The Strategist

Fortune Global 500 now includes more Chinese companies than American

08/11/2020 - 07:36

China (along with Hong Kong) became the leader in the number of companies included in the latest edition of the Fortune Global 500 ranking, surpassing the United States. Although American Walmart still ranks first in the ranking based on last year's revenue, three Chinese companies follow suit.

Walmart via flickr
Walmart via flickr
On Monday, the American magazine Fortune published updated Fortune Global 500, the annual ranking of companies by their level of income. Companies included in it from different countries are compared by revenue received for the financial year ended March 31, 2020 or earlier, so that the ranking does not reflect a decrease or growth in company revenue during the current crisis following the spread of COVID-19 around the world.

In total, 500 companies from the ranking received revenue of $ 33.3 trillion for the year, and their combined profit amounted to $ 2.1 trillion.

A feature of the rating is the obvious predominance of Chinese companies in it. Thus, three Chinese companies are in the top five of the rating. No less indicative, for example, is the rating of companies operating in the field of Internet technologies and retail. Of the seven companies in the industry included in the Global 500, four are Chinese:, Alibaba, Tencent and Xiaomi.

There are 133 companies from mainland China and Hong Kong in the current Fortune 500; thus for the first time in history China has bypassed the United States - only 121 American companies were included in the rating. At the same time, American companies still outperform Chinese ones in total revenue - US corporations account for 30% of the revenue of all Fortune Global 500 companies, and Chinese, although there are more of them, - only 25%. In addition, only American companies were in the top three the fastest growing -, Centene (health insurance and services) and Facebook.

Top 10 companies by income level:

American retailer Walmart with annual revenues of $ 525 billion,
Chinese oil and gas company Sinopec ($ 407 billion),
China State Grid Corporation ($ 383.9 billion),
China National Petroleum Corporation ($ 379 billion),
Anglo-Dutch Royal Dutch Shell ($ 352.1 billion),
Saudi Saudi Aramco ($ 329.8 billion),
British BP ($ 282.6 billion),
German automaker Volkswagen ($ 282.8 billion),
American online retailer Amazon ($ 280.5 billion),
Japanese automaker Toyota Motor ($ 275.3 billion).

In total, the ranking includes 53 companies from Japan, 31 from France, 27 from Germany, 22 from the UK, 14 each from Switzerland and South Korea.