Others are local subsidiaries of foreign corporations, including Mexico’s Walmex, Chile’s Enel and Turkey’s QNB Finansbank.

But even more noticeable is the economic discrepancy. Apple and Saudi Aramco are worth trillions of dollars, while the smallest companies we tracked—including Panama’s Copa Group and Oman’s Bank Muscat—are worth less than $5 billion.

Finance and Tech Dominate The Biggest Companies By Market Cap

Across the board, the largest companies were able to accumulate wealth and value.

Some are newer to the top thanks to recent success. Canada’s Shopify has become one of the world’s largest e-commerce providers, and the UK’s AstraZeneca developed one of the world’s COVID-19 vaccines.

But the reality is most companies here are old guards that grew on existing resources, or in the case of banks, accumulated wealth.

IndustryBiggest Companies by Country
Financials16
Technology12
Energy6
Materials5
Communication4
Consumer Cyclical4
Utilities4
Healthcare3
Industrials3
Consumer Staples2
Real Estate1

Banks were the most commonly found at the top of each country’s stock market. Closely behind were oil and gas giants, mining companies, and former state-owned corporations that drove most of a country’s wealth generation.

But as more economies develop and catch up to Western economies (where tech is dominant), newer innovative companies will likely put up a fight for each country’s top company crown.

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The Top Google Searches Related to Investing in 2022

What was on investors’ minds in 2022? Discover the top Google searches and how the dominant trends played out in portfolios.

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Trend lines showing when the top Google searches related to investing reached peak popularity over the course of 2022.
The following content is sponsored by New York Life Investments

The Top Google Searches Related to Investing in 2022

It was a turbulent year for the markets in 2022, with geopolitical conflict, rising prices, and the labor market playing key roles. Which stories captured investors’ attention the most? 

This infographic from New York Life Investments outlines the top Google searches related to investing in 2022, and offers a closer look at some of the trends.

Top Google Searches: Year in Review

We picked some of the top economic and investing stories that saw peak search interest in the U.S. each month, according to Google Trends.

Month of Peak InterestSearch Term
JanuaryGreat Resignation
FebruaryRussian Stock Market
MarchOil Price
April Housing Bubble
MayValue Investing
JuneBitcoin
JulyRecession
AugustInflation
SeptemberUS Dollar
OctoberOPEC
NovemberLayoffs
DecemberInterest Rate Forecast

Data based on exact searches in the U.S. from December 26, 2021 to December 18, 2022.

Let’s look at each quarter in more detail, to see how these top Google searches were related to activity in the economy and investors’ portfolios.

Q1 2022

The start of the year was marked by U.S. workers quitting their jobs in record numbers, and the effects of the Russia-Ukraine war. For instance, the price of crude oil skyrocketed after the war caused supply uncertainties. Early March’s peak of $125 per barrel was a 13-year high.

DateClosing Price of WTI Crude Oil
(USD/Barrel)
January 2, 2022$76
March 3, 2022$125
December 29, 2022$80

While crude oil lost nearly all its gains by year-end, the energy sector in general performed well. In fact, the S&P 500 Energy Index gained 57% over the year compared to the S&P 500’s 19% loss.

Q2 2022

The second quarter of 2022 saw abnormal house price growth, renewed interest in value investing, and a bitcoin crash. In particular, value investing performed much better than growth investing over the course of the year.

IndexPrice Return in 2022
S&P 500 Value Index-7.4%
S&P 500 Growth Index-30.1%

Value stocks have typically outperformed during periods of rising rates, and 2022 was no exception.

Q3 2022

The third quarter was defined by worries about a recession and inflation, along with interest in the rising U.S. dollar. In fact, the U.S. dollar gained against nearly every major currency.

Currency USD Appreciation Against Currency
(Dec 31 2020-Sep 30 2022)
Japanese Yen40.1%
Chinese Yuan9.2%
Euro25.1%
Canadian Dollar7.2%
British Pound22.0%
Australian Dollar18.1%

Higher interest rates made the U.S. dollar more attractive to investors, since it meant they would get a higher return on their fixed income investments.

Q4 2022

The end of the year was dominated by OPEC cutting oil production, high layoffs in the tech sector, and curiosity about the future of interest rates. The Federal Reserve’s December 2022 economic projections offer clues about the trajectory of the policy rate.

 202320242025Longer Run
Minimum Projection4.9%3.1%2.4%2.3%
Median Projection5.1%4.1%3.1%2.5%
Maximum Projection5.6%5.6%5.6%3.3%

The Federal Reserve expects interest rates to peak in 2023, with rates to remain elevated above pre-pandemic levels for the foreseeable future.

The Top Google Searches to Come

After a year of volatility across asset classes, economic uncertainty remains. Which themes will become investors’ top Google searches in 2023?

Find out how New York Life Investments can help you make sense of market trends.

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