The Biggest Companies in the World
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Since the COVID-19 crash, global equity markets have seen a strong recovery. The 100 biggest companies in the world were worth a record-breaking $31.7 trillion as of March 31 2021, up 48% year-over-year. As a point of comparison, the combined GDP of the U.S. and China was $35.7 trillion in 2020.
In today’s graphic, we use PwC data to show the world’s biggest businesses by market capitalization, as well as the countries and sectors they are from.
The Top 100, Ranked
PwC ranked the largest publicly-traded companies by their market capitalization in U.S. dollars. It’s also worth noting that sector classification is based on the FTSE Russell Industry Classification Benchmark, and a company’s location is based on where its headquarters are located.
Here is the top 100 ranking of the biggest companies in the world, organized from the biggest to the smallest.
|Rank||Company name||Location||Sector||Market Capitalization|
|1||APPLE INC||🇺🇸 United States||Technology||$2.1T|
|2||SAUDI ARAMCO||🇸🇦 Saudi Arabia||Energy||$1.9T|
|3||MICROSOFT CORP||🇺🇸 United States||Technology||$1.8T|
|4||AMAZON.COM INC||🇺🇸 United States||Consumer Discretionary||$1.6T|
|5||ALPHABET INC||🇺🇸 United States||Technology||$1.4T|
|6||FACEBOOK INC||🇺🇸 United States||Technology||$839B|
|8||TESLA INC||🇺🇸 United States||Consumer Discretionary||$641B|
|9||ALIBABA GRP||🇨🇳 China||Consumer Discretionary||$615B|
|10||BERKSHIRE HATHAWAY||🇺🇸 United States||Financials||$588B|
|12||VISA INC||🇺🇸 United States||Industrials||$468B|
|13||JPMORGAN CHASE||🇺🇸 United States||Financials||$465B|
|14||JOHNSON & JOHNSON||🇺🇸 United States||Health Care||$433B|
|15||SAMSUNG ELECTRONICS||🇰🇷 South Korea||Technology||$431B|
|16||KWEICHOW MOUTA||🇨🇳 China||Consumer Staples||$385B|
|17||WALMART INC||🇺🇸 United States||Consumer Discretionary||$383B|
|18||MASTERCARD INC||🇺🇸 United States||Industrials||$354B|
|19||UNITEDHEALTH GRP||🇺🇸 United States||Health Care||$352B|
|20||LVMH MOET HENNESSY||🇫🇷 France||Consumer Discretionary||$337B|
|21||WALT DISNEY CO||🇺🇸 United States||Consumer Discretionary||$335B|
|22||BANK OF AMERICA||🇺🇸 United States||Financials||$334B|
|23||PROCTER & GAMBLE||🇺🇸 United States||Consumer Staples||$333B|
|24||NVIDIA CORP||🇺🇸 United States||Technology||$331B|
|25||HOME DEPOT INC||🇺🇸 United States||Consumer Discretionary||$329B|
|26||NESTLE SA||🇨🇭 Switzerland||Consumer Staples||$322B|
|27||IND & COMM BK||🇨🇳 China||Financials||$290B|
|28||PAYPAL HOLDINGS||🇺🇸 United States||Industrials||$284B|
|29||ROCHE HOLDING||🇨🇭 Switzerland||Health Care||$283B|
|30||INTEL CORP||🇺🇸 United States||Technology||$261B|
|31||ASML HOLDING NV||🇳🇱 Netherlands||Technology||$255B|
|32||TOYOTA MOTOR||🇯🇵 Japan||Consumer Discretionary||$254B|
|33||COMCAST CORP||🇺🇸 United States||Telecommunications||$248B|
|34||VERIZON COMMUNICATIONS||🇺🇸 United States||Telecommunications||$241B|
|35||EXXON MOBIL CORP||🇺🇸 United States||Energy||$236B|
|36||NETFLIX INC||🇺🇸 United States||Consumer Discretionary||$231B|
|37||ADOBE INC||🇺🇸 United States||Technology||$228B|
|38||COCA-COLA CO||🇺🇸 United States||Consumer Staples||$227B|
|40||PING AN||🇨🇳 China||Financials||$219B|
|41||CISCO SYSTEMS||🇺🇸 United States||Telecommunications||$218B|
|42||AT&T INC||🇺🇸 United States||Financials||$216B|
|43||L'OREAL||🇫🇷 France||Consumer Discretionary||$215B|
|45||ABBOTT LABS||🇺🇸 United States||Health Care||$212B|
|46||NOVARTIS AG||🇨🇭 Switzerland||Health Care||$212B|
|47||NIKE INC||🇺🇸 United States||Consumer Discretionary||$209B|
|48||ORACLE CORP||🇺🇸 United States||Technology||$202B|
|49||PFIZER INC||🇺🇸 United States||Health Care||$202B|
|50||CHEVRON CORP||🇺🇸 United States||Oil & Gas||$202B|
|51||CHINA MERCH||🇨🇳 China||Financials||$196B|
|52||PEPSICO INC||🇺🇸 United States||Consumer Staples||$195B|
|53||SALESFORCE.COM||🇺🇸 United States||Technology||$195B|
|54||MERCK & CO||🇺🇸 United States||Health Care||$195B|
|55||ABBVIE INC||🇺🇸 United States||Health Care||$191B|
|56||BROADCOM INC||🇺🇸 United States||Technology||$189B|
|57||PROSUS NV||🇳🇱 Netherlands||Technology||$181B|
|58||RELIANCE INDS||🇮🇳 India||Energy||$180B|
|59||THERMO FISHER||🇺🇸 United States||Health Care||$180B|
|60||ELI LILLY & CO||🇺🇸 United States||Health Care||$179B|
|61||AGRICULTURAL BANK OF|
|62||SOFTBANK GROUP||🇯🇵 Japan||Telecommunications||$176B|
|63||ACCENTURE PLC||🇮🇪 Ireland||Industrials||$176B|
|64||TEXAS INSTRUMENT||🇺🇸 United States||Technology||$174B|
|65||MCDONALDS CORP||🇺🇸 United States||Consumer Discretionary||$167B|
|66||VOLKSWAGEN AG||🇩🇪 Germany||Consumer Discretionary||$165B|
|67||BHP GROUP LTD||🇦🇺 Australia||Basic Materials||$163B|
|68||WELLS FARGO & CO||🇺🇸 United States||Financials||$162B|
|69||TATA CONSULTANCY||🇮🇳 India||Technology||$161B|
|70||DANAHER CORP||🇺🇸 United States||Health Care||$160B|
|71||NOVO NORDISK||🇩🇰 Denmark||Health Care||$160B|
|72||MEDTRONIC PLC||🇮🇪 Ireland||Health Care||$159B|
|73||WULIANGYE YIBI||🇨🇳 China||Consumer Staples||$159B|
|74||COSTCO WHOLESALE||🇺🇸 United States||Consumer Discretionary||$156B|
|75||T-MOBILE US INC||🇺🇸 United States||Telecommunications||$156B|
|76||CITIGROUP INC||🇺🇸 United States||Financials||$152B|
|77||HONEYWELL INTL||🇺🇸 United States||Industrials||$151B|
|78||QUALCOMM INC||🇺🇸 United States||Technology||$151B|
|79||SAP SE||🇩🇪 Germany||Technology||$151B|
|80||BOEING CO||🇺🇸 United States||Industrials||$149B|
|81||ROYAL DUTCH SHELL||🇳🇱 Netherlands||Oil & Gas||$148B|
|82||NEXTERA ENERGY||🇺🇸 United States||Utilities||$148B|
|83||UNITED PARCEL||🇺🇸 United States||Industrials||$148B|
|84||UNION PAC CORP||🇺🇸 United States||Industrials||$148B|
|85||UNILEVER PLC||🇬🇧 United Kingdom||Consumer Staples||$147B|
|86||AIA||🇭🇰 Hong Kong SAR||Financials||$147B|
|87||LINDE PLC||🇬🇧 United Kingdom||Basic Materials||$146B|
|88||AMGEN INC||🇺🇸 United States||Health Care||$144B|
|89||BRISTOL-MYER SQB||🇺🇸 United States||Health Care||$141B|
|90||SIEMENS AG||🇩🇪 Germany||Industrials||$140B|
|91||BANK OF CHINA||🇨🇳 China||Financials||$139B|
|92||PHILIP MORRIS INC||🇺🇸 United States||Consumer Staples||$138B|
|93||LOWE'S COS INC||🇺🇸 United States||Consumer Discretionary||$136B|
|🇺🇸 United States||Telecommunications||$135B|
|95||CHINA MOBILE||🇭🇰 Hong Kong SAR||Telecommunications||$134B|
|96||SONY GROUP CORP||🇯🇵 Japan||Consumer Discretionary||$132B|
|97||ASTRAZENECA PLC||🇬🇧 United Kingdom||Health Care||$131B|
|98||ROYAL BANK OF CANADA||🇨🇦 Canada||Financials||$131B|
|99||STARBUCKS CORP||🇺🇸 United States||Consumer Discretionary||$129B|
|100||ANHEUSER-BUSCH||🇧🇪 Belgium||Consumer Staples||$128B|
Note: Data as of March 31, 2021.
Within the ranking, there was a wide disparity in value. Apple was worth over $2 trillion, more than 16 times that of Anheuser-Busch (AB InBev), which took the 100th spot at $128 billion.
In total, 59 companies were headquartered in the United States, making up 65% of the top 100’s total market capitalization. China and its regions was the second most common location for company headquarters, with 14 companies on the list.
Risers and Fallers
What are some of the notable changes to the biggest companies in the world compared to last year’s ranking?
Tesla’s market capitalization surged by an eye-watering 565%, temporarily making Elon Musk the richest person in the world. Food delivery platform Meituan and PayPal benefited from growing e-commerce popularity with their market capitalizations growing by 221% and 151% respectively.
Tech companies TSMC and ASML Holdings were also among the top 10 risers, thanks to a shortage of semiconductor chips and growing demand.
On the other end of the scale, Swiss companies Nestlé, Novartis, and Roche Holding were all among the bottom 10 companies by market capitalization growth. China Mobile was the only company to decline with a -12% change. The company was delisted from the New York Stock Exchange as a result of an executive order issued by former president Donald Trump, and recently announced its intention to list on the Shanghai Stock Exchange.
A Sector View
Across the 100 biggest companies in the world, some sectors had higher weightings.
|Sector||Total Market Cap in Top 100||% of Top 100 Market Cap||Number of Companies in Top 100|
Technology had the highest market capitalization and was also the most common sector, with Big Tech dominating the top 10. Companies in the consumer discretionary, financials, and health care sectors also had a strong representation in the ranking.
Despite having only five companies on the list, the energy sector amounted to almost 10% of the top 100’s market capitalization, mostly due to Saudi Aramco’s whopping valuation.
An Uncertain Recovery
From near market lows on March 31, 2020, all sectors saw increases in their market capitalization. However, top 100 companies in some sectors outperformed their respective industry index, while others did not.
Basic materials and industrials, both cyclical sectors, were high performers in the top 100 and outperformed their respective industry indexes. Technology companies also outperformed, and accounted for $255 billion or 31% of all shareholder distributions by the top 100, far more than any other sector. Apple alone spent $73 billion on share buybacks and $14 billion in dividends in the 2020 calendar year.
On the other hand, the worst-performing sectors in the top 100 were health care, utilities, and energy. While the index performance for health care and utilities was also relatively poor, the wider energy sector performed fairly well.
It’s perhaps not surprising that all sectors saw positive returns since their low levels in March 2020, buoyed by fiscal stimulus and central bank policies. As countries begin to reopen, will the value of the biggest companies in the world continue to climb?
Mapping The Biggest Companies By Market Cap in 60 Countries
Tech, finance or energy giant? We mapped the biggest companies by market cap and industry.
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.
|Country||Company||Industry||Market Cap (August 2021)|
|Saudi Arabia||Saudi Aramco||Energy||$1.9T|
|Belgium||Anheuser-Busch Inbev||Consumer Staples||$122.7B|
|Indonesia||Bank Cental Asia||Financials||$54.8B|
|Philippines||SM Investments||Consumer Cyclical||$22.9B|
|Kuwait||Kuwait Finance House||Financials||$21.9B|
|Czech Republic||ÄŒEZ Group||Energy||$15.8B|
|Poland||PKO Bank Polski||Financials||$12.6B|
|Bahrain||Ahli United Bank||Financials||$8.6B|
|Egypt||Commercial International Bank||Financials||$5.9B|
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.
|Industry||Biggest Companies by Country|
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.
Which Companies Belong to the Elite Trillion-Dollar Club?
Only a few companies have broken the 13-digit market cap barrier to join the $1T+ club. Who’s a member, and who’s hot on their heels?
Which Companies Belong to the Elite Trillion-Dollar Club?
Just a handful of publicly-traded companies have managed to achieve $1 trillion or more in market capitalization—only six, to be precise.
We pull data from Companies Market Cap to find out which familiar names are breaking the 13-digit barrier—and who else is waiting in the wings.
Footnote: All data referenced is as of August 17, 2021.
The Major Players in the Game
Apple and Microsoft are the only two companies to have shattered the $2T market cap milestone to date, leaving others in the dust. Apple was also the first among its Big Tech peers to ascend to the $1 trillion landmark back in 2018.
|Company||Valuation||Country||Age of company|
|Apple||$2.48T||🇺🇸 U.S.||45 years (Founded 1976)|
|Microsoft||$2.20T||🇺🇸 U.S.||46 years (Founded 1975)|
|Saudi Aramco||$1.88T||🇸🇦 Saudi Arabia||88 years (Founded 1933)|
|Alphabet (Google)||$1.83T||🇺🇸 U.S.||23 years (Founded 1998)|
|Amazon||$1.64T||🇺🇸 U.S.||27 years (Founded 1994)|
|$1.01T||🇺🇸 U.S.||17 years (Founded 2004)|
Facebook dipped in and out of the $1T+ club in July 2021, and continues its capricious movement. With just 17 years under its belt, it’s the youngest company ever to reach this valuation milestone—though not without some wild rides along the way.
State-owned oil and gas giant Saudi Aramco is the only non-American company to make the trillion-dollar club. This makes it a notable outlier, as American companies typically dominate the leaderboard of the biggest corporations around the world.
Who Else Might Join the Trillion-Dollar Club?
Companies with a market capitalization above $500 billion are also few and far between. Within this next list of six companies, the world’s most valuable automaker Tesla is another strong candidate to eventually join the Four Comma Club.
As per usual, analyst views on Tesla are quite varied. That said, some on Wall Street are predicting that Tesla might reach $3 trillion in market cap within the decade, owing to significant current and projected demand for electric vehicles (EVs) and driverless systems.
|Company||Valuation||Country||Age of company|
|Tesla||$659B||🇺🇸 U.S.||17 years (Founded 2003)|
|Berkshire Hathaway||$655B||🇺🇸 U.S.||182 years (Founded 1839)|
|TSMC||$576B||🇹🇼 Taiwan||34 years (Founded 1987)|
|Tencent||$537B||🇨🇳 China||23 years (Founded 1998)|
|Visa||$515B||🇺🇸 U.S.||63 years (Founded 1958)|
Visa, one of the pioneers of consumer credit in the United States, continues to innovate even 63 years after its founding. In attempts to expand the reach of its already massive payments ecosystem, Visa is experimenting with acquisitions, and even dipping its toes into cryptocurrency with some success.
Whether the next company to join the trillion-dollar club comes from the U.S., from the tech industry, or out of left field, it’s clear that it has some pretty big shoes to fill.
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