U.S. takes the lead from Greater China with the most companies for first time since 2018.
@Fortune Global 500 2024
Fortune Global 500 2024: A New Era of Corporate Dominance and Evolution.
Fortune has unveiled its much-anticipated 2024 Fortune Global 500 list, spotlighting the world’s largest corporations based on revenue from the 2023 fiscal year. This year’s list is a testament to shifting economic powers and emerging trends that are reshaping the global business landscape.
U.S. Takes the Lead
For the first time since 2018, the U.S. has reclaimed its position as the country with the most companies on the list, surpassing Greater China. The U.S. now boasts 139 companies, a slight increase from last year, while Greater China, which includes Mainland China, Hong Kong, Macau, and Taiwan, saw a decline of nine companies, bringing its total to 133. This shift underscores the resilience and adaptability of U.S. corporations in a rapidly changing global market.
Walmart, the retail giant from Arkansas, holds the top spot for the 11th consecutive year, followed closely by Amazon at No. 2. The dominance of U.S. companies is further evidenced by the presence of Apple, UnitedHealth Group, Berkshire Hathaway, and CVS Health within the top 10. Collectively, these companies highlight the strength and influence of American businesses in diverse sectors ranging from technology to healthcare.
Big Tech’s Continued Influence.
Despite economic uncertainties, Big Tech remains a formidable force on the Fortune Global 500. Companies like Apple (No. 7), Alphabet (No. 17), Microsoft (No. 26), and Meta Platforms (No. 66) have collectively generated a staggering $282 billion in net income. This is a significant increase from last year’s $233 billion, signaling the ongoing profitability and influence of the tech industry, even as other sectors face challenges.
Financial Sector’s Resurgence.
The financial sector has made a powerful comeback on this year’s list. With 57 banks and 40 insurance companies, it leads all industries in representation. Financial institutions also dominated in revenue and profitability, generating $8.6 trillion in revenue and nearly $1 trillion in profits. This resurgence reflects the sector’s critical role in the global economy, even as it navigates new challenges and opportunities in a post-pandemic world.
New Entrants Reflect Emerging Trends.
Thirteen companies have made their debut on the 2024 Fortune Global 500, and their presence reflects the world’s growing fascination with AI and pharmaceuticals. Notable newcomers include Nvidia (No. 222), a leader in AI and semiconductors, and Novo Nordisk (No. 469), a pharmaceutical company renowned for its work in weight-loss drugs. These additions highlight the rapid evolution of industries that are poised to shape the future of global business.
Record Revenue Amid Modest Growth.
The companies on this year’s Fortune Global 500 collectively achieved a record revenue of $41 trillion, a slight increase of 0.1% from the previous year. While revenue growth was modest, profits rose by 2% after a decline in 2022. Saudi Aramco, the oil giant from Saudi Arabia, emerged as the most profitable company for the third consecutive year, netting an impressive $121 billion in profits.
Challenges and Opportunities Ahead.
Despite these successes, the 2024 list also highlights areas of concern, particularly regarding gender diversity in corporate leadership. The number of women CEOs fell slightly, with 28 women leading Fortune Global 500 companies, down from 29 last year. CVS Health, led by CEO Karen Lynch, stands out as the largest company run by a woman.
As Fortune Editor in Chief Alyson Shontell noted, “This year’s list shows a couple of trends colliding—energy prices cooling while AI gets red-hot.” The impact of these trends will be closely watched as businesses navigate the balance between investing in new technologies and generating sustainable growth.
A Global Snapshot of Corporate Power.
The Fortune Global 500 continues to be a vital barometer of global business dynamics. The U.S. taking the lead from Greater China marks a significant shift, while the dominance of the financial sector and the rise of Big Tech and pharmaceuticals reflect broader economic trends. As the global business landscape evolves, the companies on this list will undoubtedly play a pivotal role in shaping the future.
