Markets
The Top 100 Companies of the World: The U.S. vs Everyone Else
The Top 100 Companies of the World: U.S. vs Everyone
When it comes to breaking down the top 100 companies of the world, the United States still commands the largest slice of the pie.
Throughout the 20th century and before globalization reached its current peaks, American companies made the country an economic powerhouse and the source of a majority of global market value.
But even as countries like China have made headway with multi-billion dollar companies of their own, and the market’s most important sectors have shifted, the U.S. has managed to stay on top.
How do the top 100 companies of the world stack up? This visualization pulls from PwC’s annual ranking of the world’s largest companies, using market capitalization data from May 2021.
Where are the World’s Largest Companies Located?
The world’s top 100 companies account for a massive $31.7 trillion in market cap, but that wealth is not distributed evenly.
Between companies, there’s a wide range of market caps. For example, the difference between the world’s largest company (Apple) and the 100th largest (Anheuser-Busch) is $1.9 trillion.
And between countries, that divide becomes even more stark. Of the 16 countries with companies making the top 100 ranking, the U.S. accounts for 65% of the total market cap value.
Location | # of Companies | Market Capitalization (May 2021) |
---|---|---|
🇺🇸 United States | 59 | $20.55T |
🇨🇳 China | 14 | $4.19T |
🇸🇦 Saudi Arabia | 1 | $1.92T |
🇨🇭 Switzerland | 3 | $0.82T |
🇳🇱 Netherlands | 3 | $0.58T |
🇯🇵 Japan | 3 | $0.56T |
🇫🇷 France | 2 | $0.55T |
🇩🇪 Germany | 3 | $0.46T |
🇰🇷 South Korea | 1 | $0.43T |
🇬🇧 United Kingdom | 3 | $0.43T |
🇮🇳 India | 2 | $0.34T |
🇮🇪 Ireland | 2 | $0.34T |
🇦🇺 Australia | 1 | $0.16T |
🇩🇰 Denmark | 1 | $0.16T |
🇨🇦 Canada | 1 | $0.13T |
🇧🇪 Belgium | 1 | $0.13T |
Compared to the U.S., other once-prominent markets like Japan, France, and the UK have seen their share of the world’s top 100 companies falter over the years. In fact, all of Europe accounts for just $3.46 trillion or 11% of the total market cap value of the list.
A major reason for the U.S. dominance in market values is a shift in important industries and contributors. Of the world’s top 100 companies, 52% were based in either technology or consumer discretionary, and the current largest players like Apple, Alphabet, Tesla, and Walmart are all American-based.
The Top 100 Companies of the World: Competition From China
The biggest and most impressive competitor to the U.S. is China.
With 14 companies of its own in the world’s top 100, China accounted for $4.19 trillion or 13% of the top 100’s total market cap value. That includes two of the top 10 firms by market cap, Tencent and Alibaba.
Company | Country | Sector | Market Cap (May 2021) | |
---|---|---|---|---|
#1 | Apple | United States | Technology | $2,051B |
#2 | Saudi Aramco | Saudi Arabia | Energy | $1,920B |
#3 | Microsoft | United States | Technology | $1,778B |
#4 | Amazon | United States | Consumer Discretionary | $1,558B |
#5 | Alphabet | United States | Technology | $1,393B |
#6 | United States | Technology | $839B | |
#7 | Tencent | China | Technology | $753B |
#8 | Tesla | United States | Consumer Discretionary | $641B |
#9 | Alibaba | China | Consumer Discretionary | $615B |
#10 | Berkshire Hathway | United States | Financials | $588B |
#11 | TSMC | China | Technology | $534B |
#12 | Visa | 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 Moutai | China | Consumer Staples | $385B |
#17 | Walmart | United States | Consumer Discretionary | $383B |
#18 | Mastercard | United States | Industrials | $354B |
#19 | UnitedHealth Group | United States | Health Care | $352B |
#20 | LVMH Moët 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 | United States | Technology | $331B |
#25 | Home Depot | United States | Consumer Discretionary | $329B |
#26 | Nestle SA | Switzerland | Consumer Staples | $322B |
#27 | ICBC | China | Financials | $290B |
#28 | Paypal Holdings | United States | Industrials | $284B |
#29 | Roche Holdings | Switzerland | Health Care | $283B |
#30 | Intel | United States | Technology | $261B |
#31 | ASML Holding NV | Netherlands | Technology | $255B |
#32 | Toyota Motor | Japan | Consumer Discretionary | $254B |
#33 | Comcast | United States | Telecommunication | $248B |
#34 | Verizon Communications | United States | Telecommunication | $241B |
#35 | Exxon Mobil | United States | Energy | $236B |
#36 | Netflix | United States | Consumer Discretionary | $231B |
#37 | Adobe | 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 | Telecommunication | $218B |
#42 | AT&T | United States | Financials | $216B |
#43 | L'Oréal | 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 | United States | Consumer Discretionary | $209B |
#48 | Oracle | United States | Technology | $202B |
#49 | Pfizer | United States | Health Care | $202B |
#50 | Chevron | United States | Oil & Gas | $202B |
#51 | China Merchants Bank | China | Financials | $196B |
#52 | PepsiCo | United States | Consumer Staples | $195B |
#53 | Salesforce.com | United States | Technology | $195B |
#54 | Merck & Co | United States | Health Care | $195B |
#55 | AbbVie | United States | Health Care | $191B |
#56 | Broadcom | United States | Technology | $189B |
#57 | Prosus NV | Netherlands | Technology | $181B |
#58 | Reliance Industries | India | Energy | $180B |
#59 | Thermo Fisher Scientific | 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 | Telecommunication | $176B |
#63 | Accenture | Ireland | Industrials | $176B |
#64 | Texas Instruments | United States | Technology | $174B |
#65 | McDonalds | United States | Consumer Discretionary | $167B |
#66 | Volkswagen AG | Germany | Consumer Discretionary | $165B |
#67 | BHP Group | Australia | Basic Materials | $163B |
#68 | Wells Fargo & Co | United States | Financials | $162B |
#69 | Tata Consultancy Services | India | Technology | $161B |
#70 | Danaher | United States | Health Care | $160B |
#71 | Novo Nordisk | Denmark | Health Care | $160B |
#72 | Medtronic | Ireland | Health Care | $159B |
#73 | Wuliangye Yibin | China | Consumer Staples | $159B |
#74 | Costco Wholesale | United States | Consumer Discretionary | $156B |
#75 | T-Mobile US | United States | Telecommunication | $156B |
#76 | Citigroup | United States | Financials | $152B |
#77 | Honeywell | United States | Industrials | $151B |
#78 | Qualcomm | United States | Technology | $151B |
#79 | SAP SE | Germany | Technology | $151B |
#80 | Boeing | United States | Industrials | $149B |
#81 | Royal Dutch Shell | Netherlands | Oil & Gas | $148B |
#82 | NextEra Energy | United States | Utilities | $148B |
#83 | United Parcel Service | United States | Industrials | $148B |
#84 | Union PAC | United States | Industrials | $148B |
#85 | Unilever | United Kingdom | Consumer Staples | $147B |
#86 | AIA | China | Financials | $147B |
#87 | Linde | United Kingdom | Basic Materials | $146B |
#88 | Amgen | United States | Health Care | $144B |
#89 | Bristol Myers Squibb | United States | Health Care | $141B |
#90 | Siemens AG | Germany | Industrials | $140B |
#91 | Bank of China | China | Financials | $139B |
#92 | Philip Morris | United States | Consumer Staples | $138B |
#93 | Lowe's Companies | United States | Consumer Discretionary | $136B |
#94 | Charter Communications | United States | Telecommunication | $135B |
#95 | China Mobile | China | Telecommunication | $134B |
#96 | Sony Group | Japan | Consumer Discretionary | $132B |
#97 | Astrazeneca | United Kingdom | Health Care | $131B |
#98 | Royal Bank of Canada | Canada | Financials | $131B |
#99 | Starbucks | United States | Consumer Discretionary | $129B |
#100 | Anheuser-Busch | Belgium | Consumer Staples | $128B |
Impressively, China’s rise in market value isn’t limited to well-known tech and consumer companies. The country’s second biggest contributing industry to the top 100 firms was finance, once also the most valuable sector in the U.S. (currently 4th behind tech, consumer discretionary, and health care).
Other notable countries on the list include Saudi Arabia and its state-owned oil and gas giant Saudi Aramco, which is the third largest company in the world. Despite only having one company in the top 100, Saudi Arabia had the third-largest share of the top 100’s total market cap value.
As Europe continues to lose ground year-over-year and the rest of Asia struggles to keep up, the top 100 companies might become increasingly concentrated in just the U.S. and China. The question is, will the imbalance of global market value start to even out, or become even bigger?
Markets
How Disinflation Could Affect Company Financing
History signals that after a period of slowing inflation—also known as disinflation—debt and equity issuance expands.


How Disinflation Could Affect Company Financing
The macroeconomic environment is shifting. Since the second half of 2022, the pace of U.S. inflation has been dropping.
We explore how this disinflation may affect company financing in Part 2 of our Understanding Market Trends series from Citizens.
Disinflation vs. Deflation
The last time inflation climbed above 9% and then dropped was in the early 1980’s.
Time Period | March 1980-July 1983 | June 2022-April 2023* |
---|---|---|
Inflation at Start of Cycle | 14.8% | 9.1% |
Inflation at End of Cycle | 2.5% | 4.9% |
* The June 2022-April 2023 cycle is ongoing. Source: Federal Reserve. Inflation is based on the Consumer Price Index.
A decrease in the rate of inflation is known as disinflation. It differs from deflation, which is a negative inflation rate like the U.S. experienced at the end of the Global Financial Crisis in 2009.
How might slowing inflation affect the amount of debt and equity available to companies?
Looking to History
There are many factors that influence capital markets, such as technological advances, monetary policy, and regulatory changes.
With this caveat in mind, history signals that both debt and equity issuance expand after a period of disinflation.
Equity Issuance
Companies issued low levels of stock during the ‘80s disinflation period, but issuance later rose nearly 300% in 1983.
Year | Deal Value |
---|---|
1980 | $2.6B |
1981 | $5.0B |
1982 | $3.6B |
1983 | $13.5B |
1984 | $2.5B |
1985 | $12.0B |
1986 | $24.2B |
1987 | $24.9B |
1988 | $16.9B |
1989 | $12.9B |
1990 | $13.4B |
1991 | $45.2B |
1992 | $50.3B |
1993 | $95.3B |
1994 | $63.7B |
1995 | $79.7B |
1996 | $108.7B |
1997 | $106.5B |
1998 | $97.0B |
1999 | $142.8B |
2000 | $156.5B |
Source: Bloomberg. U.S. public equity issuance dollar volume that includes both initial and follow-on offerings and excludes convertibles.
Issuance grew quickly in the years that followed. Other factors also influenced issuance, such as the macroeconomic expansion, productivity growth, and the dotcom boom of the ‘90s.
Debt Issuance
Similarly, companies issued low debt during the ‘80s disinflation, but levels began to increase substantially in later years.
Year | Deal Value | Interest Rate |
---|---|---|
1980 | $4.5B | 11.4% |
1981 | $6.7B | 13.9% |
1982 | $14.5B | 13.0% |
1983 | $8.1B | 11.1% |
1984 | $25.7B | 12.5% |
1985 | $46.4B | 10.6% |
1986 | $47.1B | 7.7% |
1987 | $26.4B | 8.4% |
1988 | $24.7B | 8.9% |
1989 | $29.9B | 8.5% |
1990 | $40.2B | 8.6% |
1991 | $41.6B | 7.9% |
1992 | $50.0B | 7.0% |
1993 | $487.8B | 5.9% |
1994 | $526.4B | 7.1% |
1995 | $632.7B | 6.6% |
1996 | $906.0B | 6.4% |
1997 | $1.3T | 6.4% |
1998 | $1.8T | 5.3% |
1999 | $1.8T | 5.7% |
2000 | $2.8T | 6.0% |
Source: Dealogic, Federal Reserve. Data reflects U.S. debt issuance dollar volume across several deal types including: Asset Backed Securities, U.S. Agency, Non-U.S. Agency, High Yield, Investment Grade, Government Backed, Mortgage Backed, Medium Term Notes, Covered Bonds, Preferreds, and Supranational. Interest Rate is the 10 Year Treasury Yield.
As interest rates dropped and debt capital markets matured, issuing debt became cheaper and corporations seized this opportunity.
It’s worth noting that debt issuance was also impacted by other factors, like the maturity of the high-yield debt market and growth in non-bank lenders such as hedge funds and pension funds.
Then vs. Now
Could the U.S. see levels of capital financing similar to what happened during the ‘80s disinflation? There are many economic differences between then and now.
Consider how various indicators differed 10 months into each disinflationary period.
January 1981 | April 2023* | |
---|---|---|
Inflation Rate Annual | 11.8% | 4.9% |
Inflation Expectations Next 12 Months | 9.5% | 4.5% |
Interest Rate 10-Yr Treasury Yield | 12.6% | 3.7% |
Unemployment Rate Seasonally Adjusted | 7.5% | 3.4% |
Nominal Wage Growth Annual, Seasonally Adjusted | 9.3% | 5.0% |
After-Tax Corporate Profits As Share of Gross Value Added | 9.1% | 13.8% |
* Data for inflation expectations and interest rate is as of May 2023, data for corporate profits is as of Q4 1980 and Q1 2023. Inflation is a year-over-year inflation rate based on the Consumer Price Index. Source: Federal Reserve.
The U.S. economy is in a better position when it comes to factors like inflation, unemployment, and corporate profits. On the other hand, fears of an upcoming recession and turmoil in the banking sector have led to volatility.
What to Consider During Disinflation
Amid uncertainty in financial markets, lenders and investors may be more cautious. Companies will need to be strategic about how they approach capital financing.
- High-quality, profitable companies could be well positioned for IPOs as investors are placing more focus on cash flow.
- High-growth companies could face fewer options as lenders become more selective and could consider alternative forms of equity and private debt.
- Companies with lower credit ratings could find debt more expensive as lenders charge higher rates to account for market volatility.
In uncertain times, it’s critical for businesses to work with the right advisor to find—and take advantage of—financing opportunities.

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