Global Top 100 companies - by market capitalisation

April 2024

Contents



Highlights

Supplementary analysis

Methodology

Complete ranking

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Highlights



This publication analyses the Global Top 100 companies by market capitalisation as at 31 March 2024, highlighting the changes in the composition of the list at 31 March 2023. As a point of reference, the MSCI World Index increased by 23% in the year to 31 March 2024.

The Top 100 Companies hit a new high of $39,871bn as the global macroeconomic picture stabilises and equity markets rebound.

• · The market capitalisation of the Top 100 companies increased by 27% ($8,438bn) compared to 31 March 2023, more than recouping prior period losses ($3,603bn).
• · This new high of $39,871bn means that the Top 100 companies have almost doubled in the past five years, producing a CAGR of 14% over that period.

Performance amongst the Magnificent Seven begins to diverge - will seven become five as the AI boom gathers pace?

• · The Magnificent Seven accounted for 54% of the growth in the Top 100 this year. However, a stellar performance wasn't the case across all of the seven.
• · GRANOLAS, a more diverse, cyclical collection of European listed stocks, outperformed the Magnificent Seven in the prior year. However, the AI weighting of the Magnificent Seven trumped the GRANOLAS in the past year.

The largest four sectors (Tech, Consumer Discretionary, Communication Services and Financials), all grew in excess of 25% in the year, outperforming their benchmarks.

• · The AI story drove Top 100 companies within the Technology sector to a 50% increase, outperforming the wider Technology Index by 10ppts.
• · The best performing sector against its relevant benchmark was Consumer Discretionary, which outperformed the benchmark index by almost 100% (35% v 18%) - albeit this was also heavily linked to the AI theme given it was largely attributable to Amazon and its AWS business.

Best of the rest: Whilst AI drove the majority of the growth in valuations this year, other sectors presented interesting stories also.

• · Despite a modest year for most Health Care stocks, Eli Lilly and Novo Nordisk benefitted from soaring demand for a weight loss drug, up 126% and 60%, respectively.
• · Consumer sentiment appears to be moving in favour of hybrid cars over pure electric, resulting in Toyota (+76%) and Tesla (-15%) coming out at opposite ends of the spectrum.

Technology firms dominate top five with Microsoft regaining the top spot after five years and NVIDIA breaking into the top five for the first time.

• · The valuations of Microsoft (+46%) and NVIDIA (+225%) skyrocketed in the period, propelled by their exposure to AI, accounting for 28% of growth in the Top 100 this year.
• · Apple dropped into second place, one of only a few tech stocks to experience limited growth as its core product offerings come under competitive pressure and its AI story has not yet landed with investors.

US continues to dominate with 62 firms in the Top 100 and a 36% increase in market capitalisation.

• · Eight out of the top ten firms and 62 firms overall are from the US, with NVIDIA, Meta, Eli Lilly and Broadcom more than doubling their valuation YoY.
• · The Health Care and Consumer sectors helped Europe achieve YoY growth of 14%, largely due to Novo Nordisk which grew significantly by 60% YoY.

PwC | Global Top 100 companies - by market capitalisation

The Top 100 reach new highs, driven by a surge in interest for AI and restored investor appetite for equities.



As the macroeconomic picture stabilised and investor appetite for equities returned, the market capitalisation of the Top 100 companies surged 27% in the year, more than recouping prior period losses. This was combined with a surge in interest towards the potential impact of AI, propelling a number of stocks to all time valuation highs.


The growth of the Magnificent Seven has resulted in the aggregate value of the Top 100 becoming even more concentrated.



The tech-centric Magnificent Seven strengthened their hold on the Top 100 again this year, contributing to 54% of the YoY growth. These seven stocks now comprise 34% of the Top 100 as of 31 March 2024. The GRANOLAS, a much more sector diverse collection of European equities, slightly exceeded the performance of the wider STOXX 600 in the year but trailed behind the YoY growth of the Magnificent Seven and their performance against the S&P 500 (50% vs 28%).



Note: Included within the chart above is only the market capitalisation of the Top 100 companies, in certain years equities dubbed as one of the GRANALOS are not within the Top 100 and therefore are excluded from the analysis above, please refer to the basis of preparation for more details.

Source: S&P Global Market Intelligence LLC with PwC analysis

Magnificent Seven | Here to stay?

• · The performance of seven particular stocks, dubbed the 'Magnificent Seven', over the last five years has resulted in increased concentration of the Top 100 aggregate value , with these seven companies now comprising 34% of the Top 100. This is similar to the proportion these seven stocks now comprise of the S&P 500 (29%).
• · Over the last five years , the Magnificent Seven accounted for 47% of growth in the Top 100 , achieving a 23% CAGR.
• · The Magnificent Seven have however experienced mixed fortunes this year. Apple (+1%) and Tesla (-15%) lagged behind as neither are yet considered to be major beneficiaries of AI.
• · The remaining five, buoyed by the bullish sentiment for AI, all recorded significant double, or triple, digit gains. With the AI boom expected to continue and Apple and Tesla trailing, will seven become five?

Are the GRANOLAS Europe's answer to the Magnificent Seven?

• · The GRANOLAS (9 of which are in the Top 100) are more diverse than the tech-centric Magnificent Seven, consisting of Health Care, Consumer and Technology businesses, grew 13.4% in the year.
• · In 2023, GRANOLAS outperformed the Magnificent Seven, proving more resilient in times of significant macroeconomic uncertainty. However, only six recorded a YoY increase.
• · Novo Nordisk , continued to be Europe's showstopper, up 60% YoY driven by the success of its weight-loss supplement, significantly outperforming other Health Care GRANOLAS.
The US remains dominant with an ever-growing proportion of the Top 100.



The US increased its proportion of market capitalisation in the Top 100 to 72% ($28.8tn) at 31 March 2024, up 5ppts to 31 March 2023 (67%). The US also dominates the top ten, comprising eight of the ten spots (down from nine in 2023) and 62 spots overall. Apart from China and its regions, which has struggled with investor sentiment, all regions experienced growth in the year as regional equity markets rebounded from the declines experienced in 2023.



% Change



Source: S&P Global Market Intelligence LLC with PwC analysis

·

• US equities, up 36%, were buoyed by the AI boom , however there were notable increases in the Health Care (+7%) and Financials Sectors (+11%). The US is the only region where its constituents have delivered a double digit 10-year CAGR.
• · Europe saw a 14% increase in valuation, with Novo Nordisk contributing significantly with growth of 60% YoY. Health Care and Consumer were the dominant sectors, each of which represent approximately a quarter of Europe's aggregate market capitalisation.
• · China and its regions saw the only decline in valuation , at -5% YoY, as the region's economic headwinds negatively impacted investor sentiment. The region lost two spots, leaving it with an overall composition of ten companies. Taiwan Semiconductor Manufacturing Company was a shining light for the region, entering the top 10 for the first time with growth of 39% YoY.
• · The Rest of the World's valuation was spurred on by significant increases for the three largest stocks, Saudi Arabian Oil Company (Aramco), Samsung and Toyota , which increased 5% ($99bn), 25% ($81bn) and 76% ($146bn) YoY, respectively. The latter was buoyed by strong demand for hybrid vehicles in the last year.
The largest four sectors all grew in excess of 25% in the year, outperforming their relevant industry benchmarks.



All of the largest four sectors (by market capitalisation) within the Top 100 saw YoY growth in market capitalisation in excess of 25%. The Technology sector continues to dominate with an ever-increasing share of the Top 100 (FY24: 33%, FY23: 28%). Consumer discretionary was the best performing sector, outperforming its benchmark by almost 100% (35% v 18%).



% represents proportion of total Global Top 100

Source: S&P Global Market Intelligence LLC with PwC analysis

• · The Technology sector saw a significant $4.3tn (50%) increase in valuation in the year, 58% of which was attributable to Microsoft and NVIDIA, outperforming the technology benchmark by 10ppts.
• · Amazon's $0.8tn increase in valuation in the year , fueled by stronger than expected Q4 results, accounted for 62% of the total YoY growth in the Consumer Discretionary sector. The sector outperformed its relative index by 17ppts.
• · Alphabet (+42%) and Meta (+125%) saw a recovery of their share price in the year. Between them, the two comprise 66% of the value of the companies in the Communication Services sector and contributed 92% of the year-on-year growth. The sector finished 35% up, outperforming its relative benchmark by 5ppts.

·

• Financials saw a 26% increase in market capitalisation, outperforming its index by 3ppts. JPMorgan Chase and Mastercard contributed 32% of this growth, beneficiaries of a higher interest rate environment. Berkshire Hathaway, a top ten company, also outperformed the benchmark up 35%. China Construction Bank Corporation was the only bank to experience a decline, with its valuation falling by 6%. Despite there being almost a third fewer Financials companies in the Top 100 than ten years ago, the total market capitalisation is up 49%.
Apple loses top spot to Microsoft; NVIDIA replaces Amazon in Top 5.



After three consecutive years at the top, Apple lost the number one spot to Microsoft, which regained the top spot thanks to advances in its AI and cloud-based services capabilities which drove a 46% increase in market capitalisation. NVIDIA, a key beneficiary of the AI boom achieved the largest growth of any Top 100 company (225%), breaking into the top five for the first time. Amazon dropped out of the top five for the first time since 2017 despite its market capitalisation growing by 77%.


• · Microsoft knocks Apple off the top spot with a market capitalisation of $3.1tn, experiencing growth of 46% from March 2023.
• · With Apple yet to convince investors it will be a beneficiary of AI, its share price lagged behind the wider technology index with only a modest 1% increase, in turn losing its top spot to Microsoft.
• · Chip developer NVIDIA broke into the top five for the first time , with YoY growth of 225%. The company's revenue grew by 126% in the fiscal year 2024, helping its valuation to increase to $2.2tn and moving the company into third spot.
• · Amazon dropped out of the top five for the first time since 2017, despite its market capitalisation growing significantly by 77%.
• · Saudi Aramco held its position of being the only non-tech oriented company within the top five, growing 5% YoY. The Company has however fallen to fourth over the last four years, having been number one following its IPO in 2020.
• · Alphabet Inc . achieved a notable 42% increase in value, despite dropping down a position to fifth.
Country performance



The US continues to dominate the Top 100, comprising 62 out of 100 companies and accounting for 72% of the aggregate value of the Top 100. China lost two companies from the Top 100 and recorded the largest YoY decline (-15%), being replaced by Saudi Arabia (Saudi Aramco) in second spot.


• (1) Market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023 on a like-for-like basis

Source: S&P Global Market Intelligence LLC with PwC analysis

• · Spain entered the Top 100 this year, after Inditex's, the retail fashion company that owns Zara, shares hit an all-time high, up 50% in the year.
Supplementary analysis


Sector comparison


• 1. Change in market capitalisation of the Top 100 companies as at 31 March 2024 and 31 March 2023, on a like-for-like basis.
• 3. Market capitalisation ($bn) and the number of companies shown relates to the top 100 list at the relevant date (therefore not on a like-for-like basis)
• 2. Industry index performance is based on the MSCI International ACWI Industry Price Index USD

Source: S&P Global Market Intelligence LLC with PwC analysis

Spread of market capitalisation in the Global Top 100

The spread of market capitalisation shifted significantly in the year, with 15 companies now having a valuation over $500bn, compared with nine companies in 2023.



No. of Global Top 100 companies in Mar-2024

No. of Global Top 100 companies in Mar-2023

Source: S&P Global Market Intelligence LLC with PwC analysis

The Global Top 100 companies with the largest relative increases and decreases in market capitalisation



Source: S&P Global Market Intelligence LLC with PwC analysis

Methodology


Methodology


• · This Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31 March 2024 and as at the respective dates of those prior years.
• · Data sources: S&P Global Market Intelligence LLC with PwC analysis
• · Industry classification is per S&P Capital IQ primary sectors.
• · Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis.
• · A company's location is the country or region where its headquarters are located.
• · The ranking does not compensate for changes in currency exchange rates.
• · China and its regions includes: Mainland China, Hong Kong SAR and Taiwan.
• · The Magnificent Seven are comprised of: Microsoft, Apple, NVIDIA, Alphabet, Meta, Amazon and Tesla
• · GRANOLAS are comprised of: GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, Astrazeneca, SAP and Sanofi. Note: The following companies were not included in the Top 100 in the years noted below. Therefore where performance/market capitalisation of GRANOLAS is referenced, these entities are excluded.
• · GSK: Not included from 2021 onwards
• · SAP: Not included in 2022
• · Sanofi: Not included in 2021, 2022 and 2024


Top 100 global companies 1-20 (by market capitalisation)



PwC | Global Top 100 companies - by market capitalisation

Top 100 global companies 21-40 (by market capitalisation)



Top 100 global companies 41-60 (by market capitalisation)



PwC | Global Top 100 companies - by market capitalisation

Top 100 global companies 61-80 (by market capitalisation)



PwC | Global Top 100 companies - by market capitalisation

Top 100 global companies 81-100 (by market capitalisation)



PwC | Global Top 100 companies - by market capitalisation



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