Fortune released the 2024 edition of the Fortune Global 500, the definitive list of the world’s largest corporations ranked by revenue for fiscal year 2023, with Arkansas-based retailer Walmart ranking No. 1 for the 11th consecutive year, followed by Amazon (2), State Grid (3), Saudi Aramco (4) and Sinopec (5).
Fortune’s ranking of the current global corporate order showed the dominant presence of US companies (139). With an increase of three companies from 2023, the US has taken the lead from Greater China (133 companies, 9 fewer than last year) for the first time since 2018. Greater China comprises mainland China, Hong Kong, Macau and Taiwan. Chinese and US companies account for 9 of the 10 most profitable companies on the Fortune Global 500.
The financial sector returned to the top of 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), oil refiners (33) and metals (23). The financial sector led all sectors in two key financial metrics, generating $8.6 trillion in revenue and $992 billion in profit.
Big tech continues to make its mark. Apple (ranked 7), Alphabet (17), Microsoft (26) and Meta Platforms (66) together generated $282 billion in net revenue, up from $233 billion last year.
The 10 largest Fortune Global 500 companies of 2024:
1. Walmart (United States)
2. Amazon.com (United States)
3. State power grid (China)
4. Saudi Aramco (Saudi Arabia)
5. Sinopec (China)
6. China National Oil (China)
7. Apple (United States)
8. UnitedHealth Group (United States)
9. Berkshire Hathaway (United States)
10. CVS Health (United States)
Companies on the 2024 Fortune Global 500 list reported record aggregate revenues of $41 trillion (up 0.1%) and employed 70.5 million people worldwide. While revenues were virtually flat in 2023, profits rose 2% after declining in 2022. Saudi Aramco (No. 4) posted profits of $121 billion and was the most profitable company on the Fortune Global 500 for the third consecutive year.
The number of female CEOs of Fortune Global 500 companies dipped slightly, to 28, one fewer than a year ago. CVS Health is the largest company by revenue run by a woman, with CEO Karen Lynch. The United States is home to 15 companies with female CEOs, followed by France with four, and Brazil, Britain and China with two each.
Fortune Global 500 companies are headquartered in 238 cities and 35 countries/territories around the world. The top 5 cities (Beijing, Tokyo, New York, Shanghai and Seoul) are home to nearly a quarter of companies. London and Paris are one company away from the fifth spot.
To see the complete list and its methodology, click here.
Continue reading:
· The 10 most powerful women in business, according to Fortune
· The 10 companies with the greatest positive social impact, according to Fortune
Fortune reveals the best places in the US to live with your family in 2024