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Ranked: The Top 100 Brands by Value in 2023

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Ranked: The Top 100 Brands by Value in 2023

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Ranked: The Top 100 Brands by Value in 2023

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Brand value can be a critical part of any company’s intangible assets.

These kind of non-physical assets, such as patents and brand names, are having an increasing influence on a company’s overall value. A 2020 analysis found that intangibles made up 90% of the S&P 500’s market value, an increase of 22 percentage points since 1995.

This graphic shows the world’s 100 most valuable brands in 2023 based on an annual ranking from Brand Finance, illustrating the role brand equity plays in a company’s market position.

 

 

The Top 100 Companies, by Brand Value

Brand Finance examined over 5,000 companies (and in cases of groups like Alphabet and Meta, their subsidiary brands) across 38 countries.

Broadly speaking, a brand’s value represents the allocation of company earnings that are linked to the brand. More details on the methodology are found at the end of this article.

Here are the most valuable brands in 2023:

RankBrandBrand Value (B)CountrySector
1Amazon$299.3U.S.Retail
2Apple$297.5U.S.Tech
3Google$281.4U.S.Media
4Microsoft$191.6U.S.Tech
5Walmart$113.8U.S.Retail
6Samsung Group$99.7South KoreaTech
7ICBC$69.5ChinaBanking
8Verizon$67.4U.S.Telecoms
9Tesla$66.2U.S.Automobiles
10TikTok/Douyin$65.7ChinaMedia
11Deutsche Telekom$62.9GermanyTelecoms
12China Construction
Bank
$62.7ChinaBanking
13Home Depot$61.1U.S.Retail
14Facebook$59.0U.S.Media
15State Grid$58.8ChinaUtilities
16Mercedes-Benz$58.8GermanyAutomobiles
17Agricultural Bank
Of China
$57.7ChinaBanking
18Starbucks$53.4U.S.Restaurants
19Toyota$52.5JapanAutomobiles
20WeChat$50.2ChinaMedia
21Moutai$49.7ChinaSpirits
22AT&T$49.6U.S.Telecoms
23Disney$49.5U.S.Media
24Allianz Group$48.4GermanyInsurance
25Shell$48.2UKOil & Gas
26Instagram$47.4U.S.Media
27Bank of China$47.3ChinaBanking
28Costco$46.6U.S.Retail
29Aramco$45.2Saudi ArabiaOil & Gas
30Ping An$44.7ChinaInsurance
31Huawei$44.3ChinaTech
32China Mobile$43.4ChinaTelecoms
33BMW$40.4GermanyAutomobiles
34accenture$39.9U.S.Tech
35Oracle$39.6U.S.Tech
36Bank of America$38.6U.S.Banking
37Tencent$38.1ChinaMedia
38UnitedHealthcare$37.1U.S.Healthcare
Services
39McDonald's$36.9U.S.Restaurants
40Porsche$36.8GermanyAutomobiles
41NTT Group$36.6JapanTelecoms
42UPS$35.4U.S.Logistics
43Mitsubishi Group$35.0JapanAutomobiles
44Marlboro$34.7U.S.Tobacco
45Deloitte$34.5U.S.Commercial
Services
46American Express$34.1U.S.Commercial
Services
47Volkswagen$34.0GermanyAutomobiles
48Coca-Cola$33.5U.S.Soft Drinks
49Wells Fargo$33.0U.S.Banking
50CSCEC$31.9ChinaEngineering
& Construction
51J.P. Morgan$31.8U.S.Banking
52Lowe's$31.6U.S.Retail
53Chase$31.3U.S.Banking
54Nike$31.3U.S.Apparel
55Mitsui$30.7JapanEngineering
& Construction
56CVS$30.6U.S.Retail
57Citi$30.6U.S.Banking
58Taobao$30.5ChinaRetail
59Wuliangye$30.3ChinaSpirits
60YouTube$29.7U.S.Media
61PetroChina$29.6ChinaOil & Gas
62VISA$29.6U.S.Commercial
Services
63FedEx$28.9U.S.Logistics
64Xfinity$28.8U.S.Telecoms
65Target$27.6U.S.Retail
66Tmall$27.4ChinaRetail
67Hyundai Group$27.3South KoreaAutomobiles
68Sinopec$27.1ChinaOil & Gas
69Tata Group$26.4IndiaEngineering
& Construction
70Louis Vuitton$26.3FranceApparel
71IBM$26.2U.S.Tech
72EY$25.7UKCommercial
Services
73PWC$25.3U.S.Commercial
Services
74Mastercard$24.8U.S.Commercial
Services
75China Merchants
Bank
$24.5ChinaBanking
76Honda$24.2JapanAutomobiles
77Netflix$24.2U.S.Media
78Cisco$23.9U.S.Tech
79Sumitomo Group$23.9JapanTrading Houses
80Spectrum$23.3U.S.Telecoms
81Uber$23.3U.S.Mobility
82Intel$22.9U.S.Tech
83Dell Technologies$22.6U.S.Tech
84SK Group$22.5South KoreaTelecoms
85Nestlé$22.4SwitzerlandFood
86Ford$22.3U.S.Automobiles
87TSMC$21.6TaiwanTech
88Walgreens$21.6U.S.Retail
89Siemens Group$ 21.4GermanyEngineering
& Construction
90LG Group$21.3South KoreaTech
91SAP$21.1GermanyTech
92TotalEnergies$20.7FranceOil & Gas
93TD$20.4CanadaBanking
94Optum$20.1U.S.Healthcare
Services
95Elevance Health
(formerly Anthem)
$19.9U.S.Healthcare
Services
96HSBC$19.9UKBanking
97CREC$19.8ChinaEngineering
& Construction
98CHANEL$19.4FranceApparel
99General Electric$19.3U.S.Engineering
& Construction
100Salesforce$19.1U.S.Tech

Amazon ranks number one globally with its brand valued at $299 billion. As a market leader in online retail, it has strong brand loyalty in its B2C segment which generates its largest share of revenue, and is a key player in cloud services for its B2B platforms.

Apple is in close second with a $298 billion brand. It’s important to note that both tech giants brands fell in value from last year, as supply chain disruptions, labor market constraints, and slower forecasted revenue impacted their brands.

Other big tech brands Google (#3) and Microsoft (#4) were next in the ranking. Korean conglomerate Samsung (#6) was the highest-ranking firm based outside of America.

 

 

Brand Value: Leading Sectors in 2023

Looking at brand value based on sector, we can see that tech continues to dominate. The sector breakdown below uses data from the top 500 brands covered by Brand Finance.

RankSector% of TotalTotal Brand Value (B)
1Tech19.4%$891.2
2Retail 15.0%$690.0
3Media14.0%$645.2
4Banking10.2%$467.4
5Automobiles8.6%$397.3
6Telecoms7.3%$334.6
7Commercial Services3.8%$174.0
8Oil & Gas3.7%$171.0
9Engineering & Construction3.3%$149.5
10Insurance2.0%$93.0
11Restaurants2.0%$90.3
12Spirits1.7%$80.0
13Healthcare Services1.7%$77.1
14Apparel1.7%$77.0
15Logistics1.4%$64.3
16Utilities1.3%$58.8
17Tobacco0.8%$34.7
18Soft Drinks0.7%$33.5
19Trading Houses0.5%$23.9
20Mobility0.5%$23.3
21Food0.5%$22.4

Overall, the top tech brands were worth a combined $891 billion largely thanks to the outsized influence of Apple, Microsoft, and Samsung.

After retail and media, the banking sector still held significant brand sway at $467 billion. Automobiles rounded out the top five sectors at $397 billion, led by companies like Tesla and Mercedes-Benz.

The Fastest Rising Brands in 2023

While some brands such as Apple and Amazon fell in value over the last year, others have increased their brand value.

Below, we show the fastest rising brands across the top 500 around the world:

RankNameBrand Value % Change (2022-2023)
1BYD57%
2ConocoPhillips56%
3Maersk53%
4LinkedIn49%
5Christian Dior46%
6Tesla44%
7ADP44%
8United Airlines42%
9Instagram42%
10Equinor40%

BYD, a leading electric vehicle (EV) firm in China, jumped the sharpest. Focused on budget EVs and backed by Warren Buffett, it has become a growing competitor to Tesla, and is the second-largest producer of lithium-ion batteries globally.

Energy firm ConocoPhillips saw the second-largest gain in brand value, driven by its focus on energy transition fuels, cutting production emissions, and lowering supply costs.

Following a series of difficult years for the airline industry, United Airline’s brand value increased 42% as travel demand accelerated.

As the economic landscape continues to shift, the value of these brands will shift as well.

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? Generally speaking, 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 83 of the report to view the full explanation of the methodology.

 

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Economy

Economic Growth Forecasts for G7 and BRICS Countries in 2024

The IMF has released its economic growth forecasts for 2024. How do the G7 and BRICS countries compare?

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Faded horizontal bar chart visualization of G7 and BRICS countries' real GDP growth forecasts for 2024.

G7 & BRICS Real GDP Growth Forecasts for 2024

The International Monetary Fund’s (IMF) has released its real gross domestic product (GDP) growth forecasts for 2024, and while global growth is projected to stay steady at 3.2%, various major nations are seeing declining forecasts.

This chart visualizes the 2024 real GDP growth forecasts using data from the IMF’s 2024 World Economic Outlook for G7 and BRICS member nations along with Saudi Arabia, which is still considering an invitation to join the bloc.

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.

Get the full dispatch of charts by signing up to VC+.

Mixed Economic Growth Prospects for Major Nations in 2024

Economic growth projections by the IMF for major nations are mixed, with the majority of G7 and BRICS countries forecasted to have slower growth in 2024 compared to 2023.

Only three BRICS-invited or member countries, Saudi Arabia, the UAE, and South Africa, have higher projected real GDP growth rates in 2024 than last year.

GroupCountryReal GDP Growth (2023)Real GDP Growth (2024P)
G7🇺🇸 U.S.2.5%2.7%
G7🇨🇦 Canada1.1%1.2%
G7🇯🇵 Japan1.9%0.9%
G7🇫🇷 France0.9%0.7%
G7🇮🇹 Italy0.9%0.7%
G7🇬🇧 UK0.1%0.5%
G7🇩🇪 Germany-0.3%0.2%
BRICS🇮🇳 India7.8%6.8%
BRICS🇨🇳 China5.2%4.6%
BRICS🇦🇪 UAE3.4%3.5%
BRICS🇮🇷 Iran4.7%3.3%
BRICS🇷🇺 Russia3.6%3.2%
BRICS🇪🇬 Egypt3.8%3.0%
BRICS-invited🇸🇦 Saudi Arabia-0.8%2.6%
BRICS🇧🇷 Brazil2.9%2.2%
BRICS🇿🇦 South Africa0.6%0.9%
BRICS🇪🇹 Ethiopia7.2%6.2%
🌍 World3.2%3.2%

China and India are forecasted to maintain relatively high growth rates in 2024 at 4.6% and 6.8% respectively, but compared to the previous year, China is growing 0.6 percentage points slower while India is an entire percentage point slower.

On the other hand, four G7 nations are set to grow faster than last year, which includes Germany making its comeback from its negative real GDP growth of -0.3% in 2023.

Faster Growth for BRICS than G7 Nations

Despite mostly lower growth forecasts in 2024 compared to 2023, BRICS nations still have a significantly higher average growth forecast at 3.6% compared to the G7 average of 1%.

While the G7 countries’ combined GDP is around $15 trillion greater than the BRICS nations, with continued higher growth rates and the potential to add more members, BRICS looks likely to overtake the G7 in economic size within two decades.

BRICS Expansion Stutters Before October 2024 Summit

BRICS’ recent expansion has stuttered slightly, as Argentina’s newly-elected president Javier Milei declined its invitation and Saudi Arabia clarified that the country is still considering its invitation and has not joined BRICS yet.

Even with these initial growing pains, South Africa’s Foreign Minister Naledi Pandor told reporters in February that 34 different countries have submitted applications to join the growing BRICS bloc.

Any changes to the group are likely to be announced leading up to or at the 2024 BRICS summit which takes place October 22-24 in Kazan, Russia.

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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