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Ranked: The Most Innovative Companies in 2023

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The Most Innovative Companies in 2023

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The Most Innovative Companies in 2023

Every year, Boston Consulting Group (BCG) releases their Most Innovative Companies ranking. Based on a survey of over 1,000 innovation executives polled in Dec. 2022 and Jan. 2023, BCG assessed a company’s performance on four dimensions:

  • Global mindshare: the number of votes received from all global innovation executives
  • Industry peer view: the number of votes received from executives in a company’s own industry
  • Industry disruption: the Diversity Index (Herfindahl-Hirschman) of votes across industries
  • Value creation: total shareholder return, including share buybacks, over the 3-year period from Jan. 2020 through Dec. 2022.

We’ve provided a more visual representation of these results in the graphic above.

Data and Highlights

The 2023 ranking can be found in the table below.

For the fourth straight year, Apple is considered the most innovative company in the world. In fact, Apple has held this title every year since 2005 with the exception of 2019.

RankCompanyIndustryChange in Rank
(+ or -)
1🇺🇸 AppleTechnology-
2🇺🇸 TeslaTransportation & energy+3
3🇺🇸 AmazonTechnology-
4🇺🇸 AlphabetTechnology-
5🇺🇸 MicrosoftTechnology-3
6🇺🇸 ModernaHealthcare+1
7🇰🇷 SamsungTechnology-1
8🇨🇳 HuaweiTechnology-
9🇨🇳 BYD CompanyTransportation & energyReturned
10🇩🇪 SiemensTechnology+10
11🇺🇸 PfizerHealthcare+7
12🇺🇸 Johnson & JohnsonHealthcare+15
13🇺🇸 SpaceXTransportation & energyReturned
14🇺🇸 NvidiaTechnology+1
15🇺🇸 ExxonMobilTransportation & energyReturned
16🇺🇸 MetaTechnology-5
17🇺🇸 NikeConsumer goods & services-5
18🇺🇸 IBMTechnology-8
19🇺🇸 3MConsumer goods & services+18
20🇮🇳 Tata GroupTransportation & energyReturned
21🇨🇭 RocheHealthcareReturned
22🇺🇸 OracleTechnology-3
23🇩🇪 BioNTechHealthcareNew
24🇬🇧 ShellTransportation & energyReturned
25🇫🇷 Schneider ElectricTransportation & energyNew
26🇺🇸 P&GConsumer goods & services+8
27🇨🇭 NestléConsumer goods & services+22
28🇺🇸 General ElectricTransportation & energy+1
29🇨🇳 XiaomiTechnology+2
30🇺🇸 HoneywellTransportation & energyNew
31🇯🇵 SonyTechnology-22
32🇨🇳 SinopecTransportation & energyNew
33🇯🇵 HitachiTransportation & energy+6
34🇺🇸 McDonald'sConsumer goods & servicesReturned
35🇺🇸 MerckHealthcareReturned
36🇨🇳 ByteDanceTechnology-
37🇩🇪 BoschTransportation & energy-11
38🇺🇸 DellTechnology-24
39🇨🇭 GlencoreTransportation & energyNew
40🇺🇸 StripeTechnologyNew
41🇸🇦 Saudi AramcoTransportation & energyNew
42🇺🇸 Coca-ColaConsumer goods & services-6
43🇩🇪 Mercedes-Benz GroupTransportation & energyReturned
44🇨🇳 AlibabaTechnology-22
45🇺🇸 WalmartConsumer goods & services-32
46🇨🇳 PetroChinaTransportation & energyNew
47🇯🇵 NTTTelecommunicationsNew
48🇨🇳 LenovoTechnology-24
49🇩🇪 BMWTransportation & energyReturned
50🇬🇧 UnileverConsumer goods & services-

BCG added additional context on several companies in its report, including Germany’s Bosch (37th). According to BCG, the engineering and technology company has a global R&D organization of 84,800 employees across 130 locations. Bosch has also maintained R&D spending (as a share of sales) at between 7.6% and 8.2% from 2018 through 2021.

Another highlight was Samsung (7th), which spent over $17 billion (9% of annual sales) on R&D in 2021, making the South Korean conglomerate one of the world’s largest spenders on innovation. Samsung was also granted 6,300 U.S. patents in 2022, the most out of any company.

As this ranking shows, innovative companies aren’t just tech companies. McDonald’s (34th) is considered by BCG as the “restaurant industry frontrunner in technology innovation and investment”.

For example, McDonald’s recently acquired Apprente, a startup that develops voice-based technologies, and Dynamic Yield, a firm specializing in creating customizable online experiences. McDonald’s aims to leverage these technologies to improve ordering times and offer customers better choices.

Companies by Nationality

Now let’s examine the ranking through a different lens—nationality. The following chart compares the country breakdowns of the 2013 and 2023 rankings.

BCG Most Innovative Companies by Nationality

The U.S. and China are the only two countries that have increased their share from 2013, pushing out firms from European countries like Germany, the UK, and Italy. We can also see significant declines in Japanese and South Korean representation.

Given China’s economic growth, it’s likely that Chinese firms will continue to represent more of BCG’s ranking in the future. So far, the country’s strongest innovator is Huawei (8th), which has made the top 50 list every year since 2014, when it debuted at 50th place.

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What is the Median Pay of Magnificent Seven Companies?

The Magnificent Seven companies are fueling stock market gains. In this graphic, we show the median pay of each company in 2023.

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This circle graphic shows the median pay of employees at the Magnificent Seven companies.

What is the Median Pay of Magnificent Seven Companies?

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The Magnificent Seven are lifting the stock market to new highs, led by Nvidia, Microsoft, Apple, and Alphabet in particular.

In May alone, these tech giants added $1.4 trillion in market capitalization to the S&P 500—surpassing the combined gains of 296 other stocks during the same period. Notably, Nvidia contributed to more than half of this rise. As tech stocks boom, many are offering robust salaries with substantial stock option plans.

This graphic shows the median pay of the Magnificent Seven companies in 2023, based on analysis from The Wall Street Journal and MyLogIQ.

The Highest Paying Companies in the Magnificent Seven

Below, we show the median employee pay of the Magnificent Seven companies in 2023:

CompanyMedian Employee Pay
2023
CEO Total Pay
2023
Meta$379,050$24.4M
Alphabet$315,531$8.8M
Nvidia$266,939$34.2M
Microsoft$193,770$48.5M
Apple$94,118$63.2M
Tesla$45,811$0M
Amazon$36,274$1.4M

Data for Microsoft is from SEC filings. Total CEO pay includes equity awards and cash pay.

Meta ranks as the highest overall, with a median pay of $379,050, which is more than six times the national median salary.

Not only is it the leading company in the Magnificent Seven, it has one of the highest median pay across S&P 500 companies. Between 2022 and 2023, employee pay increased 28%, following four rounds of layoffs that slashed thousands of employees in its “year of efficiency”.

Following Meta is Google’s parent company, Alphabet, with a median pay of $315,531. The company operates a hybrid work policy, requiring employees to be in the office about three days a week. This mirrors a trend seen across Amazon and Salesforce to encourage in-person collaboration.

At Nvidia, employees received a median pay of $266,939, fueled by its soaring share price. Last year, over $300 million in value was delivered to its staff under its employee stock purchase plan. Along with a competitive pay package, the company offers an unlimited vacation policy along with 22-weeks of paid parental leave.

Falling near the bottom of the pack is Tesla, where the median salary for employees is $45,811. The automotive sector is notorious for steep wage gaps between CEOs and workers, with CEOs often earning 300 times more than the median employee.

In 2023, Tesla CEO Elon Musk earned no compensation, and is instead paid through incentive-based stock options. Recently, a judge invalidated a staggering $56 billion pay package for the executive, deeming it unfair to the company’s shareholders. This pay package was awarded in 2018, with stipulations that Tesla meet certain performance requirements over a 10-year timeframe.

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