Global Top 100

companies - by market
capitalisation
April 2024
Contents

Highlights 03

Supplementary analysis 10

Methodology 14

Complete ranking 16

PwC | Global Top 100 companies - by market capitalisation 2

Highlights
This publication analyses the Global Top 100 companies by market capitalisation as at 31 March 2024, highlighting the changes in the composition of the list at 31
March 2023. As a point of reference, the MSCI World Index increased by 23% in the year to 31 March 2024.

The Top 100 Companies hit a new high of $39,871bn as the global macroeconomic picture stabilises and equity markets rebound.
• The market capitalisation of the Top 100 companies increased by 27% ($8,438bn) compared to 31 March 2023, more than recouping prior period losses ($3,603bn).
• This new high of $39,871bn means that the Top 100 companies have almost doubled in the past five years, producing a CAGR of 14% over that period.

Performance amongst the Magnificent Seven begins to diverge - will seven become five as the AI boom gathers pace?
• The Magnificent Seven accounted for 54% of the growth in the Top 100 this year. However, a stellar performance wasn’t the case across all of the seven.
• GRANOLAS, a more diverse, cyclical collection of European listed stocks, outperformed the Magnificent Seven in the prior year. However, the AI weighting of the Magnificent
Seven trumped the GRANOLAS in the past year.

The largest four sectors (Tech, Consumer Discretionary, Communication Services and Financials), all grew in excess of 25% in the year, outperforming their benchmarks.
• The AI story drove Top 100 companies within the Technology sector to a 50% increase, outperforming the wider Technology Index by 10ppts.
• The best performing sector against its relevant benchmark was Consumer Discretionary, which outperformed the benchmark index by almost 100% (35% v 18%) – albeit this was
also heavily linked to the AI theme given it was largely attributable to Amazon and its AWS business.

Best of the rest: Whilst AI drove the majority of the growth in valuations this year, other sectors presented interesting stories also.
• Despite a modest year for most Health Care stocks, Eli Lilly and Novo Nordisk benefitted from soaring demand for a weight loss drug, up 126% and 60%, respectively.
• Consumer sentiment appears to be moving in favour of hybrid cars over pure electric, resulting in Toyota (+76%) and Tesla (-15%) coming out at opposite ends of the spectrum.

Technology firms dominate top five with Microsoft regaining the top spot after five years and NVIDIA breaking into the top five for the first time.
• The valuations of Microsoft (+46%) and NVIDIA (+225%) skyrocketed in the period, propelled by their exposure to AI, accounting for 28% of growth in the Top 100 this year.
• Apple dropped into second place, one of only a few tech stocks to experience limited growth as its core product offerings come under competitive pressure and its AI story has
not yet landed with investors.

US continues to dominate with 62 firms in the Top 100 and a 36% increase in market capitalisation.
• Eight out of the top ten firms and 62 firms overall are from the US, with NVIDIA, Meta, Eli Lilly and Broadcom more than doubling their valuation YoY.
• The Health Care and Consumer sectors helped Europe achieve YoY growth of 14%, largely due to Novo Nordisk which grew significantly by 60% YoY.

PwC | Global Top 100 companies - by market capitalisation 3

 The Top 100 reach new highs, driven by a surge in interest for AI
and restored investor appetite for equities.
As the macroeconomic picture stabilised and investor appetite for equities returned, the market capitalisation of the Top 100 companies surged 27% in the year, more
than recouping prior period losses. This was combined with a surge in interest towards the potential impact of AI, propelling a number of stocks to all time valuation
highs.

CAGR • The threshold to enter the Top 100 increased 16% to

10%
$141bn as at 31 March 2024.
CAGR • Before the COVID pandemic the aggregate value of the Top
14% 100 stood at $21.4bn at March 2020. It now stands at $39.9bn
at March 2024, an increase of 86% - this is despite the
24 v 23 pandemic, tightening monetary policy and rising geopolitical
27%
tensions.
45,000
39,871 • The growth this year has been supercharged by the surge
40,000 in interest for AI, and how it may transform how
35,036
Market Capitalisation ($bn)

companies operate. 54% of the increase was attributable to just

35,000 31,705 31,433 5 companies: Microsoft, NVIDIA, Alphabet, Amazon and
Meta. NVIDIA alone accounted for almost 20% of the growth.
30,000
• Health Care stocks within the Top 100 had contrasting
25,000 21,385 fortunes in the year. Eli Lilley (+126%) and Novo Nordisk
19,949 21,016
(+60%) accounted for 87% of gains for the sector, with the
20,000 17,298 former entering the top 10 for the first time. Both entities soared
15,082 16,131 15,415
15,000 thanks to the strength of their new weight loss drugs. On the
other hand, Pfizer (-11%) and AstraZeneca (-6%) struggled due
10,000 to patent cliffs and drug pricing headwinds.
• The were 13 new entrants into the Top 100. Uber was the
5,000
largest climber, rising 150 places to enter the top 100 for the
- first time after it posted its first annual profit since becoming a
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 public company.

Source: S&P Global Market Intelligence LLC with PwC analysis

PwC | Global Top 100 companies - by market capitalisation 4

The growth of the Magnificent Seven has resulted in the aggregate
value of the Top 100 becoming even more concentrated.
The tech-centric Magnificent Seven strengthened their hold on the Top 100 again this year, contributing to 54% of the YoY growth. These seven stocks now comprise
34% of the Top 100 as of 31 March 2024. The GRANOLAS, a much more sector diverse collection of European equities, slightly exceeded the performance of the wider
STOXX 600 in the year but trailed behind the YoY growth of the Magnificent Seven and their performance against the S&P 500 (50% vs 28%).
Magnificent Seven | Here to stay?
Market Capitalisation ($bn) | Composition of the
Top 100 (%) GRANOLAS CAGR | 9% • The performance of seven particular stocks, dubbed the
“Magnificent Seven”, over the last five years has resulted in
Magnificent 7 CAGR | 23%
increased concentration of the Top 100 aggregate value, with these
Aggregate market
Rest of Top 100 CAGR | 10% seven companies now comprising 34% of the Top 100. This is
45,000 capitalisation ($bn) 39,871
similar to the proportion these seven stocks now comprise of the
40,000 35,036 S&P 500 (29%).
7%
35,000
31,705 31,433 • Over the last five years, the Magnificent Seven accounted for
6% 47% of growth in the Top 100, achieving a 23% CAGR.
30,000 6% 8% 34% • The Magnificent Seven have however experienced mixed fortunes
32% this year. Apple (+1%) and Tesla (-15%) lagged behind as neither
25,000 21,385 27% 29% are yet considered to be major beneficiaries of AI.
20,000 8%
• The remaining five, buoyed by the bullish sentiment for AI, all
23% recorded significant double, or triple, digit gains. With the AI boom
15,000
67% 62% 59% expected to continue and Apple and Tesla trailing, will seven
10,000 63% become five?
69%
5,000 Are the GRANOLAS Europe's answer to the Magnificent Seven?
• The GRANOLAS (9 of which are in the Top 100) are more diverse
-
than the tech-centric Magnificent Seven, consisting of Health Care,
2020 2021 2022 2023 2024
Consumer and Technology businesses, grew 13.4% in the year.
Remaining Top 100 Magnificent 7 GRANOLAS (in the Top100) • In 2023, GRANOLAS outperformed the Magnificent Seven, proving
more resilient in times of significant macroeconomic uncertainty.
Note: Included within the chart above is only the market capitalisation of the Top 100 companies, in certain years equities dubbed as one of the However, only six recorded a YoY increase.
GRANALOS are not within the Top 100 and therefore are excluded from the analysis above, please refer to the basis of preparation for more details.
• Novo Nordisk, continued to be Europe’s showstopper, up 60%
Source: S&P Global Market Intelligence LLC with PwC analysis YoY driven by the success of its weight-loss supplement,
significantly outperforming other Health Care GRANOLAS.
PwC | Global Top 100 companies - by market capitalisation 5
 The US remains dominant with an ever-growing proportion
of the Top 100.
The US increased its proportion of market capitalisation in the Top 100 to 72% ($28.8tn) at 31 March 2024, up 5ppts to 31 March 2023 (67%). The US also dominates the
top ten, comprising eight of the ten spots (down from nine in 2023) and 62 spots overall. Apart from China and its regions, which has struggled with investor sentiment,
all regions experienced growth in the year as regional equity markets rebounded from the declines experienced in 2023.

Rest of the world China and its regions Europe United States # number of companies • US equities, up 36%, were buoyed by the AI
35,000 boom, however there were notable increases in the
8 10 20 62 Health Care (+7%) and Financials Sectors (+11%).
Market Capitalisation ($bn)

30,000 The US is the only region where its constituents

25,000 8 12 20 60 have delivered a double digit 10-year CAGR.
• Europe saw a 14% increase in valuation, with Novo
20,000 Nordisk contributing significantly with growth of 60%
11 15 20 54
15,000 YoY. Health Care and Consumer were the dominant
14 9 29 48 sectors, each of which represent approximately a
10,000 quarter of Europe’s aggregate market capitalisation.
5,000 • China and its regions saw the only decline in
valuation, at -5% YoY, as the region’s economic
- headwinds negatively impacted investor sentiment.
2014 2019 2023 2024 The region lost two spots, leaving it with an overall
composition of ten companies. Taiwan
CAGR CAGR % Change Semiconductor Manufacturing Company was a
2014 2019 2023 2024 (10Yrs) (5Yrs) 23 to 24 shining light for the region, entering the top 10 for
United States 8,346 13,311 21,199 28,785 13.2% 16.7% 35.8% the first time with growth of 39% YoY.
Europe 3,803 3,118 4,182 4,770 2.3% 8.9% 14.1% • The Rest of the World’s valuation was spurred on
by significant increases for the three largest
China and its regions 1,353 3,195 2,788 2,657 7.0% -3.6% -4.7% stocks, Saudi Arabian Oil Company (Aramco),
Rest of the World 1,580 1,393 3,264 3,659 8.8% 21.3% 12.1% Samsung and Toyota, which increased 5%
($99bn), 25% ($81bn) and 76% ($146bn) YoY,
Total 15,082 21,016 31,433 39,871 10.2% 13.7% 26.8%
respectively. The latter was buoyed by strong
Source: S&P Global Market Intelligence LLC with PwC analysis demand for hybrid vehicles in the last year.

PwC | Global Top 100 companies - by market capitalisation 6

The largest four sectors all grew in excess of 25% in the year,
outperforming their relevant industry benchmarks.
All of the largest four sectors (by market capitalisation) within the Top 100 saw YoY growth in market capitalisation in excess of 25%. The Technology sector
continues to dominate with an ever-increasing share of the Top 100 (FY24: 33%, FY23: 28%). Consumer discretionary was the best performing sector, outperforming its
benchmark by almost 100% (35% v 18%).
• The Technology sector saw a significant $4.3tn
2014 2019 2023 2024 10 16 19 22 (50%) increase in valuation in the year, 58% of which
14,000
was attributable to Microsoft and NVIDIA, outperforming
Market Capitalisation ($bn)

12,000 the technology benchmark by 10ppts.

• Amazon’s $0.8tn increase in valuation in the year,
10,000
fueled by stronger than expected Q4 results, accounted
8,000 for 62% of the total YoY growth in the Consumer
21 19 15 15 10 10 10 9 8 8 10 13
Discretionary sector. The sector outperformed its
6,000 relative index by 17ppts.
• Alphabet (+42%) and Meta (+125%) saw a recovery of
4,000 their share price in the year. Between them, the two
comprise 66% of the value of the companies in
2,000 the Communication Services sector and contributed 92%
of the year-on-year growth. The sector finished 35% up,
-
outperforming its relative benchmark by 5ppts.
# number of companies in sector
Communication Consumer • Financials saw a 26% increase in market
Financials Services Discretionary Technology capitalisation, outperforming its index by 3ppts.
2014 3,035 20% 1,671 11% 945 6% 1,962 13% JPMorgan Chase and Mastercard contributed 32% of
this growth, beneficiaries of a higher interest rate
2019 3,945 19% 3,048 15% 2,288 11% 3,994 19% environment. Berkshire Hathaway, a top ten company,
also outperformed the benchmark up 35%. China
2023 3,580 11% 3,493 11% 3,696 12% 8,793 28% Construction Bank Corporation was the only bank to
4,508 4,702 12% 5,004 13,220 experience a decline, with its valuation falling by 6%.
2024 11% 13% 33%
Despite there being almost a third fewer Financials
% represents proportion of total Global Top 100 companies in the Top 100 than ten years ago, the total
Source: S&P Global Market Intelligence LLC with PwC analysis market capitalisation is up 49%.

PwC | Global Top 100 companies - by market capitalisation 7

Apple loses top spot to Microsoft; NVIDIA replaces Amazon in Top 5.
After three consecutive years at the top, Apple lost the number one spot to Microsoft, which regained the top spot thanks to advances in its AI and cloud-based
services capabilities which drove a 46% increase in market capitalisation. NVIDIA, a key beneficiary of the AI boom achieved the largest growth of any Top 100
company (225%), breaking into the top five for the first time. Amazon dropped out of the top five for the first time since 2017 despite its market capitalisation growing
by 77%.

4,000 Rank1 Rank 100 Microsoft, • Microsoft knocks Apple off the top spot with a
Apple, 3,126
Apple, market capitalisation of $3.1tn, experiencing growth
Market Capitalisation

2,850
3,000 2,609 of 46% from March 2023.
Apple,
Saudi Aramco, 2,051 • With Apple yet to convince investors it will be a
($bn)

2,000 1,601 beneficiary of AI, its share price lagged behind the
Apple, Microsoft, wider technology index with only a modest 1%
Apple, Apple,
Apple, Apple, 851 905 increase, in turn losing its top spot to Microsoft.
725 754
1,000 479 604
• Chip developer NVIDIA broke into the top five for
82 82 71 85 97 99 84 131 133 122 141 the first time, with YoY growth of 225%. The
- company’s revenue grew by 126% in the fiscal year
4,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024, helping its valuation to increase to $2.2tn
Microsoft Apple NVIDIA Saudi Aramco Alphabet and moving the company into third spot.
Market Capitalisation

3,000 • Amazon dropped out of the top five for the first time
since 2017, despite its market capitalisation growing
significantly by 77%.
($bn)

2,000
• Saudi Aramco held its position of being the only
non-tech oriented company within the top five,
1,000 growing 5% YoY. The Company has however fallen
to fourth over the last four years, having been
- number one following its IPO in 2020.
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Alphabet Inc. achieved a notable 42% increase in
value, despite dropping down a position to fifth.
Source: S&P Global Market Intelligence LLC with PwC analysis

PwC | Global Top 100 companies - by market capitalisation 8

Country performance
The US continues to dominate the Top 100, comprising 62 out of 100 companies and accounting for 72% of the aggregate value of the Top 100. China lost two
companies from the Top 100 and recorded the largest YoY decline (-15%), being replaced by Saudi Arabia (Saudi Aramco) in second spot.

Rank Location Change in market capitalisation Market #Companies Like-for-like market #Companies Market capitalisation Rank by market
of the current Global Top 100 capitalisation 2024 capitalisation 2023 Mar-2023 ($bn) capitalisation 2023
• The top three countries remain
Mar-2023 to Mar-2024 (% Mar-2024 ($bn) Mar-2023 ⁽1⁾($bn) unchanged. However, a marginal
change) increase for Aramco resulted in Saudi
1 United States 36% 28,785 62 21,124 60 21,199 1 Arabia claiming second position from
2 Saudi Arabia 5% 1,991 1 1,892 1 1,892 3 China after it saw two companies fall
3 China -15% 1,837 8 1,887 10 2,157 2 out of the Top 100.
4 France -5% 1,286 5 1,217 6 1,353 4 • The dominance of the United States
5 United Kingdom -7% 792 4 720 5 851 5 continues to grow. Outside of the
6 Switzerland -9% 695 3 765 3 765 6 valuation growth of the AI-thematic
7 Taiwan 39% 632 1 453 1 453 7 companies, notable movers were
8 Denmark 60% 569 1 356 1 356 8 Eli Lilley and Uber, increasing in value
9 Netherlands 95% 523 2 374 1 268 12 by 126% and 151% respectively
10 South Korea 25% 408 1 327 1 327 9 and significantly outperforming their
11 India 22% 395 2 323 2 323 10 respective industry benchmark.
12 Ireland 106% 372 2 276 1 180 15 • Strong performances by PDD Holdings
13 Germany 36% 376 2 276 2 276 11 (up 61%) and Airbus (up 37%) earned
14 Japan 76% 338 1 192 1 192 14 them a place in the Top 100, boosting
15 United Arab 1% 239 1 237 1 237 13 Ireland and the Netherlands positions,
Emirates respectively. In addition to strong like-
16 Hong Kong 6% 188 1 178 1 178 16 for-like growth, this resulted in each
17 Spain n.a. 157 1 104 n.a. - n.a country gaining three places.
18 Australia -9% 146 1 160 1 160 17
• Spain entered the Top 100 this year,
19 Canada 7% 143 1 133 1 133 18
after Inditex’s, the retail fashion
20 Belgium n.a n.a. n.a - 1 132 19 company that owns Zara, shares hit an
all-time high, up 50% in the year.
(1) Market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023 on a like-for-like basis
Source: S&P Global Market Intelligence LLC with PwC analysis
PwC | Global Top 100 companies - by market capitalisation 9
Supplementary
analysis

PwC | Global Top 100 companies - by market capitalisation 10

Sector comparison

Sector Change in market Change in industry index Global Top 100 Market Number of Market Number of
capitalisation of current performance performance vs capitalisation Mar- companies capitalisation companies
Global Top 100 Mar-2023 to Mar-2024 ⁽²⁾ industry index 2024 ($bn)(3) Mar-2024(3) Mar-2023 ($bn)(3) Mar-2023(3)
Mar-2023 to Mar-2024 ⁽¹⁾
Technology 50% 40% ⇧ Outperformed 13,220 22 8,793 19
Consumer Discretionary 35% 18% ⇧ Outperformed 5,004 13 3,696 10
Communication Services 35% 30% ⇧ Outperformed 4,702 9 3,493 10
Financials 26% 23% ⇧ Outperformed 4,508 15 3,580 15
Health Care 13% 10% ⇧ Outperformed 4,444 15 3,941 16
Energy 13% 13% ⇩ Underperformed 3,740 8 3,323 7
Consumer Staples -5% -1% ⇩ Underperformed 2,666 9 2,800 11
Industrials -8% 22% ⇩ Underperformed 1,219 7 1,319 9
Materials 10% 5% ⇩ Underperformed 370 2 335 2
Utilities n.a n.a n.a 0 0 153 1

1. Change in market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023, on a like-for-like basis.
2. Industry index performance is based on the MSCI International ACWI Industry Price Index USD
3. Market capitalisation ($bn) and the number of companies shown relates to the top 100 list at the relevant date (therefore not on a like-for-like basis)

Source: S&P Global Market Intelligence LLC with PwC analysis

PwC | Global Top 100 companies - by market capitalisation 11

 Spread of market capitalisation in the Global Top 100
The spread of market capitalisation shifted significantly in the year, with 15 companies now having a valuation over $500bn, compared with nine companies in 2023.

Market Capitalisation spread (Mar-24 vs Mar-23)

35

30
30
26 26
25
No. of companies

20 18
15
15 13
11
10
10 9 9
6
5 5
5 4 4
3 3 3

-
$100bn - $150bn $150bn - $200bn $200bn - $250bn $250bn - $300bn $300bn - $350bn $350bn - $400bn $400bn - $450bn $450bn - $500bn >$500bn

No. of Global Top 100 companies in Mar-2024 No. of Global Top 100 companies in Mar-2023

Source: S&P Global Market Intelligence LLC with PwC analysis

PwC | Global Top 100 companies - by market capitalisation 12

The Global Top 100 companies with the largest relative increases
and decreases in market capitalisation
Company name Location Sector Change in market capitalisation Market capitalisation Market capitalisation
Mar-2023 to Mar-2024 (%) Mar-2024 ($bn) Mar-2023 ($bn)
NVIDIA Corporation United States Technology 225% 2,250 685
Uber Technologies, Inc. United States Industrials 151% 160 64
Broadcom Inc. United States Technology 130% 614 267
Eli Lilly and Company United States Health Care 126% 701 310
Top ten Meta Platforms, Inc. United States Communication Services 125% 1,238 549
risers Advanced Micro Devices, Inc. United States Technology 85% 292 158
General Electric Company United States Industrials 84% 192 104
Amazon.com, Inc. United States Consumer Discretionary 77% 1,874 1,058
Toyota Motor Corporation Japan Consumer Discretionary 76% 338 192
Netflix, Inc. United States Communication Services 71% 263 154
Pfizer Inc. United States Health Care -32% 157 230
Alibaba Group Holding Limited China Consumer Discretionary -31% 181 262
NIKE, Inc. United States Consumer Discretionary -25% 142 190
Tencent Holdings Limited China Communication Services -22% 361 462
Bottom Tesla, Inc. United States Consumer Discretionary -15% 560 656
ten Nestlé S.A. Switzerland Consumer Staples -15% 278 326
Roche Holding AG Switzerland Health Care -11% 205 230
Kweichow Moutai Co., Ltd. China Communication Staples -11% 296 333
BHP Group Limited Australia Materials -9% 146 160
Christian Dior SE France Consumer Discretionary -9% 151 161

Source: S&P Global Market Intelligence LLC with PwC analysis

PwC | Global Top 100 companies - by market capitalisation 13

Methodology

PwC | Global Top 100 companies - by market capitalisation 14

Methodology

• This Global Top 100 report ranks the largest public companies by their market
capitalisation in US dollars as at 31 March 2024 and as at the respective dates of
those prior years.
• Data sources: S&P Global Market Intelligence LLC with PwC analysis
• Industry classification is per S&P Capital IQ primary sectors.
• Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis.
• A company’s location is the country or region where its headquarters are located.
• The ranking does not compensate for changes in currency exchange rates.
• China and its regions includes: Mainland China, Hong Kong SAR and Taiwan.
• The Magnificent Seven are comprised of: Microsoft, Apple, NVIDIA, Alphabet, Meta,
Amazon and Tesla
• GRANOLAS are comprised of: GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk,
L’Oreal, LVMH, Astrazeneca, SAP and Sanofi. Note: The following companies were
not included in the Top 100 in the years noted below. Therefore where
performance/market capitalisation of GRANOLAS is referenced, these entities are
excluded.

• GSK: Not included from 2021 onwards

• SAP: Not included in 2022

• Sanofi: Not included in 2021, 2022 and 2024

PwC | Global Top 100 companies - by market capitalisation 15

Complete ranking

PwC | Global Top 100 companies - by market capitalisation 16

Top 100 global companies 1-20 (by market capitalisation)

31 March 2024 31 March 2023

Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation
1 Microsoft Corporation United States Information Technology 1 3,126 2 2,146
2 Apple Inc. United States Information Technology -1 2,648 1 2,609
3 NVIDIA Corporation United States Information Technology 3 2,224 6 685
4 Saudi Arabian Oil Company Saudi Arabia Energy -1 1,991 3 1,892
5 Alphabet Inc. United States Communication Services -1 1,884 4 1,330
6 Amazon.com, Inc. United States Consumer Discretionary -1 1,874 5 1,058
7 Meta Platforms, Inc. United States Communication Services 2 1,238 9 549
8 Berkshire Hathaway Inc. United States Financials -1 909 7 676
9 Eli Lilly and Company United States Health Care 17 701 26 310
10 Taiwan Semiconductor Manufacturing Taiwan Information Technology 3 632 13 453
Company Limited
11 Broadcom Inc. United States Information Technology 21 614 32 267
12 JPMorgan Chase & Co. United States Financials 6 577 18 384
13 Novo Nordisk A/S Denmark Health Care 6 569 19 356
14 Visa Inc. United States Financials -4 561 10 463
15 Tesla, Inc. United States Consumer Discretionary -7 560 8 656
16 Walmart Inc. United States Consumer Staples 1 485 17 397
17 Exxon Mobil Corporation United States Energy -3 461 14 446
18 United Health Group Incorporated United States Health Care -3 456 15 441
19 LVMH Moët Hennessy - Louis Vuitton, France Consumer Discretionary -7 449 12 460
Société Européenne
20 Mastercard Incorporated United States Financials 1 449 21 346

PwC | Global Top 100 companies - by market capitalisation 17

Top 100 global companies 21-40 (by market capitalisation)

31 March 2024 31 March 2023

Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation
21 Samsung Electronics Co., Ltd. South Korea Information Technology 2 408 23 327
22 The Procter & Gamble Company United States Consumer Staples -2 382 20 351
23 Johnson & Johnson United States Health Care -7 381 16 405
24 The Home Depot, Inc. United States Consumer Discretionary 3 380 27 300
25 ASML Holding N.V. Netherlands Information Technology 6 378 31 268
26 Tencent Holdings Limited China Communication Services -15 361 11 462
27 Oracle Corporation United States Information Technology 8 345 35 251
28 Toyota Motor Corporation Japan Consumer Discretionary 23 338 51 192
29 Merck & Co., Inc. United States Health Care 0 334 29 270
30 Costco Wholesale Corporation United States Consumer Staples 13 325 43 220
31 AbbVie Inc. United States Health Care -3 322 28 281
32 Bank of America Corporation United States Financials 8 299 40 229
33 Kweichow Moutai Co., Ltd. China Consumer Staples -11 296 22 333
34 Chevron Corporation United States Energy -9 293 25 311
35 Salesforce, Inc. United States Information Technology 14 292 49 196
36 Advanced Micro Devices, Inc. United States Information Technology 33 292 69 158
37 Nestlé S.A. Switzerland Consumer Staples -13 278 24 326
38 Hermès International Société en commandite France Consumer Discretionary 8 267 46 212
par actions
39 The Coca-Cola Company United States Consumer Staples -9 264 30 268
40 Netflix, Inc. United States Communication Services 31 263 71 154

PwC | Global Top 100 companies - by market capitalisation 18

Top 100 global companies 41-60 (by market capitalisation)

31 March 2024 31 March 2023

Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation
41 L'Oréal S.A. France Consumer Staples -5 253 36 239
42 Industrial and Commercial Bank of China China Financials 0 241 42 221
Limited
43 PepsiCo, Inc. United States Consumer Staples -9 241 34 251
44 PetroChina Company Limited China Energy 29 240 73 152
45 International Holding Company PJSC United Arab Industrials -8 239 37 237
Emirates
46 Reliance Industries Limited India Energy 10 226 56 180
47 SAP SE Germany Information Technology 29 226 76 147
48 Adobe Inc. United States Information Technology 10 226 58 177
49 The Walt Disney Company United States Communication Services 5 224 54 183
50 Linde plc United Kingdom Materials 11 224 61 175
51 Thermo Fisher Scientific Inc. United States Health Care -10 222 41 222
52 Accenture plc Ireland Information Technology 3 218 55 180
53 Shell plc United Kingdom Energy -3 214 50 196
54 Novartis AG Switzerland Health Care -7 212 47 209
55 AstraZeneca PLC United Kingdom Health Care -11 209 44 215
56 Wells Fargo & Company United States Financials 27 205 83 141
57 Roche Holding AG Switzerland Health Care -18 205 39 230
58 McDonald's Corporation United States Consumer Discretionary -10 204 48 205
59 Cisco Systems, Inc. United States Information Technology -14 202 45 214
60 Agricultural Bank of China Limited China Financials 10 200 70 156

PwC | Global Top 100 companies - by market capitalisation 19

Top 100 global companies 61-80 (by market capitalisation)

31 March 2024 31 March 2023

Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation
61 Abbott Laboratories United States Health Care -1 197 60 176
62 T-Mobile US, Inc. United States Communication Services -3 194 59 177
63 General Electric Company United States Industrials 67 192 130 104
64 QUALCOMM Incorporated United States Information Technology 18 189 82 142
65 China Mobile Limited Hong Kong Communication Services -8 188 57 178
66 Intel Corporation United States Information Technology 21 188 87 135
67 Danaher Corporation United States Health Care -14 185 53 184
68 Caterpillar Inc. United States Industrials 41 183 109 118
69 Intuit Inc. United States Information Technology 28 182 97 125
70 Alibaba Group Holding Limited China Consumer Discretionary -37 181 33 262
71 Verizon Communications Inc. United States Communication Services -6 177 65 163
72 International Business Machines Corporation United States Information Technology 36 175 108 119
73 Comcast Corporation United States Communication Services -5 172 68 160
74 Applied Materials, Inc. United States Information Technology 57 171 131 104
75 Tata Consultancy Services Limited India Information Technology 6 168 81 143
76 TotalEnergies SE France Energy 2 165 78 145
77 American Express Company United States Financials 22 164 99 123
78 Bank of China Limited China Financials 8 163 86 136
79 Uber Technologies, Inc. United States Industrials 150 160 229 64
80 Texas Instruments Incorporated United States Information Technology -18 159 62 169

PwC | Global Top 100 companies - by market capitalisation 20

Top 100 global companies 81-100 (by market capitalisation)

31 March 2024 31 March 2023

Rank Company Name Location Sector Rank +/- (vs 2023) Market capitalisation Rank Market capitalisation
81 Pfizer Inc. United States Health Care -43 157 38 230
82 Industria de Diseño Textil, S.A. Spain Consumer Discretionary 47 157 129 104
83 ServiceNow, Inc. United States Information Technology 60 156 143 94
84 PDD Holdings Inc. Ireland Consumer Discretionary 55 154 139 96
85 China Construction Bank Corporation China Financials -21 154 64 164
86 Morgan Stanley United States Financials -11 154 75 148
87 Amgen Inc. United States Health Care 5 152 92 129
88 Christian Dior SE France Consumer Discretionary -22 151 66 161
89 Union Pacific Corporation United States Industrials 9 150 98 123
90 ConocoPhillips United States Energy 12 150 102 121
91 Siemens Aktiengesellschaft Germany Industrials 2 150 93 129
92 BHP Group Limited Australia Materials -25 146 67 160
93 HSBC Holdings plc United Kingdom Financials -5 146 88 134
94 Lowe's Companies, Inc. United States Consumer Discretionary 12 146 106 119
95 Airbus SE Netherlands Industrials 32 145 127 105
96 The Goldman Sachs Group, Inc. United States Financials 16 143 112 115
97 Royal Bank of Canada Canada Financials -8 143 89 133
98 NIKE, Inc. United States Consumer Discretionary -46 142 52 190
99 Philip Morris International Inc. United States Consumer Staples -25 142 74 151
100 Intuitive Surgical, Inc. United States Health Care 52 141 152 89

PwC | Global Top 100 companies - by market capitalisation 21

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