Top 10 Largest Companies in the World in 2023

Amidst the backdrop of the ongoing pandemic-driven transformation of the global economies, top market cap companies are gradually reestablishing their positions, and some are even flourishing as they venture into new opportunities. Let’s explore the rankings of the world’s largest multinational corporations in 2023. The analysis will provide valuable insights into how the most valuable companies in the world achieved success through the adoption of sustainable business models in times of uncertainty.

First, we need to focus on the key indicators that define the size and influence of a business. Forbes, a respected magazine, meticulously evaluates sales, profits, assets, and market value of companies over 12 months for its prestigious Global 2000 ranking. However, right now, we only have interim data. So, we will carefully study Forbes’ evaluation of the world’s largest multinational companies, using the latest market values from June 2023, with help from Statista.

Top 10 biggest companies in the world in 2023

In 2023, there were big changes in the list of international companies published by the respected business magazine. A notable addition to the top positions was JPMorgan, an American bank, making its first appearance among the world’s largest companies since 2011. The bank’s assets increased significantly to USD 3.7 trillion, mostly because more people deposited money there after the First Republic Bank went bankrupt. In the top 10 positions, there were also well-known technology giants like Apple and Alphabet, along with 3 huge state-owned banks from China:

• Industrial and Commercial Bank of China
• China Construction Bank
• Agricultural Bank of China.

In 2023, the big companies on the list made USD 50.8 trillion in sales, and USD 4.4 trillion in profits. They owned assets worth USD 231 trillion. Even though they earned so much, the market value, profits, and assets went down compared to the times before. With 611 registered firms, the United States has the most biggest companies on the list, while China comes 2nd with 346 organizations.

1. JPMorgan Chase & Co

• Country: USA.
• Industry: Diversified finance.
• Revenue: USD 179.9 billion.
• Profit: USD USD 41.8 billion.
• Assets: USD 3.7 trillion.
• Market value: USD 399.59 billion.

Let’s start by looking at JPMorgan Chase & Co, the largest company in the world. This American corporation is dedicated to diverse financial services, investments, and banking. As a significant multinational conglomerate, it serves a broad spectrum of the global market, offering services like consulting, capital raising, brokerage, and research.

According to Euromoney magazine, JPMorgan is the best private bank in Asia, Europe, and North America.

2. Saudi Aramco

• Country: Saudi Arabia.
• Industry: Oil and gas.
• Revenue: USD 661 billion.
• Profit: USD 156 billion.
• Assets: USD 589 billion.
• Market capitalization: USD 2.05 trillion.

Ranked as the world’s second-largest company, Saudi Arabian Oil Group is a prominent energy and chemical holding firm headquartered in the Kingdom of Saudi Arabia. The company has earned a reputation as a global leader in crude oil extraction. Operating across borders, this state-owned enterprise is active in 2 main sectors: Upstream, which involves exploring and extracting oil, and Downstream, which focuses on distributing oil products. Additionally, Saudi Aramco manages an extensive network of gas distribution and transportation facilities.

Saudi Aramco’s influence extends throughout the global energy sector. In addition to crude oil, the company also produces and sells various chemical substances on international markets. In response to the prolonged decline in oil prices, Saudi Aramco took strategic measures in 2023, reducing its production. This move resulted in higher prices, increased sales volumes, and a rise in net profits. As of July 2023, they rank 3rd in market capitalization, right after Apple and Microsoft.

3. Industrial and Commercial Bank of China

• Country: China.
• Industry: Banking and finance.
• Revenue: USD 217 billion.
• Profit: USD 53 billion.
• Assets: USD 6.12 trillion.
• Market capitalization: USD 203 billion.

ICBC holds the 3rd position among the world’s largest companies. This financial institution offers treasury, corporate, and personal banking services. With a remarkable track record, ICBC has consistently dominated The Banker Global 1000 and Fortune’s Global 500 lists as the top commercial bank for an impressive 10-year period. For no less than 7 consecutive years, it has held the esteemed title of the most valuable company in the world as far as the banking and finance sector is concerned. As of March 31, 2023, the company’s total assets reached USD 5.618 trillion, showcasing a remarkable 16.07% surge compared to the previous year.

4. China Construction Bank

• Country: China.
• Industry: Banking and finance.
• Revenue: USD 203 billion.
• Profit: USD 48 billion.
• Assets: USD USD 4.98 trillion.
• Market capitalization: USD 172.9 billion.

A well-known bank in China, China Construction Bank (CCB) is among the biggest companies in the world. It offers a wide array of financial products and services both domestically and internationally. CCB holds a significant position in the regional market, excelling in infrastructure loans, housing mortgages, and banking cards. They use cloud services for more than 98% of their platforms and apps, which helps CCB retain their multiple retail customers and keep the costs low compared to their income.  The bank’s dedication to digital offerings earned it the top position in the region, as recognized in The Asian Banker’s 2023 survey on banking service quality.

5. Agricultural Bank of China

• Country: China.
• Industry: Banking and finance.
• Revenue: USD 186 billion.
• Profit: USD 38 billion.
• Assets: USD 5.36 trillion.
• Market capitalization: USD 141.8 billion.

Operating in the banking and finance industry, the Agricultural Bank of China mainly provides commercial banking and financial services. Since its incorporation in 1951, the company has transformed from a state bank to a prominent international commercial group, listing on the stock exchanges in Shanghai and Hong Kong. In 2023, the Agricultural Bank of China achieved a significant milestone by securing the 5th position among the world’s largest companies, climbing 3 positions from the previous year. They serve corporate clients from various places and cater to a wide range of business needs. As of July, the total market value of its outstanding shares stands at USD 172.63 billion. 

6. Bank of America

• Country: USA.
• Industry: Banking and finance.
• Revenue: USD 97 billion.
• Profit: USD 134 billion.
• Assets: USD 3.2 trillion.
• Market capitalization: USD 220 billion.

Bank of America is a prominent financial institution offering an extensive array of banking services. Its clientele includes individuals, organizations, corporations, and governments from different countries. Operating under a unified name, the bank has established subsidiaries and branches across the globe. With a whopping USD 3.2 trillion in assets, it secures the 2nd position in the USA and proudly ranks among the largest companies worldwide.

7.  Alphabet

• Country: USA.
• Industry: IT and software.
• Revenue: USD 283 billion.
• Profit: USD 59 billion.
• Assets: USD 270 billion.
• Market capitalization: USD 1.34 trillion.

Alphabet Inc., the parent company of Google, surpassed the tech giant Apple in the global rankings. Alphabet Inc. stands as one of the largest corporations in the world with its headquarters in Mountain View, California. It oversees various web products, including the famous Google search engine.  The company expands its portfolio through acquisitions worldwide, managing operations and sales across more than 100 countries.

8. Exxon Mobil

• Country: USA.
• Industry: Oil and gas.
• Revenue: USD 393 billion.
• Profit: USD 62 billion.
• Assets: USD 369 billion.
• Market capitalization: USD 439 billion.

ExxonMobil is a famous multinational energy company based in Irving, Texas. Among the largest corporations globally, it operates in more than 50 countries, holding a strong presence in the international energy market. The company is actively engaged in various energy-related businesses, such as oil, natural gas, and petrochemicals.

9. Microsoft

• Country: USA.
• Industry: IT and software.
• Revenue: USD 208 billion.
• Profit: USD 69 billion.
• Assets: USD 380 billion.
• Market capitalization: USD 2.3 trillion.

Microsoft, a well-known global tech company, is a major player in the tech industry. It is famous for its widely used operating system, Windows, and the popular software suite, Microsoft Office, which are used by people all around the world. The company’s headquarters are in Redmond, Washington. Microsoft operates in over 100 countries. Its shares have seen remarkable growth of 40% this year, almost reaching their highest value ever. The company made a significant breakthrough in the field of artificial intelligence by investing USD 13 billion in OpenAI’s chatbots, which made a groundbreaking impact on the global AI competition. In 2021, Microsoft secured the 3rd position among the world’s largest companies by market cap. Back then, their market capitalization stood at an impressive USD 2 trillion.

10. Apple

• Country: USA.
• Industry: Technology.
• Revenue: USD 385 billion.
• Profit: USD 94 billion.
• Assets: USD 332 billion.
• Market capitalization: USD 2.74 trillion.

Apple Inc., a renowned American tech company, is known for personal computers, smartphones, software, and digital content it develops. With a market capitalization exceeding USD 2.7 trillion, It holds the title of the most valued company in the world. In the Forbes Global 2000 rankings, which assess various indicators, Apple secured the 10th position. This was mainly due to a decline in revenue caused by reduced consumer spending on significant expenses. Additionally, the company’s assets experienced a decrease of around 13%, totaling USD 332 billion, due to reductions in accounts receivable.

In recent years, Apple has faced several challenges. The tensions between the US and China caused difficulties for the company. To handle the situation, Apple started exploring new markets, particularly in countries like India. Currently, it is considering the relocation of some of its manufacturing sites to India.

Bottom line

In the business arena, even the biggest players have to compete fiercely for the top spot, adapt to the ever-changing market conditions, and fine-tune their business strategies. A company’s importance is measured by different things.

Based on aggregate criteria, JPMorgan Chase emerged as the global market leader in 2023, while Apple stood out for its high asset value. Walmart claimed the title of the most profitable company in the world in the same year. Surprisingly, despite its vast retail network, Walmart secured a modest 23rd place on Forbes’ list.

If you want to build a big international company, message the Q Wealth team. We are here to help and will offer guidance and advice on opening accounts and registering foreign companies in jurisdictions that align perfectly with your business goals.