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|
|🇸🇦 Saudi Arabia||1||$1.92T|
|🇰🇷 South Korea||1||$0.43T|
|🇬🇧 United Kingdom||3||$0.43T|
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)|
|#2||Saudi Aramco||Saudi Arabia||Energy||$1,920B|
|#4||Amazon||United States||Consumer Discretionary||$1,558B|
|#8||Tesla||United States||Consumer Discretionary||$641B|
|#10||Berkshire Hathway||United States||Financials||$588B|
|#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|
|#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|
|#25||Home Depot||United States||Consumer Discretionary||$329B|
|#26||Nestle SA||Switzerland||Consumer Staples||$322B|
|#28||Paypal Holdings||United States||Industrials||$284B|
|#29||Roche Holdings||Switzerland||Health Care||$283B|
|#31||ASML Holding NV||Netherlands||Technology||$255B|
|#32||Toyota Motor||Japan||Consumer Discretionary||$254B|
|#34||Verizon Communications||United States||Telecommunication||$241B|
|#35||Exxon Mobil||United States||Energy||$236B|
|#36||Netflix||United States||Consumer Discretionary||$231B|
|#38||Coca-Cola Co||United States||Consumer Staples||$227B|
|#41||Cisco Systems||United States||Telecommunication||$218B|
|#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|
|#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|
|#54||Merck & Co||United States||Health Care||$195B|
|#55||AbbVie||United States||Health Care||$191B|
|#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|
|#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|
|#73||Wuliangye Yibin||China||Consumer Staples||$159B|
|#74||Costco Wholesale||United States||Consumer Discretionary||$156B|
|#75||T-Mobile US||United States||Telecommunication||$156B|
|#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|
|#87||Linde||United Kingdom||Basic Materials||$146B|
|#88||Amgen||United States||Health Care||$144B|
|#89||Bristol Myers Squibb||United States||Health Care||$141B|
|#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|
|#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|
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?
The World’s Biggest Real Estate Bubbles in 2021
According to UBS, there are nine real estate markets that are in bubble territory with prices rising to unsustainable levels.
Ranked: The World’s Biggest Real Estate Bubbles in 2021
Identifying real estate bubbles is a tricky business. After all, even though many of us “know a bubble when we see it”, we don’t have tangible proof of a bubble until it actually bursts.
And by then, it’s too late.
The map above, based on data from the Real Estate Bubble Index by UBS, serves as an early warning system, evaluating 25 global cities and scoring them based on their bubble risk.
Reading the Signs
Bubbles are hard to distinguish in real-time as investors must judge whether a market’s pricing accurately reflects what will happen in the future. Even so, there are some signs to watch out for.
As one example, a decoupling of prices from local incomes and rents is a common red flag. As well, imbalances in the real economy, such as excessive construction activity and lending can signal a bubble in the making.
With this in mind, which global markets are exhibiting the most bubble risk?
The Geography of Real Estate Bubbles
Europe is home to a number of cities that have extreme bubble risk, with Frankfurt topping the list this year. Germany’s financial hub has seen real home prices rise by 10% per year on average since 2016—the highest rate of all cities evaluated.
Two Canadian cities also find themselves in bubble territory: Toronto and Vancouver. In the former, nearly 30% of purchases in 2021 went to buyers with multiple properties, showing that real estate investment is alive and well. Despite efforts to cool down these hot urban markets, Canadian markets have rebounded and continued their march upward. In fact, over the past three decades, residential home prices in Canada grew at the fastest rates in the G7.
Despite civil unrest and unease over new policies, Hong Kong still has the second highest score in this index. Meanwhile, Dubai is listed as “undervalued” and is the only city in the index with a negative score. Residential prices have trended down for the past six years and are now down nearly 40% from 2014 levels.
Note: The Real Estate Bubble Index does not currently include cities in Mainland China.
Trending Ever Upward
Overheated markets are nothing new, though the COVID-19 pandemic has changed the dynamic of real estate markets.
For years, house price appreciation in city centers was all but guaranteed as construction boomed and people were eager to live an urban lifestyle. Remote work options and office downsizing is changing the value equation for many, and as a result, housing prices in non-urban areas increased faster than in cities for the first time since the 1990s.
Even so, these changing priorities haven’t deflated the real estate market in the world’s global cities. Below are growth rates for 2021 so far, and how that compares to the last five years.
Overall, prices have been trending upward almost everywhere. All but four of the cities above—Milan, Paris, New York, and San Francisco—have had positive growth year-on-year.
Even as real estate bubbles continue to grow, there is an element of uncertainty. Debt-to-income ratios continue to rise, and lending standards, which were relaxed during the pandemic, are tightening once again. Add in the societal shifts occurring right now, and predicting the future of these markets becomes more difficult.
In the short term, we may see what UBS calls “the era of urban outperformance” come to an end.
Mapped: Distribution of Global GDP by Region
Where does the world’s economic activity take place? This cartogram shows the $94 trillion global economy divided into 1,000 hexagons.
Mapped: The Distribution of Global GDP by Region
Gross domestic product (GDP) measures the value of goods and services that an economy produces in a given year, but in a global context, it is typically shown using country-level data.
As a result, we don’t often get to see the nuances of the global economy, such as how much specific regions and metro areas contribute to global GDP.
In these cartograms, global GDP has been normalized to a base number of 1,000 in order to show a more regional breakdown of economic activity. Created by Reddit user /BerryBlue_Blueberry, the two maps show the distribution in different ways: by nominal GDP and by GDP adjusted for purchasing power parity (PPP).
Before diving in, let us give you some context on how these maps were designed. Each hexagon on the two maps represents 0.1% of the world’s overall GDP.
The number below each region, country or metropolitan area represents the number of hexagons covered by that entity. So in the nominal GDP map, the state of New York represents 20 hexagons (i.e. 2.0% of global GDP), while Munich’s metro area is 3 hexagons (0.3%).
Countries are further broken down based on size. Countries that make up more than 0.95% of global GDP are broken down into subdivisions, while countries that are smaller than 0.1% of GDP are grouped together. Metro areas that account for over 0.25% of global GDP are featured.
Finally, it should be noted that to account for some outdated subdivision participation data, the map creator calculated 2021 estimates for this using the formula: national GDP (2021) x % of subdivision participation (2017-2020).
Nominal vs. PPP
The above map is using nominal data, while the below map accounts for differences in purchasing power (PPP).
Adjusting for PPP takes into account the relative value of currencies and purchasing power in countries around the world. For example, $100 (or its exchange equivalent in Indian rupees) is generally going to be able to buy more in India than it is in the United States.
This is because goods and services are cheaper in India, meaning you can actually purchase more there for the same amount of money.
Anomalies in Global GDP Distribution
Breaking down global GDP distribution into cartograms highlights some interesting anomalies worth considering:
- North America, Europe, and East Asia, with a combined GDP of nearly $75 trillion, make up 80% of the world’s GDP in nominal terms.
- The U.S. State of California accounts for 3.7% of the world’s GDP by itself, which ranks higher than the United Kingdom’s total contribution of 3.3%.
- Canada as a country accounts for 2% of the world’s GDP, which is comparable to the GDP contribution of the Greater Tokyo Area at 2.2%.
- With a GDP of $3 trillion, India’s contribution overshadows the GDP of the whole African continent ($2.6 trillion).
- This visualization highlights the economic might of cities better than a conventional map. One standout example of this is in Ontario, Canada. The Greater Toronto Area completely eclipses the economy of the rest of the province.
Inequality of GDP Distribution
The fact that certain countries generate most of the world’s economic output is reflected in the above cartograms, which resize countries or regions accordingly.
Compared to wealthier nations, emerging economies still account for just a tiny sliver of the pie.
India, for example, accounts for 3.2% of global GDP in nominal terms, even though it contains 17.8% of the world’s population.
That’s why on the nominal map, India is about the same size as France, the United Kingdom, or Japan’s two largest metro areas (Tokyo and Osaka-Kobe)—but of course, these wealthier places have a far higher GDP per capita.
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