- Fortune announces the 2024 Fortune Global 500.
- Walmart is No. 1 for the 11th consecutive year.
- The U.S. takes the lead from Greater China with the most companies for the first time since 2018.
NEW YORK, August 5, 2024—Fortune has just released the 2024 Fortune Global 500™, the list of the world’s largest corporations ranked by revenue for the 2023 fiscal year. Walmart, the Arkansas-based retailer, has maintained its No. 1 position for the 11th consecutive year, followed by Amazon at No. 2, State Grid at No. 3, Saudi Aramco at No. 4, and Sinopec at No. 5.
Fortune’s latest ranking of the global corporate landscape reveals that U.S. companies are leading with 139 entries, marking an increase of three from 2023. It puts the U.S. ahead of Greater China, which has 133 companies, down by nine from last year. It’s the first time since 2018 that the U.S. has taken the lead. Greater China includes Mainland China, Hong Kong, Macau, and Taiwan. Notably, Chinese and U.S. companies make up 9 out of the top 10 most profitable Fortune Global 500 companies.
The financial sector made a strong comeback on the global stage, with banks (57) and insurance companies (40) leading all industries in Fortune Global 500 companies. They were followed by auto and auto parts manufacturers (37), petroleum refiners (33), and metals (23). In terms of financial performance, the financial sector topped all others, generating $8.6 trillion in revenue and $992 billion in profits.
Big Tech companies, including Apple (No. 7), Alphabet (No. 17), Microsoft (No. 26), and Meta Platforms (No.66), collectively generated $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.
The number of Fortune Global 500 women CEOs has decreased slightly to 28, down one from the previous year. CVS Health, led by CEO Karen Lynch, is the largest company by revenue run by a woman. The United States has 15 companies with women CEOs, France with four, and Brazil, Britain, and China with two each.
The Fortune Global 500 companies are headquartered in 238 cities and 35 countries/territories. Nearly one-quarter of these companies are based in the top five cities: Beijing, Tokyo, New York, Shanghai, and Seoul. London and Paris are just two companies short of fifth place.
“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.”
The Fortune Global 500 ranks companies based on their total revenues for their respective fiscal years ending on or before March 31, 2024. All the listed companies must publish financial data and report part or all of their figures to a government agency. The companies report the latest figures in the list, and any comparisons are made with the prior year’s figures as originally reported. Fortune does not adjust the preceding year’s figures for changes in accounting.
The complete Global 500 appears in the August/September issue of Fortune.
Source: FORTUNE Media
CitiTimes 