Introduction
This report analyses the position of the Global Top 100 Companies and highlights the changes in the composition of the list, comparing the Global Top 100 Companies by market capitalisation as at 31 March 2022, 31 March 2021 and other relevant periods.
"The Top 100 continues to shine a light on the long term trends in the global economy and the key role of capital markets in supporting long term growth. Yes, there is current volatility in the economy but the longer term story remains clear that market capitalisation is still rising strongly for the Top 100, reflecting US$35tn of value at March 2022 compared to $13tn in 2012."
Key highlights - 2022
- Short term volatility diverges from the long term trend - Technology firm loses its top spot in May 2022 again (held for 9 years excepting 2019 and 2020)
The US market dominates the Global Top 100 and continues to increase in its relative size - The market capitalisation of US companies in the Global Top 100 has grown at a CAGR of 18% and 15% in the last five and ten years respectively and up 19% in the year to March 2022.
- Potential decoupling of mainland China and its regions from the US - Over the past ten years, changes in the market capitalisation of companies from mainland China and its regions was broadly aligned with the US. In 2022 the value of the Global Top 100 companies from mainland China and its regions decreased by 23%, in contrast companies from the US increased by 19%.
Source: Bloomberg Finance L.P. with PwC analysis
US continues to dominate Top 100
Notwithstanding a reduction in the value of the companies from mainland China and its regions in 2022, moderate growth throughout the 10 year period to 2022 (CAGR of 7%) has occurred.
Growth in the market capitalisation of European companies has been muted over the past five and ten years with just 2% and 1% CAGR respectively.
Companies comprising the Rest of World (“RoW”) surpassed both Europe and mainland China and its regions during 2022 with total market capitalisation of $3,988bn, RoW companies has seen compelling growth in value since 2017 (25% CAGR).
The relentless growth and increasing dominance of Technology and the rise of Health Care
Throughout the five years presented, Technology has been the leading sector in terms of market capitalisation, increasing by $7,085bn since 2018. The gap between Technology and other sectors has widened each year.
Having declined from 2018 to 2020, the market capitalisation of Financials sector companies in the Global Top 100 has increased consistently. Whether or not this trend will continue into 2023 will depend on how the current macroeconomic uncertainties unfold.
The Energy sector has also shown sustained growth since 2018, increasing by 151% ($2,144bn) comprising on average 7 companies from 2018 - 2022.
Other sectors not presented here that comprise the Global Top 100 include; Basic Materials, Consumer Discretionary, Consumer Staples, Industrials, Telecommunications and Utilities. In 2022 these sectors accounted for 33% of total market capitalisation.
Related content
Contact us
Brian Choi
Capital Markets and Accounting Advisory Services Leader, PwC China
Tel: +[86] (10) 6533 2068
Follow us
