Source: Financial Times Global 500.
The World's 20 Largest Corporations by Market Value, 2013 ($US millions)
There are several ways to measure the size of a corporation, including its number of employees or its sales. One is market value (or market capitalization) which considers the total value of the issued shares of a company. The largest corporations can have a market value greater than the GDP of some smaller countries. For instance, Exxon Mobil, PetroChina and Apple had a market capitalization greater than the GDP of Greece, estimated to be around $250,000 million in 2012. Significant temporal variations in the ranking of the world's largest corporations are observed, which goes with the ebb and flows of the global economy. For instance, in early 1990s, there were a substantial number of Japanese banks and industrial conglomerates among the world's largest corporations, but in the context of Japan's economic decline they are no longer among the world's largest. In recent years, energy companies have improved their ranking due to significant increase in energy prices. American corporations remain among the largest, but several Chinese corporations are now in the list of the top 20. The largest enterprises are dominated by three main categories of activity:
  • Energy and resources. Oil and mining companies have remained for decades among the world's largest corporations, underlining the importance of petroleum and resources in the global economy and its dynamics based on economies of scale. These activities are capital intensive.
  • Banking and finance. Banks and financial institutions consistently figure among the world's largest corporations. They are illustrative of the importance of financial transactions (e.g. currency exchange) and capital investments in contemporary economic systems. They tend to concentrate in large global cities or at offshore locations.
  • Information technologies. Corporations involved in personal computing devices (computers & cellular phones) have benefited substantially from the growing prominence of information technologies in supporting economic activities and social interactions. Telecommunications firms based on subscriptions have also thrived.
Individual retailing, pharmaceutical and agribusiness firms also appear. The market value of a corporation can evolve due to the changing perception of the stock market. The financial crisis of 2008 has substantially impacted the market value and the rank of the largest corporations, pushing many banks out of the list as their assets were re-priced. It was estimated by the Financial Times that between 2008 and 2009, the stock market valuation of the world's 500 largest corporations lost 42% of its value.