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 Global Inflation Forecasts (2024-2026)
Here are IMF forecasts for global inflation rates up to 2026, highlighting a slow descent of price pressures amid resilient global growth.
Visualizing Global Inflation Forecasts (2024-2026)
Global inflation rates are gradually descending, but progress has been slow.
Today, the big question is if inflation will decline far enough to trigger easing monetary policy. So far, the Federal Reserve has held rates for nine months amid stronger than expected core inflation, which excludes volatile energy and food prices.
Yet looking further ahead, inflation forecasts from the International Monetary Fund (IMF) suggest that inflation will decline as price pressures ease, but the path of disinflation is not without its unknown risks.
This graphic shows global inflation forecasts, based on data from the April 2024 IMF World Economic Outlook.
Get the Key Insights of the IMF’s World Economic Outlook
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This visual is part of a special dispatch of the key takeaways exclusively for VC+ members.
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The IMF’s Inflation Outlook
Below, we show the IMF’s latest projections for global inflation rates through to 2026:
Year | Global Inflation Rate (%) | Advanced Economies Inflation Rate (%) | Emerging Market and Developing Economies Inflation Rate (%) |
---|---|---|---|
2019 | 3.5 | 1.4 | 5.1 |
2020 | 3.2 | 0.7 | 5.2 |
2021 | 4.7 | 3.1 | 5.9 |
2022 | 8.7 | 7.3 | 9.8 |
2023 | 6.8 | 4.6 | 8.3 |
2024 | 5.9 | 2.6 | 8.3 |
2025 | 4.5 | 2.0 | 6.2 |
2026 | 3.7 | 2.0 | 4.9 |
After hitting a peak of 8.7% in 2022, global inflation is projected to fall to 5.9% in 2024, reflecting promising inflation trends amid resilient global growth.
While inflation has largely declined due to falling energy and goods prices, persistently high services inflation poses challenges to mitigating price pressures. In addition, the IMF highlights the potential risk of an escalating conflict in the Middle East, which could lead to energy price shocks and higher shipping costs.
These developments could negatively affect inflation scenarios and prompt central banks to adopt tighter monetary policies. Overall, by 2026, global inflation is anticipated to decline to 3.7%—still notably above the 2% target set by several major economies.
Adding to this, we can see divergences in the path of inflation between advanced and emerging economies. While affluent nations are forecast to see inflation edge closer to the 2% target by 2026, emerging economies are projected to have inflation rates reach 4.9%—falling closer to their pre-pandemic averages.
Get the Full Analysis of the IMF’s Outlook on VC+
This visual is part of an exclusive special dispatch for VC+ members which breaks down the key takeaways from the IMF’s 2024 World Economic Outlook.
For the full set of charts and analysis, sign up for VC+.
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