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The 50 Most Valuable Companies in the World in 2023

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The 50 Most Valuable Companies in the World in 2023 by Market Capitalization

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The 50 Most Valuable Companies in the World

Market capitalization, or market cap, is one measure of a company’s value as determined by the stock market. It is easily calculated by multiplying the company’s outstanding shares by its current share price.

In this graphic, we present a treemap chart that visualizes the world’s top 50 publicly-traded companies by market cap, using data as of Aug. 16, 2023.

Editor’s note: While market capitalization is a simple way to compare publicly-traded companies, it does have some limitations. Most importantly, it does not include debt or cash in the calculation.

Data and Highlights

All of the data we used to create this graphic is included in the table below.

CompanySectorCountryMarket Cap
(USD billions)
AppleInformation Technology🇺🇸 US$2,777
MicrosoftInformation Technology🇺🇸 US$2,382
Saudi AramcoEnergy🇸🇦 Saudi Arabia$2,222
AlphabetCommunication Services🇺🇸 US$1,636
AmazonConsumer Discretionary🇺🇸 US$1,385
NVIDIAInformation Technology🇺🇸 US$1,074
Berkshire HathawayFinancials🇺🇸 US$774
Meta PlatformsCommunication Services🇺🇸 US$754
TeslaConsumer Discretionary🇺🇸 US$715
Eli LillyHealth Care🇺🇸 US$519
VisaInformation Technology🇺🇸 US$501
TSMCInformation Technology🇹🇼 Taiwan$476
UnitedHealthHealth Care🇺🇸 US$469
Johnson & JohnsonHealth Care🇺🇸 US$448
LVMHConsumer Discretionary🇫🇷 France$442
JPMorgan ChaseFinancials🇺🇸 US$436
Exxon MobilEnergy🇺🇸 US$430
WalmartConsumer Staples🇺🇸 US$429
Novo NordiskHealth Care🇩🇰 Denmark$418
TencentCommunication Services🇨🇳 China$389
MastercardInformation Technology🇺🇸 US$374
Procter & GambleConsumer Staples🇺🇸 US$361
BroadcomInformation Technology🇺🇸 US$344
SamsungInformation Technology🇰🇷 South Korea$341
Home DepotConsumer Discretionary🇺🇸 US$335
Kweichow MoutaiConsumer Staples🇨🇳 China$319
NestléConsumer Staples🇨🇭 Switzerland$319
OracleInformation Technology🇺🇸 US$313
ChevronEnergy🇺🇸 US$297
MerckHealth Care🇺🇸 US$276
AbbVieHealth Care🇺🇸 US$267
Coca-ColaConsumer Staples🇺🇸 US$262
ASMLInformation Technology🇳🇱 Netherlands$258
PepsicoConsumer Staples🇺🇸 US$249
CostcoConsumer Staples🇺🇸 US$248
L'OréalConsumer Discretionary🇫🇷 France$244
RocheHealth Care🇨🇭 Switzerland$241
International Holding CompanyFinancials🇦🇪 UAE$240
AdobeInformation Technology🇺🇸 US$235
Bank of AmericaFinancials🇺🇸 US$233
AlibabaConsumer Discretionary🇨🇳 China$228
HermèsConsumer Discretionary🇫🇷 France$227
ToyotaConsumer Discretionary🇯🇵 Japan$220
NovartisHealth Care🇨🇭 Switzerland$216
AstraZenecaHealth Care🇬🇧 UK$216
CiscoInformation Technology🇺🇸 US$216
Reliance IndustriesEnergy🇮🇳 India$213
McDonaldConsumer Discretionary🇺🇸 US$208
Thermo Fisher ScientificHealth Care🇺🇸 US$204
ShellEnergy🇬🇧 UK$204

From this data, we can see that there are only a handful of trillion dollar companies in the world, including Apple, Microsoft, Saudi Aramco, Amazon, Alphabet, and Nvidia.

Two former members of the trillion dollar club are Meta and Tesla, but both companies currently hover around the $700 billion range in terms of market capitalization. In 2022, Meta lost significant value as its earnings fell, while Tesla suffered from demand concerns.

Altogether, the 50 most valuable companies represent over $26.5 trillion in shareholder value. At a sector level, Information Technology is the most represented in the top 50, with $9.3 trillion in combined market cap. The next biggest sectors are Consumer Discretionary ($4.0 trillion) and Health Care ($3.3 trillion).

Geographical Breakdown

At a geographical level, the majority of the 50 most valuable companies are American. The following chart shows each country’s tally.

Most valuable companies by country

After the U.S., the three most represented countries are Switzerland, France, and China, with three companies apiece.

From Switzerland are companies such as Nestlé, Roche, and Novartis. The latter two are major players in the healthcare industry.

France’s companies in the top 50 list all belong to the Consumer Discretionary sector, and include fashion giants LVMH and Hermès, as well as L’Oréal, a global leader in cosmetics. Earlier this year, LVMH CEO Bernard Arnault was officially the richest person in the world with a fortune of $215 billion.

Finally, from the Chinese side are two globally-recognized names in Tencent and Alibaba. China’s third company on this list is Kweichow Moutai, a partially state-owned producer of alcoholic beverages.

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Charted: S&P 500 Sector Performance in 2023

Companies benefitting from the AI train and strong retail demand helped their individual S&P 500 sector performance in 2023.

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A cropped bar chart showing the annual return of various S&P 500 sectors in 2023.

Charted: S&P 500 Sector Performance in 2023

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

While the Santa Clause rally of 2023 ultimately ended up fizzling out, the year was still an excellent one for U.S. equities. All three major indices ended December on a positive note, reversing the trend in 2022.

But thematically speaking, which parts of the market did well, and which ones felt the pressure?

We visualize the 2023 performance of individual S&P 500 sectors using data from S&P Global which uses their GICS methodology to differentiate sectors on the index.

Ranked: S&P 500 Sectors by 2023 Return

Information Technology, Communication Services, and Consumer Discretionary were the three biggest winners in 2023, all of them up more than 40% for the year.

Here’s a detailed look at how they all did in 2023.

RankS&P Sector2023 Return
1Information Technology+56.4%
2Communication Services+54.4%
3Consumer Discretionary+40.3%
4Industrials+16.0%
5Materials+10.2%
6Financials+9.9%
7Real Estate+8.3%
8Health Care+0.3%
9Consumer Staples-2.3%
10Energy-4.8%
11Utilities-10.4%

Note: Data as of December 29, 2023.

Information Technology enjoyed a substantial rally thanks to the AI craze, with stocks like NVIDIA and AMD seeing triple-digit gains.

Other tech bastions, Apple and Microsoft, both with the biggest weights in the index, also gained more than 50% for the year.

Meanwhile, top performers in Communication Services, Meta (+188%), Netflix (+63%), and Alphabet (57%) helped the sector nearly tie for first place.

From a dismal 2022 in particular, Netflix’s crackdown on password-sharing (which led to subscriber growth) and its ad-tier revenue growth has made the streaming service the one to beat in the space—especially since its competitors are still losing money.

Within Consumer Discretionary, big gains by index-heavyweights Amazon and Tesla cemented the sector solidly in third place. Travel companies like Royal Caribbean Cruises, Carnival, and Booking Holdings also saw strong returns.

On the other hand, Consumer Staples, Energy, and Utilities all closed with losses, with the latter suffering from a confluence of factors: dwindling recession fears, high treasury yields, and now-increasing concerns over wildfire exposure.

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