Markets
The Biggest Companies in the World in 2021
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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 |
| 7 | TENCENT | 🇨🇳 China | Technology | $753B |
| 8 | TESLA INC | 🇺🇸 United States | Consumer Discretionary | $641B |
| 9 | ALIBABA GRP | 🇨🇳 China | Consumer Discretionary | $615B |
| 10 | BERKSHIRE HATHAWAY | 🇺🇸 United States | Financials | $588B |
| 11 | TSMC | 🇹🇼 Taiwan | Technology | $534B |
| 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 |
| 39 | MEITUAN | 🇨🇳 China | Technology | $226B |
| 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 |
| 44 | CHINA CONSTRUCTION BANK | 🇨🇳 China | Financials | $213B |
| 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 CHINA | 🇨🇳 China | Financials | $178B |
| 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 |
| 94 | CHARTER COMMUNICATIONS | 🇺🇸 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 | $10.5T | 33.0% | 20 |
| Consumer Discretionary | $6.0T | 18.9% | 17 |
| Financials | $3.4T | 10.8% | 14 |
| Health Care | $3.3T | 10.5% | 16 |
| Energy | $2.7T | 8.5% | 5 |
| Consumer Staples | $2.0T | 6.4% | 9 |
| Industrials | $2.0T | 6.4% | 9 |
| Telecommunications | $1.3T | 4.1% | 7 |
| Basic Materials | $0.3T | 1.0% | 2 |
| Utilities | $0.1T | 0.5% | 1 |
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?
Markets
Visualizing America’s Most Popular Fast Food Chains
Here’s a look at the most popular fast food chains in the U.S., based on their number of stores as of 2021.
Visualizing America’s Most Popular Fast Food Chains
Fast food is big business in America. From national chains to regional specialties, the industry was worth $331.4 billion as of June 2022.
Which fast food brands are currently dominating this space? This graphic by Truman Du uses data from Quick Service Restaurant (QSR) Magazine to show the most popular fast food chains across America.
The Most Prevalent Fast Food Chains, by Store Count
Each year, QSR Magazine puts together a report that ranks America’s top 50 fast food chains. It uses a number of metrics to determine this, including total sales (which we’ve covered in a previous article), average-unit volume (AUVs), and growth figures.
For this graphic, Du zoomed in on a specific metric from the report—the number of stores that each fast food chain has across the country. Here are the top 50 chains, and the number of restaurants they each have across America:
| Rank | Brand | Total U.S. Stores (2021) |
|---|---|---|
| 1 | Subway | 21,147 |
| 2 | Starbucks | 15,450 |
| 3 | McDonald's | 13,438 |
| 4 | Dunkin' | 9,244 |
| 5 | Burger King | 7,105 |
| 6 | Taco Bell | 7,002 |
| 7 | Domino's | 6,560 |
| 8 | Pizza Hut | 6,548 |
| 9 | Wendy's | 5,938 |
| 10 | Dairy Queen | 4,339 |
| 11 | Little Caesars | 4,181 |
| 12 | KFC | 3,953 |
| 13 | Sonic Drive-in | 3,552 |
| 14 | Arby's | 3,409 |
| 15 | Papa Johns | 3,164 |
| 16 | Chipotle | 2,966 |
| 17 | Popeyes Louisiana Kitchen | 2,757 |
| 18 | Chick-Fil-A | 2,732 |
| 19 | Jimmy John's | 2,657 |
| 20 | Panda Express | 2,334 |
| 21 | Baskin-Robbins | 2,317 |
| 22 | Jack in the Box | 2,218 |
| 23 | Jersey Mike's | 2,100 |
| 24 | Panera Bread | 2,080 |
| 25 | Hardee's | 1,734 |
| 26 | Wingstop | 1,534 |
| 27 | Five Guys | 1,390 |
| 28 | Papa Murphy's | 1,240 |
| 29 | Firehouse Subs | 1,140 |
| 30 | Carl's Jr. | 1,058 |
| 31 | Tropical Smoothie Café | 1,039 |
| 32 | Marco's Pizza | 1,002 |
| 33 | Zaxby's | 908 |
| 34 | Church's Chicken | 892 |
| 35 | Whataburger | 873 |
| 36 | Culver's | 837 |
| 37 | Checkers / Rally's | 834 |
| 38 | Bojangles | 773 |
| 39 | Qdoba | 739 |
| 40 | Moe's | 659 |
| 41 | Tim Hortons | 637 |
| 42 | Del Taco | 600 |
| 43 | Raising Cane's | 567 |
| 44 | McAlister's Deli | 505 |
| 45 | El Pollo Loco | 481 |
| 46 | Freddy's Frozen Custard & Steakburgers | 420 |
| 47 | In-N-Out Burger | 370 |
| 48 | Krispy Kreme | 358 |
| 49 | White Castle | 349 |
| 50 | Shake Shack | 243 |
Subway takes first place with over 20,000 restaurants across the country—that’s more stores than all the other sandwich chains on the list put together.
Subway’s popularity is reflected in its sales figures, as well—in 2021, Subway generated about $9.4 billion in sales, about double its closest rival Arby’s.
Second on the list is Starbucks, with more than 15,000 stores across America. Despite a rough 2020, the coffee chain managed to turn things around in 2021, making more than $24 billion in sales that year.
The iconic burger joint McDonald’s comes in third, with more than 13,000 restaurants across the country. While the restaurant has fewer stores than Starbucks and Subway, it generated $46 billion in 2021 sales, which is more than Subway and Starbucks combined.
The “Stay in Your Lane” Curse
As the report shows, quick service restaurants are a popular dining option across America, and the successful ones have the potential to generate billions of dollars each year.
However, QSRs are not without their struggles. One difficulty facing fast food chains is the fact they’re often siloed into specific verticals—once a QSR establishes its niche, it can be difficult for that chain to branch out and successfully launch different menu items.
Take McDonald’s McPizza for example, which was launched in the mid 1980s and tested for a decade or so before being widely discontinued by 2000. Various factors contributed to its demise, but one major issue was the pizza’s relatively long cook-time of sixteen minutes.
Innovation in the Fast Food Industry
While fast food restaurants may have difficulty diversifying their menus, there’s still tons of innovation happening in the industry, especially when it comes to optimizing service and cutting wait times for customers.
For example, Starbucks’ mobile order and pay service, which allows customers to order from their phone, has grown 400% over the last five years. And in 2021, the McDonald’s app was downloaded 24 million times.
It’ll be interesting to see what changes in the next decade, as fast food companies continue to invest in their digital offers and tech support.
Markets
The Top 100 Most Valuable Brands in 2022
A strong brand is extremely lucrative when leveraged properly. Here’s a look at the most valuable brands in 2022, according to Brand Finance.
The Top 100 Most Valuable Brands in 2022
View a higher resolution version of this graphic.
Given the allusive nature of brands, determining a brand’s financial value is a difficult task.
Despite a brand’s intangibility, it’s hard to deny just how effective a strong one can be at boosting a company’s bottom line.
With this in mind, Brand Finance takes on the challenge of identifying the world’s most valuable brands in the world in its annual Global 500 Report. The graphic above, using data from the latest edition of the report, highlights the top 100 most valuable brands in 2022.
Editor’s note: This ranking measures the value of brands, which can be thought of as marketing-related intangible assets that create a brand identity and reputation in the minds of consumers. It attempts to measure this in financial terms, calculating what the brand is worth to the company that owns it. For more information on methodology, calculations, and sourcing, go to the bottom of this article.
A Full Breakdown of the Most Valuable Brands
With an increase of 35% since last year’s report, Apple retains its top spot on the ranking as the world’s most valuable brand, with a total brand value of $335.1 billion.
This is the highest brand value ever recorded in the history of the Global 500 report, which has been published each year since 2007.
As one of the world’s largest tech companies, Apple dominates the smartphone market, especially in the U.S., where more than 50% of operating smartphones are now an iPhone.
Here’s a complete list of the 100 most valuable brands according to the report:
| Rank | Brand | 2022 Brand Value ($B) | Country | Sector |
|---|---|---|---|---|
| 1 | Apple | $355.1 | United States | Tech & Services |
| 2 | Amazon | $350.3 | United States | Retail & Consumer Goods |
| 3 | $263.4 | United States | Media & Telecoms | |
| 4 | Microsoft | $184.2 | United States | Tech & Services |
| 5 | Walmart | $111.9 | United States | Retail & Consumer Goods |
| 6 | Samsung Group | $107.3 | South Korea | Tech & Services |
| 7 | $101.2 | United States | Media & Telecoms | |
| 8 | ICBC | $75.1 | China | Banking & Insurance |
| 9 | Huawei | $71.2 | China | Tech & Services |
| 10 | Verizon | $69.6 | United States | Media & Telecoms |
| 11 | China Construction Bank | $65.5 | China | Banking & Insurance |
| 12 | Toyota | $64.3 | Japan | Automobiles |
| 13 | $62.3 | China | Media & Telecoms | |
| 14 | Agricultural Bank Of China | $62.0 | China | Banking & Insurance |
| 15 | Mercedes-Benz | $60.8 | Germany | Automobiles |
| 16 | State Grid | $60.2 | China | Energy & Utilities |
| 17 | Deutsche Telekom | $60.2 | Germany | Media & Telecoms |
| 18 | TikTok/Douyin | $59.0 | China | Media & Telecoms |
| 19 | Disney | $57.1 | United States | Media & Telecoms |
| 20 | Home Depot | $56.3 | United States | Retail & Consumer Goods |
| 21 | Ping An | $54.4 | China | Banking & Insurance |
| 22 | Taobao | $53.8 | China | Retail & Consumer Goods |
| 23 | Shell | $49.9 | United Kingdom | Energy & Utilities |
| 24 | Bank of China | $49.6 | China | Banking & Insurance |
| 25 | Tmall | $49.2 | China | Retail & Consumer Goods |
| 26 | AT&T | $47.0 | United States | Media & Telecoms |
| 27 | Tencent | $46.7 | China | Media & Telecoms |
| 28 | Tesla | $46.0 | United States | Automobiles |
| 29 | Starbucks | $45.7 | United States | Food & Bev |
| 30 | Allianz Group | $45.2 | Germany | Banking & Insurance |
| 31 | Aramco | $43.6 | Saudi Arabia | Energy & Utilities |
| 32 | Moutai | $42.9 | China | Food & Bev |
| 33 | Volkswagen | $41.0 | Germany | Automobiles |
| 34 | China Mobile | $40.9 | China | Media & Telecoms |
| 35 | NTT Group | $40.7 | Japan | Media & Telecoms |
| 36 | McDonald's | $39.7 | United States | Food & Bev |
| 37 | Mitsubishi Group | $39.2 | Japan | Automobiles |
| 38 | UPS | $38.5 | United States | Energy & Utilities |
| 39 | BMW | $37.9 | Germany | Automobiles |
| 40 | Costco | $37.5 | United States | Retail & Consumer Goods |
| 41 | Bank of America | $36.7 | United States | Banking & Insurance |
| 42 | Marlboro | $36.3 | United States | Retail & Consumer Goods |
| 43 | accenture | $36.2 | United States | Tech & Services |
| 44 | Coca-Cola | $35.4 | United States | Food & Bev |
| 45 | Citi | $34.4 | United States | Banking & Insurance |
| 46 | Porsche | $33.7 | Germany | Automobiles |
| 47 | $33.5 | United States | Media & Telecoms | |
| 48 | Lowe's | $33.4 | United States | Retail & Consumer Goods |
| 49 | Nike | $33.2 | United States | Retail & Consumer Goods |
| 50 | UnitedHealthcare | $32.9 | United States | Healthcare |
| 51 | Xfinity | $31.3 | United States | Media & Telecoms |
| 52 | Chase | $30.1 | United States | Banking & Insurance |
| 53 | Wells Fargo | $30.1 | United States | Banking & Insurance |
| 54 | Deloitte | $29.8 | United States | Tech & Services |
| 55 | PetroChina | $29.7 | China | Energy & Utilities |
| 56 | Netflix | $29.4 | United States | Media & Telecoms |
| 57 | Oracle | $29.1 | United States | Tech & Services |
| 58 | JP Morgan | $28.9 | United States | Banking & Insurance |
| 59 | Wuliangye | $28.7 | China | Food & Bev |
| 60 | Target | $28.3 | United States | Retail & Consumer Goods |
| 61 | Honda | $28.2 | Japan | Automobiles |
| 62 | CSCEC | $27.4 | China | Energy & Utilities |
| 63 | American Express | $27.2 | United States | Banking & Insurance |
| 64 | JD.com | $27.2 | China | Retail & Consumer Goods |
| 65 | VISA | $27.1 | United States | Banking & Insurance |
| 66 | Cisco | $26.6 | United States | Tech & Services |
| 67 | CVS | $26.2 | United States | Retail & Consumer Goods |
| 68 | FedEx | $26.0 | United States | Energy & Utilities |
| 69 | Intel | $25.6 | United States | Tech & Services |
| 70 | Sinopec | $25.2 | China | Energy & Utilities |
| 71 | Sumitomo Group | $25.1 | Japan | Tech & Services |
| 72 | Hyundai Group | $25.0 | South Korea | Automobiles |
| 73 | SK Group | $24.4 | South Korea | Media & Telecoms |
| 74 | China Merchants Bank | $24.4 | China | Banking & Insurance |
| 75 | Mitsui | $24.3 | Japan | Energy & Utilities |
| 76 | Ford | $24.2 | United States | Automobiles |
| 77 | Spectrum | $24.1 | United States | Media & Telecoms |
| 78 | TATA Group | $23.9 | India | Energy & Utilities |
| 79 | YouTube | $23.9 | United States | Media & Telecoms |
| 80 | China Life | $23.9 | China | Banking & Insurance |
| 81 | Louis Vuitton | $23.4 | France | Retail & Consumer Goods |
| 82 | EY | $23.2 | United Kingdom | Tech & Services |
| 83 | PWC | $23.2 | United States | Tech & Services |
| 84 | Alibaba.com | $22.8 | China | Retail & Consumer Goods |
| 85 | Uber | $22.8 | United States | Tech & Services |
| 86 | Siemens Group | $22.4 | Germany | Energy & Utilities |
| 87 | Dell Technologies | $22.2 | United States | Tech & Services |
| 88 | Mastercard | $21.4 | United States | Tech & Services |
| 89 | IBM | $21.4 | United States | Tech & Services |
| 90 | Nestlé | $20.8 | Switzerland | Food & Bev |
| 91 | LG Group | $20.8 | South Korea | Tech & Services |
| 92 | Pepsi | $20.7 | United States | Food & Bev |
| 93 | TSMC | $20.5 | China | Tech & Services |
| 94 | Sony | $19.8 | Japan | Tech & Services |
| 95 | General Electric | $19.7 | United States | Energy & Utilities |
| 96 | CRCC | $19.7 | China | Energy & Utilities |
| 97 | Walgreens | $19.7 | United States | Retail & Consumer Goods |
| 98 | Vodafone | $19.5 | United Kingdom | Media & Telecoms |
| 99 | Aldi | $19.2 | Germany | Retail & Consumer Goods |
| 100 | RBC | $19.0 | Canada | Banking & Insurance |
After Apple, coming in a close second is Amazon with a brand value of $350.3 billion. This is not surprising, considering the tech giant has often found itself neck-and-neck with Apple in the rankings, and has even come in first place in previous editions of the report.
One other brand worth highlighting is TikTok. The social media company saw a 215% increase in its brand value year-over-year, making it the fastest-growing brand on the entire list.
Between 2019 and 2021, the platform saw its userbase skyrocket, growing from 291.4 million to 655.9 million in just two years. If this growth continues, TikTok could reach nearly one billion users by 2025, according to projections from Insider Intelligence.
Most Valuable Sectors
Over a third of the brands on the list fall into the tech and services sector. Combined, this category has a brand value of $2.0 trillion.
| Sector | Brand Value | % of Top 100 |
|---|---|---|
| Tech & Services | $2.0 trillion | 36.8% |
| Media & Telecoms | $1.0 trillion | 19.2% |
| Retail & Consumer Goods | $910 billion | 16.8% |
| Banking & Insurance | $634 billion | 11.7% |
| Energy & Utilities | $411 billion | 7.6% |
| Automobiles | $400 billion | 7.4% |
| Healthcare | $33 billion | 0.6% |
Media is the second most valuable sector—19% of the top 100 brands fall under the media and telecoms sector, including Google, Facebook, and WeChat.
COVID-19 is partly the reason for this, as media consumption increased throughout the global pandemic. For example, in the first nine months of 2021, Snapchat’s daily usage grew by 77%. Despite increased traction with users, it’s worth noting the company is now feeling the sting as the real world competes for attention spans once again and advertisers begin to ghost the app due to recession jitters.
As pandemic restrictions fade out around the world, and murmurs of a global recession threaten global economic growth, next year’s report could see some big shifts in brand value.
The Geography of Valuable Brands
When looking at where these brands are based, we see that the United States and China account for 75 of the top 100 brands on the ranking. Even more surprising—just six countries make up 95% of the list.
The growth of Chinese companies on the global stage is reflected in this visualization. As a point of comparison, a decade ago, only six Chinese companies made Brand Finance’s Top 100 ranking, and none of them were in the top 30 for brand value.

Interestingly, European countries only make up 13% of the list, which is a testament to just how much Europe’s economic dominance has dwindled over the last few decades.
Back in the 1960s, Europe accounted for nearly a third of the world’s total GDP. But by 2017, it had dropped down to 16%. According to a forecast by the Pardee Center of the University of Denver, the EU’s share of global GDP is expected to drop down to 10% by 2100.
Of course, if history has taught us anything, it’s that a lot can change over the span of a century. How a ranking like this will look in coming decades is anyone’s guess.
Where does this data come from?
Source: Brand Finance Global 500 Report
Important note: The values shown above are brand value calculations as opposed to market capitalization. See below for more details.
How is brand value calculated? In simple terms, the methodology for calculating “brand value” is a formula that is as follows:
Brand Strength (BSI) x Brand Royalty Rate x Brand Revenues = Brand Value
Brand Strength Index (BSI) looks at brand investment, brand equity, and brand performance. The brand royalty rate is determined based on sector. Lastly, forecast brand-specific revenues are determined based on the proportion of parent company revenues attributable to the brand in question. Brand value itself is discounted to net present value.
We recommend visiting page 94 and 99 of the report to view the full explanation of the methodology.
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