Walmart is No. 1 for the 11th consecutive
year
U.S. takes the lead from Greater China with the most companies for
first time since 2018
NEW
YORK, Aug. 5, 2024 /CNW/ -- Today, Fortune
released the 2024 Fortune Global 500(™), the definitive list of the
world's largest corporations ranked by revenue for the 2023 fiscal
year. Walmart, the Arkansas-based
retailer, is No. 1 for the 11th consecutive year, followed by
Amazon (No. 2), State Grid (No. 3), Saudi Aramco (No. 4), and
Sinopec (No. 5).
Fortune's authoritative ranking of the current corporate world
order showed the dominating presence of U.S. companies (139). With
an increase of three companies from 2023, the U.S. took the lead
away from Greater China (133
companies, down 9 from last year) for the first time since 2018.
Greater China comprises Mainland
China, Hong Kong, Macau, and Taiwan. China
and U.S. companies account for 9 of the 10 most profitable Fortune
Global 500 companies.
The financial sector roared back on the global list: Banks (57)
and insurance companies (40) were the top two categories leading
all industries with the most Fortune Global 500 companies, followed
by auto and auto parts manufacturers (37), petroleum refiners (33),
and metals (23). Financial led all sectors in two key financial
metrics, generating U.S. $8.6
trillion in revenue and $992
billion in profits.
Big Tech still made its mark. Collectively, Apple (No. 7),
Alphabet (No. 17), Microsoft (No. 26), and Meta Platforms (No.66)
brought in $282 billion in net
income, up from $233 billion last
year.
THE 2024 FORTUNE GLOBAL 500 TOP 10 LIST:
- Walmart (U.S.)
- Amazon.com (U.S.)
- State Grid (China)
- Saudi Aramco (Saudi
Arabia)
- Sinopec (China)
- China National Petroleum (China)
- Apple (U.S.)
- UnitedHealth Group (U.S.)
- Berkshire Hathaway (U.S.)
- CVS Health (U.S.)
Companies on the 2024 Fortune Global 500 list posted record
aggregate revenue of $41 trillion (up
0.1%) and employed 70.5 million people worldwide. While the revenue
was essentially flat in 2023, profits rose 2% after declining in
2022. Saudi Aramco (No. 4) netted $121
billion in profits and was the most profitable Fortune
Global 500 company for the third year in a row.
The number of women CEOs of Fortune Global 500 companies fell
back a bit, to 28, down one from a year ago. CVS Health is the
largest company by revenue run by a woman, CEO Karen Lynch. The U.S. is home to 15 companies
with women CEOs, followed by France with four, and Brazil, Britain, and China with two each.
Fortune Global 500 companies are based in 238 cities and 35
countries/territories around the world. The top 5 cities—Beijing,
Tokyo, New York, Shanghai, and Seoul—serve as home base to
almost one-quarter of the companies. London and Paris are both one company shy of fifth
place.
Thirteen companies are making their Fortune Global 500 debut,
and they reflect the world's fascination with AI and weight-loss
drugs. They include chip maker Nvidia (No. 222) and pharmaceutical
company Novo Nordisk (No. 469).
The complete Global 500 appears in the August/September issue of
Fortune and is available today here. The complete dataset can
be purchased here.
"For thirty-five years, Fortune has been tracking the world's
largest companies in our Global 500 ranking and it's proven to be a
dependable barometer of global business," said Fortune Editor in
Chief and Chief Content Officer Alyson
Shontell. "This year's list shows a couple of trends
colliding – energy prices cooling while AI gets red-hot. The
question now will be how big the gap is between what we're spending
on this promising new technology and the business it can generate
-- and over what time frame."
"The business world today is truly global, and the Fortune
Global 500 is an illuminating map of that world," said Fortune
CEO Anastasia Nyrkovskaya. "We
are excited to share this list with the many audiences that rely on
its authority and credibility."
Fortune Vice President of Research Scott DeCarlo said, "The Global 500 is the
ultimate scorecard for business success. The aggregate revenue of
the Fortune Global 500 in 2023 reached $41
trillion, a record level. That sum represents more than a
third of global GDP—a sign of how much economic power is
concentrated in these companies."
Companies are ranked on the Fortune Global 500 by total revenues
for their respective fiscal years ending on or before March 31, 2024. All companies on the list must
publish financial data and report part or all of their figures to a
government agency. The latest figures in the list are as reported
by the companies; any comparisons are with the prior year's figures
as originally reported. Fortune does not restate the prior year's
figures for changes in accounting.
About Fortune:
Fortune is a global multi-platform media company built on a legacy
of trusted, award-winning reporting and information for those who
want to make business better. Independently owned, Fortune tells
the stories of the world's biggest companies and their leaders as
well as a new generation of innovators who are moving business
forward. Digitally and in print, Fortune measures corporate
performance through rigorous benchmarks, and holds companies
accountable, in regions around the world. Its iconic rankings
include Fortune 500, Fortune Global 500, Most Powerful
Women, and World's Most Admired Companies. Fortune builds
world-class communities by convening industry thought leaders for
exclusive summits and conferences, including the
Global Fortune Forum and Brainstorm Tech. For more
information, visit fortune.com.
Media Contact:
Patrick Reilly
Patrick.reilly@fortune.com
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