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Global Top 100 companies by market capitalisationJuly 2019PwC | Global Top 100 companies by market capitalisation 2ContentsMethodology and key contactsHighlights and trends36Complete ranking1824Appendices: Value distribution in calendar year 2018 10-year comparison 2019 vs. 2009PwC | Global Top 100 companies by market capitalisationMethodology and key contactsPwC | Global Top 100 companies by market capitalisation 4Methodology This Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31 March 2019 and compares this with the Global Top 100 list as at 31 March 2018 and 31 March 2009. Data sources: Bloomberg with PwC analysis, CBI Insights with PwC analysis. Sector classification is based on Industry Classification Benchmark (ICB). Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis. A companys location is the country or region where its headquarters are located. We allocated dual-listed companies as follows: BHP Billiton (AUS), Royal Dutch Shell (UK) and Unilever (NL). The ranking does not compensate for changes in currency exchange rates. The distribution of value is based on dividend payments and share repurchases in the calendar year 2018. Greater China includes Hong Kong and Taiwan, previously they were presented separately.PwC | Global Top 100 companies by market capitalisation 5Key Contacts Peter Whelan UK IPO Lead Partner, PwC UKTel: +44 7770 977 937 peter.whelanpwc Kennedy LiuCapital Markets Leader, China/Hong Kongand Asia Pacific Partner, PwC HKTel: +852 2289 1881kennedy.liuhk.pwc Ross Hunter IPO Centre Leader Partner, PwC UKTel: +44 780 291 8885 ross.hunterpwc Nadja PicardPwC Europe Capital Markets LeaderPartner, PwC GermanyTel: +49 211 981 2978 nadja.picardpwc David EthridgeUS IPO Services Leader Managing Director, PwC USTel: +1 212 845 0739 david.a.ethridgepwc PwC | Global Top 100 companies by market capitalisationHighlights and trendsPwC | Global Top 100 companies by market capitalisation 7Companies The market capitalisation of the Global Top 100 companies has increased by 5% since last year, more subdued than 15% growth in 2017/2018. The MSCI World Index remained flat at 45.2, compared to 45.4 last year. Microsoft has overtaken Apple to take top position, the first time in eight years that Apple has not been the Global Top 100 number one. Microsofts market capitalisation increased by 29% to $905bn, fueled by its transformation into a cloud computing company compared to Apples increase of 5%. The top four companies are unchanged from last year. Exxon Mobil returned to the top ten this year, for the first time since 2017, replacing JP Morgan. There were no direct entries via IPO this year. The last company to enter the Global Top 100 via IPO was Alibaba in 2014.HighlightsSectors For the third year in a row, technology was the largest sector in terms of market capitalisation ($5,691bn). However in terms of percentage value increase, the healthcare, telecommunications and consumer services sectors grew by 15% each compared to 6% for technology. The worst performing sector was financials, with a 3% decline in market capitalisation, although companies included in the Global Top 100 still managed to do better than the rest of the sector. A total of $887bn has been distributed to shareholders by the Global Top 100 companies, mainly in the US. Apple alone distributed $87bn to shareholders in dividends and share repurchases in the calendar year 2018 (vs $31bn distributed in 2017). As a point of comparison, in the private company domain, nearly half (48%) of the top 100 unicorns valued at $1bn+ as at 31 March 2019 were from the US, in line with what we see in the Global Top 100. The value of top 100 unicorns grew by 6% to $815bn as at 31 March 2019, consistent with the public companies market capitalisation increase.Countries India featured in the Global Top 100 for the first time since 2009, with the return of Reliance Industries, as well as a new entrant Tata Consultancy. Both companies market capitalisation increased due to robust earnings growth coupled with the overall strong domestic market performance. Saudi Arabia joined the Global Top 100 this year for the first time with the inclusion of Saudi Basic Industries Corp, boosted by Saudi Aramcos $69.1bn investment in March 2019 to acquire a 70% majority stake in the company. 2019 has not seen much change in the top locations split compared to 2018: The US still dominates 54 (the same number as in 2018) out of the Global Top 100 are US companies, with the market capitalisation increasing by $1,105bn (9%). Greater China, the second largest contributor to the Global Top 100 with 15 companies, saw a decrease of 5% in its total market capitalisation when compared to 31 March 2018, impacted by a growing trade rift between Greater China and the US and its effect on the market sentiment; the UK comes third with 6 companies (vs. five in 2018).PwC | Global Top 100 companies by market capitalisation 8Total market capitalisation of the Global Top 100 companies as at 31 March 2019Highlights The market capitalisation of the Global Top 100 has increased by 5% since last year. Microsoft has overtaken Apple to take the top position. Exxon Mobil returned to the top ten this year, replacing JP Morgan. The market capitalisation of the largest company has nearly tripled in the last ten years from $337bn (Exxon Mobil) to $905bn (Microsoft). The gap between the largest and smallest companies has continued to grow, currently at $806bn. In 2019 the market capitalisation of the smallest company in the Global Top 100 is over double of its equivalent in 2009 - $99bn vs $40bn.8,40220,03521,07503,0006,0009,00012,00015,00018,00021,00024,0002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Marketcapitalisation($bn)Total market capitalisation of Global Top 100 companies as at 31 March337 3294175594164697256047548519054061 69 64 7081 85 76 8897 9902004006008001,0002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Marketcapitalisation($bn)Market capitalisation of top and bottom companiesNumber 1 Number 100AppleSource: Bloomberg with PwC analysisExxon MobilPetroChinaExxon MobilAppleAppleAppleAppleAppleAppleMicrosoftPwC | Global Top 100 companies by market capitalisation 9Within the top five, Microsoft overtakes Apple as the most valuable public companyHighlights Microsoft overtook Apple as the worlds most valuable public company by market capitalisation in November 2018 and continued to lead throughout the first quarter of 2019. Apple continues to return significantly more value to the shareholders than any other company$87bn in 2018 ($31bn in 2017). Microsoft has been experiencing a growth in value, fueled by its transformation into a cloud computing company and weathered recent turmoil for technology stocks better than some other companies. The 5th placed Berkshire Hathaway lags behind the 4th placed Alphabet by $323bn or 40%. Technology and e-commerce dominate the top end of the rankings at present.-2004006008001,0001,200Mar-18Apr-18May-18Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19Marketcaptalisation($bn)Apple Alphabet Microsoft Amazon Berkshire HathawaySource: Bloomberg with PwC analysisPwC | Global Top 100 companies by market capitalisation 10Source: Bloomberg with PwC analysisMarket capitalisation of the Global Top 100 by regionHighlights The US continued to see impressive growth in its share of the largest companies in value terms over the past 10 years. The US share of the Global Top 100 market capitalisation rose from 45% as at March 2009 to 63% in 2019. Europe dropped from 27% of the Global Top 100 market capitalisation as at 31 March 2009 to 15% in 2019, having 11 companies fall from the list over that period. Greater Chinas market capitalisation decreased by 4% as at 31 March 2019 versus March 2018. This was impacted by a growing trade rift between Greater China and the US, and its effects on the market sentiment. The Rest of the World saw an increase of 22% in its market capitalisation, boosted by the new additions from India, Saudi Arabia, Japan and Brazil in 2019.3,8055,1705,5386,2026,7398,0529,3229,63610,92812,18713,2922,2723,311 3,3702,980 3,3473,9973,4242,996 3,031 3,3623,1811,3191,5771,8191,6141,531 1,3642,3611,9142,1863,3323,1971,0071,750 2,2502,1761,9801,6061,133 1,032 1,293 1,154 1,40502,0004,0006,0008,00010,00012,00014,0002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Marketcapitalisation($bn)42393841434753 54 55 54 543133312728302624222320111012111091212 121515161819211914910 1181101020304050602009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019NumberofcompaniesUS Europe Greater China Rest of the World
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