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1、May 2023Global Top 100 companies-by market capitalisationPwC|Global Top 100 companies-by market capitalisationContents2HighlightsSupplementary analysisMethodologyComplete ranking03101416PwC|Global Top 100 companies-by market capitalisationHighlights3 3PwC|Global Top 100 companies-by market capitalis
2、ationFirst significant Year-on-Year(YoY)decline since 2009 Market Capitalisation for the Top 100 companies decreased by 11%($3,845bn)compared to 31 March 2022,the first significant decrease since 2009(-38%).A strong Q1-23 for equity markets,despite turbulence in the Banking sector,wasnt sufficient t
3、o reverse losses recorded earlier in the year with a fall in investor confidence and the tightening of fiscal policies globally amongst the key factors putting equity valuations under pressure.Highlights4This publication analyses the Global Top 100 companies(by market capitalisation,as at 31 March 2
4、023),highlighting the changes in the composition of the list at 31 March 2022 and other relevant periods.As a point of reference,despite a strong Q1-23,the MSCI World Index decreased by 8.6%in the year to 31 March 2023 following a challenging period for global markets.Europe the only region with YoY
5、 growth Despite a volatile macroeconomic backdrop,Europe experienced YoY growth-the only region to do so-with total market capitalisation increasing$341bn(9.5%),moving up to the second spot in the regional list.This was attributable to four new entries to and some outstanding YoY performers,includin
6、g Novo Nordisk(+40%).The US saw a 12%($2,969bn)decline in market capitalisation,though retained its number one spot in the regional list.Sector dynamic-A rotation from growth and cyclical stock to more defensive sectors Despite a surprising rally in Q1-23 for technology,the sector recorded an 8%YoY
7、decline in the list,the first decline recorded since 2016.A poor year for Financials and Consumer Discretionary,accounting for$2,159bn(56%)of the total fall in market capitalisation,driven by exits and performance.Companies featuring within the Industrial sector performed well with market capitalisa
8、tion increasing 45%($376bn),mainly aided by four new entries into the Top 100.Apple retains its top spot despite a challenging year for Tech valuation,leaving the top five unchanged The top five remain unchanged:Apple,Microsoft,Saudi Aramco,Alphabet and Amazon,however,they did contribute towards 50%
9、of the fall in total market capitalisation.Aramco had a stable Q1-23 as commodity prices stabilised whilst the others benefitted from a recovery run in Q1-23,reversing some earlier declines.Despite Apple and Microsoft falling 8%and 7%respectively,they were the only two companies in the top five to o
10、utperform their relative industry sector,with Technology falling 12%overall.Saudi Aramco,was the worst performing relative to its sector down 18%versus the Energy index of a 2%decrease.Country performance The top three countries(US,Saudi Arabia and Mainland China)retained their respective positions
11、for their share of market capitalisation,despite their market capitalisation dropping by 12%,18%and 11%,respectively.Germany,France and Denmark had notable growth this year despite challenging macroeconomic conditions.SAP SE,a Germany based Technology Company,saw a 12%increase in market capitalisati
12、on this year,one of a few exceptions in the Top 100.PwC|Global Top 100 companies-by market capitalisationTightening of fiscal policies and falling investor confidence drive valuations down for the first time since 2016.5Despite a rebound in market capitalisation for most sectors in Q1-23,a challengi
13、ng environment for equities caused by the ongoing tightening of fiscal policy and stubborn inflation,and compounded by the uncertainty in the US and European banking sector that arose in Q1-23,meant that the Top 100 Companies market capitalisation decreased by 11%compared to 31 March 2022.This was t
14、he first decrease since 2016.The US,the largest contributor to the Top 100,is the main driver of this decrease,with a drop of$2,969bn(77%of the overall fall in market capitalisation)from this region alone.Source:Capital IQ with PwC analysisThe Top 5 companies remain unchanged from 2022 despite signi
15、ficant falls in market capitalisation.Visa Inc.,replaces Taiwan Semiconductor Manufacturing Company Limited in the Top 10 after the laters share price fell 16%in the year whereas Visas share price held flat throughout.Technology retained its top sector position despite a 12%decline in market capital
16、isation.Industrials was the only sector to grow in the year,up 45%.91 companies from March 2022 maintained their position in the 2023 list adding more stability to the Top 100 than the previous year.This highlights the subdued performance across all sectors.There were no direct entrants as a result
17、of an IPO this year.The threshold to enter the Top 100 has decreased 8%to$119bn this year,compared to$128bn in March 2022,evidencing the challenges facing global markets.CAGR(10 years)9%CAGR(5 years)10%23 vs 22-11%PwC|Global Top 100 companies-by market capitalisationEurope outperforms the regions wi
18、th four new entrants into the Top 100.6The European regions share increased from 10%in 2022 to 13%in 2023,marking the only region with YoY growth buoyed by four new entrants in the the Top 100.The dominance of technology and communication services in the US companies contributed to a 12%decline in U
19、S market capitalisation,its first decrease in the Top 100 in over ten years-albeit it retained its number one status comfortably.Europe the only region to grow YoY,aided by the performance in Denmark(+40%),Germany(+18%)and France(+17%).Germany added two companies to the list,Deutsche Telekom and Sie
20、mens who increased their share price by 29%and 15%respectively,The US remains the number one region in the Top 100,despite a$2,969bn reduction in its total market capitalisation,the US retained its 70%share in value of the Top 100.This highlights the fact that challenges were broad based,impacting m
21、ost key regions and sectors in the period.China and its regions market capitalisation decreased by 7%,despite welcoming one new entrant into the Top 100,AIA Group Limited.The Finance sector accounts for more than half of overall market capitalisation drop in the region.The Rest of the World faced a
22、challenging year with three exits from the Top 100 and Aramcos market capitalisation falling$404bn.20023United States7,15612,38724,65421,686Europe3,1863,4703,5893,930China and its regions7962,5622,5562,369Rest of the World1,9161,2113,9152,885Total13,05319,63034,71430,869CAGR(10 yrs)CAGR(5
23、 years)%Change 22 to 2311.7%11.9%-12.0%2.1%2.5%9.5%11.5%-1.6%-7.3%4.2%19.0%-26.3%9.0%9.5%-11.1%Market Capitalisation($bn)Source:Capital IQ with PwC analysisPwC|Global Top 100 companies-by market capitalisationKey sectors all decline in the year to 31 March 2023,though Technology continues the trend
24、of increasing as a%of the Top 100.7Companies within communication services largely declined in the year,though the 28%($512bn)Alphabet Inc.s share price drop was a driving factor.Despite a rebound in Q1-23 for Technology,market capitalisation fell$726bn as increases in interest rates hurt valuations
25、.Financials had performed well relative to the index until instability in the banking sector in Mar-23 put bank stocks under pressure.The Technology sector faces its first decline in market capitalisation since 2016,falling 8%on 2022.Despite this,all 18 tech companies from 2022 maintain their positi
26、on as a Top 100 Company.Financials had performed well relative to the Top 100,benefitting from the rising interest rate environment.However,worries of instability in the US and European banking sectors resulted in share prices falling at some of the worlds largest financial institutions.The aftermat
27、h led to one US bank exiting the list after shedding over 30%of its value in Mar-23.89%of the drop in Communication service is attributable to a decline in market capitalisation of Alphabet($512bn)and Meta($56bn).Energy fell 12%,with varied performance amongst the seven Energy companies.Significant
28、movers were Aramco who fell 18%($404bn),whilst ExxonMobil grew 28%($97bn)in the year.Of the other sectors not presented here(see sector comparison)Industrials and Consumer Staples were the only sectors to increase in market capitalisation with both aos outperforming respective benchmarks.EnergyFinan
29、cialCommunication servicesTechnology20181,0816%4,51623%2,62113%3,52918%20191,3406%3,93119%2,84014%3,88519%20202,30811%3,17615%2,85614%4,44021%20212,6799%4,44714%4,69815%7,50524%20223,65511%4,89714%4,07512%9,38027%20233,23211%3,82212%3,43611%8,65428%represents proportion of total Global Top 100#numbe
30、r of companies in sectorSource:Capital IQ with PwC analysisMarket Capitalisation($bn)7 7 7 7 5 5 11 10 9 10 9 9 24 21 19 17 17 17 17 16 15 14 1818PwC|Global Top 100 companies-by market capitalisationTop five retain their position but market capitalisation trends downward after a challenging year.8Fo
31、r the first time in ten years,all of the top five companies faced a reduction in market capitalisation,accounting for 50%of the overall drop in value this year.Q1-23 performance for Apple,Microsoft,Alphabet and Amazon was strong,reversing some of the losses incurred to Dec-22.Aramco was ranked secon
32、d at Dec-22 and despite posting record annual profits in excess of$160bn,it couldnt keep pace with Microsofts Q1-23 share price increase,ending the year as the third largest Company in the list.The constituents of the top five and their rank remains unchanged from the 2022 Global Top 100 list.All of
33、 the top five market capitalisation dropped since the last year with the highest drop of 36%for Amazon,followed by 28%for Alphabet.Despite the overall slowdown for the technology sector,a rebound in Q1-23 for the sector meant Microsoft maintained its second position in the list,ending the year to Ma
34、rch-23 7%down.For the first time since 2016,Apples market capitalisation fell YoY.The delta between the largest and smallest Company in the Top 100 remains significant at$2,490bn.Aramco,experienced a significant 18%drop in value despite posting profits in excess of$160bn in 2022,as commodity prices
35、softened.Source:Capital IQ with PwC analysisMarket Capitalisation($bn)Market Capitalisation($bn)PwC|Global Top 100 companies-by market capitalisationCountry performance9Few countries managed to increase market capitalisation in the year.All countries that recorded an increase were within the Europea
36、n region-this was due to a combination of new entrants and growth in market capitalisation of existing companies.Despite double digit%declines,the US,Saudi Arabia and Mainland China retained their position in the top three and were the only countries with a combined market capitalisation of over$1,0
37、00bn.The ranking of the Top 3 location and no.of companies for these respective locations remained unchanged since last year.France entered into the Top 5,replacing Switzerland,following the outperformance of French equities,particularly LVMH which increased$97bn(27%)on 2022.Strong performance by Si
38、emens(up 15%)and Deutsche Telekom(up 29%and climbing 85 places)meant that Germany welcomed two new entrants to the list and moves into the Top 10.Novo Nordisk A/S market capitlisation increased 40%($102bn)moving Denmark into the Top 10 for the first time.Belgium are back in the Top 100 after AB InBe
39、v continued to recover from the Global Pandemic,re-entering the Top 100 list this year after an 8%increase in market capitalisation.RankLocationChange in market capitalisation of the current Global Top 100Mar-2022 to Mar-2023(%change)Market capitalisationMar-2023($bn)#Companies 2023Like-for-like mar
40、ketcapitalisationMar-2022 1($bn)#Companies 2022Market capitalisation2022($bn)Rank by market capitalisation 20221United States-12%21,68664 24,5506424,65412Saudi Arabia-18%1,8921 2,29712,29723Mainland China-11%1,7949 2,015 92,01534France17%9804 840 484065United Kingdom3%8525 831584756Switzerland-13%76
41、53 880388047Taiwan-16%4531 540154078Germany18%39633371132179Denmark40%3561 25412541510South Korea-15%3271 3851385911Netherlands-2%2681 273 12731412Japan-24%1921 25223821013Ireland-16%1801 21423621114India-19%1801 22112211615Australia-18%1601 Canada-14%1331 Belgium11%1321 119n.a
42、n.an.a18Hong Kong-4%1221127n.an.an.a Market capitalisation of the Top 100 companies as at 31 March 2023 and 31 March 2022 on a like-for-like basisSource:Capital IQ with PwC analysisPwC|Global Top 100 companies-by market capitalisationSupplementary analysis10PwC|Global Top 100 companies-by market cap
43、italisationSector comparison11(1)Change in market capitalisation of the Top 100 companies as at 31 March 2023 and 31 March 2022,on a like-for-like basis.(2)Industry index performance is based on the MSCI International ACWI Industry Price Index USD(3)Market capitalisation($bn)and the number of compan
44、ies shown relates to the top 100 list as the relevant date(therefore not on a like-for-like basis)Source:Capital IQ with PwC analysisSectorChange in market capitalisation of current Global Top 100Mar-2022 to Mar-2023 Change in industry index performanceMar-2022 to Mar-2023 Global Top 100 performance
45、 vs industry indexMarket capitalisation Mar-2023($bn)(3)Number of companiesMar-2023(3)Market capitalisation Mar-2022($bn)(3)Number of companiesMar-2022(3)Technology-8%-12%Outperformed8,654189,38018Health Care-2%-7%Outperformed3,941164,32018Financials-11%-15%Outperformed3,822174,89721Consumer Discret
46、ionary-23%-17%Underperformed3,566104,65010Communication Services-18%-18%Outperformed3,436104,0759Energy-10%-2%Underperformed3,29273,6557Consumer Staples-1%-3%Outperformed2,467102,2548Industrials-7%-6%Underperformed1,20398275Materials-6%-16%Outperformed33524903Utilities-8%-11%Outperformed15311661PwC|
47、Global Top 100 companies-by market capitalisationSpread of market capitalisations in the Global Top 10012Source:Capital IQ with PwC analysisNo.of CompaniesMarket Capitalisation spread(Mar-23 vs Mar-22)PwC|Global Top 100 companies-by market capitalisationThe Global Top 100 companies with the largest
48、relative increases and decreases in market capitalisation13Company nameLocationSectorChange in market capitalisation Mar-2022 to Mar-2023(%)Market capitalisationMar-2023($bn)Market capitalisationMar-2022($bn)Top ten risersNovo Nordisk A/SDenmarkHealthcare40%356254Merck&Co.,Inc.United StatesHealthcar
49、e30%270207Deutsche Telekom AG GermanyCommunication Services29%12194Exxon Mobil Corporation United StatesEnergy28%446350LVMH Mot Hennessy-Louis Vuitton,Socit EuropenneFranceConsumer Discretionary27%460363Eli Lilly and CompanyUnited StatesHealthcare20%310258Siemens AktiengesellschaftGermanyIndustrials
50、15%129112Starbucks Corporation United StatesConsumer Discretionary14%120105Oracle Corporation United StatesInformation Technology14%251221Unilever PLC United KingdomConsumer Staples13%131116Bottom tenTesla,Inc.United StatesConsumer Discretionary-41%6591,114A,Inc.United StatesConsumer Discretionary-3
51、6%1,0581,659Intel CorporationUnited StatesInformation Technology-33%135203China Merchants Bank Co.,Ltd.ChinaFinancials-33%126188Bank of America Corporation United StatesFinancials-31%229332Roche Holding AGSwitzerlandHealthcare-29%230323Union Pacific CorporationUnited StatesIndustrials-28%123172Alpha
52、bet Inc.United StatesCommunication Services-28%1,3301,842The Walt Disney CompanyUnited StatesCommunication Services-27%183250Comcast CorporationUnited StatesCommunication Services-25%160212Source:Capital IQ with PwC analysisPwC|Global Top 100 companies-by market capitalisationMethodology14PwC|Global
53、 Top 100 companies-by market capitalisation15MethodologyThis Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31 March 2023 and as at the respective dates of those prior years.Data sources:Capital IQ with PwC analysisIndustry classification
54、is per Capital IQ report.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.The ranking does not compensate for changes in currency exchange rates.China and its regions includes:Mainland China
55、,Hong Kong SAR and Taiwan.PwC|Global Top 100 companies-by market capitalisationComplete ranking16PwC|Global Top 100 companies-by market capitalisation17Top 100 global companies 1-20(by market capitalisation)31 March 202331 March 2022RankCompany NameLocationSectorRank+/-(vs 2022)Market capitalisation
56、RankMarket capitalisation1APPLE INCUnited StatesInformation Technology02,60912,8502Microsoft CorporationUnited StatesInformation Technology02,14622,3113Saudi Arabian Oil CompanyRest of the WorldEnergy01,89332,2974ALPHABET INCUnited StatesCommunication Services01,33041,8425AMAZON.COM INCUnited States
57、Consumer Discretionary01,05851,6596NVIDIA CorporationUnited StatesInformation Technology268586847Berkshire Hathaway Inc.United StatesFinancials067677808TESLA INCUnited StatesConsumer Discretionary-265961,1149META PLATFORMSUnited StatesCommunication Services0550960510Visa IncUnited StatesFinancials 3
58、4641346411Tencent Holdings LimitedChina and its regionsCommunication Services34621445612LVMH Mot Hennessy-Louis Vuitton,Socit EuropenneEuropeConsumer Discretionary74601936313Taiwan Semiconductor Manufacturing Company LimitedRest of the worldInformation Technology-34531054014Exxon Mobil CorporationUn
59、ited StatesEnergy74462135015UnitedHealth Group IncorporatedUnited StatesHealth Care-44411148016Johnson&JohnsonUnited StatesHealth Care-44051246617WALMART INCUnited StatesConsumer Staples-23981541018JPMorgan Chase&Co.United StatesFinancials-23841640319Novo Nordisk A/SEuropeHealth Care0The
60、Procter&Gamble CompanyUnited StatesConsumer Staples-23511836617PwC|Global Top 100 companies-by market capitalisationPwC|Global Top 100 companies-by market capitalisation18Top 100 global companies 21-40(by market capitalisation)31 March 202331 March 2022RankCompany NameLocationSectorRank+/-(vs 2022)M
61、arket capitalisationRankMarket capitalisation21Mastercard IncorporatedUnited StatesFinancialsSamsung Electronics Co.,Ltd.Rest of the WorldInformation Technology-53271738523Nestl S.A.EuropeConsumer Staples-33262036024Chevron CorporationUnited StatesEnergyEli Lilly and CompanyUni
62、ted StatesHealth Care73103225826The Home Depot,Inc.United StatesConsumer Discretionary03002630927AbbVie Inc.United StatesHealth Care22812928628Merck&Co.,Inc.United StatesHealth Care262705420729The Coca-Cola CompanyUnited StatesConsumer Staples22683126930ASML Holding N.V.EuropeInformation Technology0
63、2683027331Broadcom Inc.United StatesInformation Technology22683325732Alibaba Group Holding LimitedChina and its regionsConsumer Discretionary-52642729233PepsiCo,Inc.United StatesConsumer Staples72514023234Oracle CorporationUnited StatesInformation Technology82514222135LOral S.A.EuropeConsumer Staple
64、s92394421636Pfizer Inc.United StatesHealth Care-82302829137Roche Holding AGEuropeHealth Care-8Bank of America CorporationUnited StatesFinancials-9Thermo Fisher Scientific Inc.United StatesHealth Care22224123140Industrial and Commercial Bank of China LimitedChina and its regions
65、Financials-62213425618PwC|Global Top 100 companies-by market capitalisationPwC|Global Top 100 companies-by market capitalisation19Top 100 global companies 41-60(by market capitalisation)31 March 202331 March 2022RankCompany NameLocationSectorRank+/-(vs 2022)Market capitalisationRankMarket capitalisa
66、tion41Costco Wholesale CorporationUnited StatesConsumer Staples-62203525542AstraZeneca PLCEuropeHealth Care3Cisco Systems,Inc.United StatesInformation Technology-42143923244Novartis AGEuropeHealth Care5McDonalds CorporationUnited StatesConsumer Discretionary6Salesfor
67、ce,Inc.United StatesInformation Technology52005121047Shell plcEuropeEnergy51975220948Toyota Motor CorporationRest of the worldConsumer Discretionary-9NIKE,Inc.United StatesConsumer Discretionary-Danaher CorporationUnited StatesHealth Care01845021051The Walt Disney CompanyUnited
68、 StatesCommunication services-2Accenture plcEuropeInformation Technology-51814721453Reliance Industries LimitedRest of the worldEnergy-4Adobe Inc.United StatesInformation Technology-91774521555T-Mobile US,Inc.United StatesCommunication services6Abbott LaboratoriesUni
69、ted StatesHealth Care-31765320957Linde plcEuropeMaterials8Texas Instruments IncorporatedUnited StatesInformation Technology9United Parcel Service,Inc.United StatesIndustrials31666218760China Construction Bank CorporationChina and its regionsFinancials-PwC|Global Top
70、100 companies-by market capitalisationPwC|Global Top 100 companies-by market capitalisation20Top 100 global companies 61-80(by market capitalisation)31 March 202331 March 2022RankCompany NameLocationSectorRank+/-(vs 2022)Market capitalisationRankMarket capitalisation61Verizon Communications Inc.Unit
71、ed StatesCommunication Services-2BHP Group LimitedRest of the WorldMaterials-41605819663Comcast CorporationUnited StatesCommunication Services-4Advanced Micro Devices,Inc.United StatesInformation TechnologyAgricultural Bank of China LimitedChina and its regionsFinanc
72、ials51567016766Netflix,Inc.United StatesCommunication Services51547116667NextEra Energy,Inc.United StatesUtilities51537216668Philip Morris International Inc.United StatesConsumer Staples9Morgan StanleyUnited StatesFinancials71487615670SAP SEEuropeInformation Technology271479713271Bristol-
73、Myers Squibb CompanyUnited StatesHealth Care71467815572TotalEnergies SEEuropeEnergy241459613273Contemporary Amperex Technology Co.,LimitedChina and its regionsIndustrials-4Raytheon Technologies CorporationUnited StatesIndustrials61438014775QUALCOMM IncorporatedUnited StatesInformation Tec
74、hnology-91426617276Wells Fargo&CompanyUnited StatesFinancials-7AT&T Inc.United StatesCommunication Services-81376916978SanofiEuropeHealth Care22Bank of China LimitedChina and its regionsFinancials51368414280Intel CorporationUnited StatesInformation Technology-241355620320PwC|Gl
75、obal Top 100 companies-by market capitalisationPwC|Global Top 100 companies-by market capitalisation21Top 100 global companies 81-100(by market capitalisation)31 March 202331 March 2022RankCompany NameLocationSectorRank+/-(vs 2022)Market capitalisationRankMarket capitalisation81HSBC Holdings plcEuro
76、peFinancials51348613882Royal Bank of CanadaRest of the WorldFinancials-51337715583Anheuser-Busch InBev SA/NVEuropeConsumer Staples23Unilever PLCEuropeConsumer Staples28Amgen Inc.United StatesHealth Care51299013586Siemens AktiengesellschaftEuropeIndustrials29Honeywell
77、 International Inc.United StatesIndustrials61289313388The Boeing CompanyUnited StatesIndustrials26China Merchants Bank Co.,Ltd.China and its regionsFinancials-291266018890Intuit Inc.United StatesInformation Technology-312587=13691Union Pacific CorporationUnited StatesIndustrials-241236717
78、292American Express CompanyUnited StatesFinancials-71238514293Deere&CompanyUnited StatesIndustrials8AIA Group LimitedChina and its regionsFinancials8ConocoPhillipsUnited StatesEnergy41219913096Deutsche Telekom AGEuropeCommunication Services851211819497Lockheed Martin Corporatio
79、nUnited StatesIndustrials8Starbucks CorporationUnited StatesConsumer Discretionary-57Lowes Companies,Inc.United StatesConsumer Discretionary-7Ping An Insurance(Group)Company of China LtdChina and its regionsFinancials-91199113521PwC|Global Top 100 companies-by market
80、 2023 PwC.All rights reserved.PwC refers to the PwC network and/or one or more of its member firms,each of which is a separate legal entity.Please see for further details.This content is for general information purposes only,and should not be used as a substitute for consultation with professional advisors.