Global Top 100 Companies 2019

Global Top 100
companies by
market capitalisation
July 2019
Contents
Methodology and key contacts

3
Highlights and trends
6
Complete ranking
18
Appendices:
• Value distribution in calendar year 2018
• 10-year comparison 2019 vs. 2009
24
PwC | Global Top 100 companies by market capitalisation 2

Methodology and
key contacts
PwC | Global Top 100 companies by market capitalisation

Methodology
• This Global Top 100 report ranks the largest public companies by • We allocated dual-listed companies as follows: BHP Billiton (AUS),
their market capitalisation in US dollars as at 31 March 2019 and Royal Dutch Shell (UK) and Unilever (NL).
compares this with the Global Top 100 list as at 31 March 2018 and
31 March 2009. • The ranking does not compensate for changes in currency
exchange rates.
• Data sources: Bloomberg with PwC analysis, CBI Insights with PwC
analysis. • The distribution of value is based on dividend payments and share
repurchases in the calendar year 2018.
• Sector classification is based on Industry Classification
Benchmark (ICB). • Greater China includes Hong Kong and Taiwan, previously they
• Exchange Traded Funds (ETFs) and closed end funds are were presented separately.
excluded from the analysis.
• A company’s location is the country or region where its

headquarters are located.

Key Contacts
• Ross Hunter • Nadja Picard

IPO Centre Leader PwC Europe Capital Markets Leader
Partner, PwC UK Partner, PwC Germany
Tel: +44 780 291 8885 Tel: +49 211 981 2978
ross.hunter@pwc.com nadja.picard@pwc.com
• Peter Whelan • David Ethridge

UK IPO Lead US IPO Services Leader
Partner, PwC UK Managing Director, PwC US
Tel: +44 7770 977 937 Tel: +1 212 845 0739
peter.whelan@pwc.com david.a.ethridge@pwc.com
• Kennedy Liu
Capital Markets Leader, China/Hong Kong
and Asia Pacific
Partner, PwC HK
Tel: +852 2289 1881
kennedy.liu@hk.pwc.com

Highlights
and trends

Highlights
Companies Countries Sectors
• The market capitalisation of the Global Top 100 • India featured in the Global Top 100 for the first time • For the third year in a row, technology was the
companies has increased by 5% since last since 2009, with the return of Reliance Industries, largest sector in terms of market capitalisation
year, more subdued than 15% growth in as well as a new entrant Tata Consultancy. Both ($5,691bn). However in terms of percentage
2017/2018. The MSCI World Index remained companies’ market capitalisation increased due to value increase, the healthcare,
flat at 45.2, compared to 45.4 last year. robust earnings growth coupled with the overall telecommunications and consumer services
strong domestic market performance. sectors grew by 15% each compared to 6% for
• Microsoft has overtaken Apple to take top technology.
position, the first time in eight years that Apple • Saudi Arabia joined the Global Top 100 this year for
has not been the Global Top 100 number one. the first time with the inclusion of Saudi Basic • The worst performing sector was financials,
Microsoft’s market capitalisation increased by Industries Corp, boosted by Saudi Aramco’s with a 3% decline in market capitalisation,
29% to $905bn, fueled by its transformation into $69.1bn investment in March 2019 to acquire a 70% although companies included in the Global Top
a cloud computing company – compared to majority stake in the company. 100 still managed to do better than the rest of
Apple’s increase of 5%. the sector.
• 2019 has not seen much change in the top locations
• The top four companies are unchanged from split compared to 2018: • A total of $887bn has been distributed to
last year. Exxon Mobil returned to the top ten shareholders by the Global Top 100 companies,
this year, for the first time since 2017, replacing ˗ The US still dominates – 54 (the same number mainly in the US. Apple alone distributed $87bn
JP Morgan. as in 2018) out of the Global Top 100 are US to shareholders in dividends and share
companies, with the market capitalisation repurchases in the calendar year 2018 (vs
• There were no direct entries via IPO this year. increasing by $1,105bn (9%). $31bn distributed in 2017).
The last company to enter the Global Top 100
via IPO was Alibaba in 2014. ˗ Greater China, the second largest contributor to • As a point of comparison, in the private
the Global Top 100 with 15 companies, saw a company domain, nearly half (48%) of the top
decrease of 5% in its total market capitalisation 100 unicorns valued at $1bn+ as at 31 March
when compared to 31 March 2018, impacted by a 2019 were from the US, in line with what we see
growing trade rift between Greater China and the in the Global Top 100. The value of top 100
US and its effect on the market sentiment; unicorns grew by 6% to $815bn as at 31 March
2019, consistent with the public companies
˗ the UK comes third with 6 companies market capitalisation increase.
(vs. five in 2018).
Total market capitalisation of the Global Top 100 companies as at 31
March 2019
Total market capitalisation of Global Top 100 companies as at 31 March

Highlights
24,000
21,075
20,035
Market capitalisation ($bn)

• The market capitalisation of the Global Top 21,000
100 has increased by 5% since last year. 18,000
• Microsoft has overtaken Apple to take the 15,000

top position. 12,000
8,402
9,000
• Exxon Mobil returned to the top ten this year,
replacing JP Morgan. 6,000
3,000
• The market capitalisation of the largest
0
company has nearly tripled in the last ten 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
years – from $337bn (Exxon Mobil) to $905bn
(Microsoft). The gap between the largest and
smallest companies has continued to grow,
currently at $806bn. Market capitalisation of top and bottom companies Apple Microsoft
1,000 Apple 905
• In 2019 the market capitalisation of the Apple 851
Apple Apple 754

smallest company in the Global Top 100 is 800 Exxon 725
over double of its equivalent in 2009 - $99bn Mobil Apple 604
Exxon PetroChina 559 Apple
vs $40bn. 600 469
Mobil 417 416
337 329
400
200 61 69 64 70 81 85 76 88 97 99
40
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number 1 Number 100
Source: Bloomberg with PwC analysis

Within the top five, Microsoft overtakes Apple as the most valuable
public company
1,200
Highlights
• Microsoft overtook Apple as the world’s most
valuable public company by market 1,000
capitalisation in November 2018 and continued
to lead throughout the first quarter of 2019.
Market captalisation ($bn)

• Apple continues to return significantly more 800
value to the shareholders than any other
company—$87bn in 2018 ($31bn in 2017).
• Microsoft has been experiencing a growth in 600

value, fueled by its transformation into a cloud
computing company and weathered recent
turmoil for technology stocks better than some
other companies. 400
• The 5th placed Berkshire Hathaway lags

behind the 4th placed Alphabet by $323bn or
40%. Technology and e-commerce dominate 200
the top end of the rankings at present.
-
Mar-18
Jun-18
Feb-19
Mar-19
Sep-18
Dec-18
Jul-18
Oct-18
Nov-18
Aug-18
Apr-18
May-18
Jan-19
Apple Alphabet Microsoft Amazon Berkshire Hathaway

Market capitalisation of the Global Top 100 by region
13,292
Highlights 14,000
12,187
12,000 10,928
• The US continued to see impressive growth in

its share of the largest companies in value 9,322 9,636
10,000
terms over the past 10 years. The US share of 8,052
the Global Top 100 market capitalisation rose 8,000 6,739
6,202
from 45% as at March 2009 to 63% in 2019. 5,170 5,538
6,000
• Europe dropped from 27% of the Global Top 3,805 3,997 3,424
4,000 3,311 3,370 2,980 3,347 2,996 3,031 3,362
3,197
100 market capitalisation as at 31 March 2009 2,272 1,750 2,250 2,176 1,980 1,606 1,914 3,332
to 15% in 2019, having 11 companies fall from 2,000 1,319 2,361 2,186 3,181
the list over that period. 1,007
1,577 1,819 1,614 1,531 1,364 1,133 1,032 1,293 1,154 1,405
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
• Greater China’s market capitalisation
decreased by 4% as at 31 March 2019 versus
March 2018. This was impacted by a growing
trade rift between Greater China and the US, 60 54 55 54 54
53
and its effects on the market sentiment.
47
50 42 43
41
• The Rest of the World saw an increase of 39 38
Number of companies
22% in its market capitalisation, boosted by the 40

31 33 30
new additions from India, Saudi Arabia, Japan 31 27 28 26 24
30 22 23
and Brazil in 2019. 19 21 20
16 18 19
20 14 15
12 12 12 15
10
11 12 11 9 9 10 11 11
10 10 8
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
US Europe Greater China Rest of the World

The Global Top 100 – Number of companies by country – 2019 vs 2018
Global Top 100 2019 Global Top 100 2018
Highlights Market Rank Market Rank by

capitalisation by market capitalisation market
• The US and Greater China saw no change from Location # companies ($bn) capitalisation # companies* ($bn) capitalisation
last year in the number of companies in the United States 54 13,292 1 54 12,187 1
Global Top 100.
Greater China 15 3,197 2 15 3,332 2
• The UK held its position in 3rd place, with six UK 6 870 3 5 814 3
companies, helped by the return of Rio Tinto and France 5 696 5 4 532 5
AstraZeneca.
Switzerland 3 774 4 3 655 4
• Germany saw the biggest loss with three Japan 2 298 6 1 210 11
companies dropping out, including Siemens Ireland 2 235 7 2 212 10
(having spun off its medical equipment unit, India 2 233 9 N/A N/A N/A
Siemens Healthineers AG), Volkswagen and Canada 2 208 10 2 216 9
Allianz. South Korea 1 234 8 1 298 7
• India rejoined the Global Top 100 for the first time Belgium 1 169 11 1 222 11
since 2009, with the return of Reliance Netherlands 1 166 12 1 165 14
Industries, as well as a new entry, Tata Germany 1 142 13 4 437 6
Consultancy, reflective of strong domestic Australia 1 131 14 2 209 12
market performance. Denmark 1 128 15 1 123 15
• Spain dropped out of the Global Top 100 entirely South Africa 1 102 16 1 107 17
after losing two companies since 2018: Brazil 1 100 18 1 114 16
Santander, affected by softness in the financials Saudi Arabia 1 100 17 N/A N/A N/A
sector, and Inditex, replaced by new entrants. Spain 0 0 N/A 2 202 13
• Saudi Arabia joined the Global Top 100 this year

for the first time with Saudi Basic Industries
Corp, boosted by Saudi Aramco’s $69bn
investment in March 2019 to acquire a 70% stake
in the company. *2018 figures do not add to 100 due to two companies in the 2018 Global Top 100 being in locations that are no longer in the Global Top 100

The Global Top 100 companies – Market capitalisation by
country – 2019 vs 2018
Change in market capitalisation of Like-for-like

the current Top 100 market
Highlights Market capitalisation
capitalisation # companies 2018
• The US continues to dominate, increasing its market Location ($bn) (%) 2019 ($bn) 2019 ($bn) (1)
capitalisation by $1,197bn or 10% on a like-for-like United States 1,197 10% 13,292 54 12,095
basis and outperforming S&P500 for this period.
Switzerland 119 18% 774 3 655
• Greater China, the second largest contributor to the France 74 12% 696 5 622
Global Top 100, saw a decrease of $135bn (4%) in
India 63 37% 233 2 170
its market capitalisation total compared to 31 March
2018, impacted by volatility in both Shanghai and Ireland 23 11% 235 2 212
Hang Seng indices amidst a growing trade rift Australia 20 18% 131 1 111
between Greater China and the US. Germany 13 10% 142 1 129
• In Europe, most notably, Switzerland and France United Kingdom 11 1% 870 6 859
performed best, with $119bn (18%) and $74bn (12%)
Brazil 11 12% 100 1 89
increases, mainly on the overall strength of
healthcare and consumer goods stocks. UK Saudi Arabia 7 8% 100 1 93
companies’ market capitalisation, however, remained Japan 6 2% 298 2 292
largely flat, affected by ongoing Brexit uncertainties. Denmark 5 4% 128 1 123
• The best performing country in relative terms was Netherlands 1 1% 166 1 165
India, albeit with only two companies in the Global Spain N/A N/A N/A - N/A
Top 100, which increased India’s market
capitalisation by $63bn or 37%. This was supported South Africa -5 -5% 102 1 107
by the domestic stock market growth of 10% in US Canada -8 -4% 208 2 216
dollar terms, as well as robust earnings trends of the Belgium -53 -24% 169 1 222
individual companies.
South Korea -64 -21% 234 1 298
• South Korea’s Samsung was one of the worst Greater China (2) -135 -4% 3,197 15 3,332
performing tech stocks in 2018, suffering from a
slowing and more competitive smartphone market.
• Belgium’s AB InBev also had a tough 2018, given
the unfavorable sector trends. 1) Market capitalisation of companies at 31 March 2018 in the Global Top 100 at 31 March 2019, on a like-for-like basis.
2) Greater China includes Hong Kong and Taiwan, previously they were presented separately
Sector comparison
Change in
Highlights market
capitalisation of
• For a fourth year in a row, technology was the current Global Industry index Market Number of
largest sector in terms of market capitalisation Top 100 performance Global Top 100 capitalisation companies
($5,691bn). Sector 2018 -2019 % 2018-2019(1) performance vs Index 2019 ($bn) 2019
1 Consumer Services 15% 19% Underperformed 2,626 9
• However in terms of percentage increase,
consumer services, telecommunications 2 Telecommunications 15% -4% Outperformed 788 4
and healthcare sectors all grew by 15% each, 3 Healthcare 15% 9% 2,729 16
compared to 6% for technology. The
Outperformed
technology sector was hit hardest during the 4 Industrials 11% 13% Underperformed 1,020 8
sell-off in the final few months of 2018; since
5 Consumer Goods 7% 9% Underperformed 2,326 13
then the sector has recovered strongly.
6 Technology 6% 7% Underperformed 5,691 19
• Only the Global Top 100 companies in the
telecommunications, healthcare and 7 Oil & Gas 4% 6% Underperformed 1,650 9
financials sectors outperformed their Basic Materials 13% 451 4
8 2% Underperformed
respective sector indices.
9 Financials -3% -10% Outperformed 3,796 18
• The worst performing sector was financials,
with 3% decline in market capitalisation,
although financial companies included in the
Global Top 100 still managed to do better than
the rest of the industry. Financials remain the
second largest sector within the Global Top
100 by market capitalisation and number of
companies.
1) Industry index performance is based on the MSCI International ACWI Industry Price Index USD

Between 2018 and 2019 the total market capitalisation of the Global Top
100 increased by $1,040bn
1 company 12 companies 13 companies 87 companies

Highlights
938 21,075
• Siemens fell out of the Global Top 100 as a 20,035 108 1,226 1,436
result of selling a 15% stake through Siemens 20,000
Healthineers IPO in 2018 - the second biggest
IPO in Germany since 2000. • Siemens
0
• The healthcare sector has seen the most • Allianz New Entrants
companies join or return to the Global Top 100 • Ambev SA • Airbus
15,000
in 2019 with AstraZeneca, Eli Lilly and Thermo • Booking Holdings • Costco
Fisher Scientific. • Bristol-Myers Squibb • PayPal
• British American • Salesforce.com
• Salesforce.com and Eli Lilly saw the most Tobacco • Saudi Basic Industries
impressive rise into the Global Top 100 this • Commonwealth Bank of
10,000 • SoftBank Group Corp
year, both jumping 61 positions from their Australia
respective March 2018 rankings. • Tata Consultancy
• General Electric
• Thermo Fisher Scientific
• Gilead Sciences
• The financials sector had the most companies Returned to the Global
• Goldman Sachs
drop out of the Global Top 100; Allianz, Top 100
Commonwealth Bank of Australia, Goldman • Industria De Diseno • Astrazeneca
5,000 Textil
Sachs and Santander Group. • Eli Lilly
• Santander Group
• Petrobras
• Volkswagen
• Reliance Industries
• Rio Tinto
0
Global Top 100 Acquired, Dropped from IPOs and spin- New entries by Survivors' Global Top 100
as at 31 March merged or the Global Top offs growth and increase as at 31 March
2018 separated* 100* M&A 2019
*Market capitalisation at 31 March 2018


The risers and fallers – The Global Top 100 companies with the largest
relative increases and decreases in market capitalisation
Change in
market Market Market
Highlights capitalisation capitalisation capitalisation
Company name Location Sector 2018-2019 % 2019 ($bn) 2018 ($bn)
• Only one of the top ten risers was from 1 Eli Lilly United States Healthcare 59% 134 85
outside the United States - Reliance Merck & Co
2 United States Healthcare 46% 215 147
Industries from India.
3 Reliance Industries India Oil & Gas 45% 125 86
• Four out of the top ten companies with the 4 Salesforce.com United States Technology 43% 122 85
Top ten risers

largest relative increase were in the healthcare 5 Abbott Laboratories United States Healthcare 34% 140 105
sector (with only AbbVie not on trend). PayPal
6 United States Industrials 34% 122 91
• Financials accounted for four out of the 7 Walt Disney United States Consumer Services 32% 200 151
bottom ten companies with the largest relative
8 Thermo Fisher Scientific United States Healthcare 32% 109 83
decrease - these are all banks.
9 Mastercard United States Financials 31% 242 184
• The top ten fallers are mainly from the US and 10 Procter & Gamble United States Consumer Goods 30% 260 200
Greater China, with notable exceptions of
1 Wells Fargo United States Financials -14% 219 256
Samsung and AB InBev, which both suffered a
2 ICBC Greater China Financials -14% 287 336
tough year in 2018.
3 Citigroup United States Financials -16% 146 173
• 87 companies from 2018 survived to stay on China Construction Bank
Top ten fallers
4 Greater China Financials -16% 216 259

the list at 31 March 2019, reflecting relatively
5 China Petroleum & Chemical Greater China Oil & Gas -17% 102 123
low churn.
6 DowDuPont United States Basic Materials -19% 120 148
7 AbbVie United States Healthcare -21% 119 150
8 Samsung South Korea Technology -21% 234 298
9 Nvidia United States Technology -22% 109 140
10 Anheuser-Busch InBev Belgium Consumer Goods -24% 169 222

A point of comparison: Top 100 unicorns
Top 100 unicorns

A unicorn is a privately held startup company (as at 31 March 2019)
60 $500
valued at over $1bn. As at 31 March 2019, there 48
were 326 unicorns around the world. 50 $400
Number of Unicorns
40
Valuation ($bn)
31 $300
Highlights 30
$200
20 13
• Nearly half (48%) of the top 100 unicorns valued 8
at $1bn+ as at 31 March 2019 were from the US, 10 $100
in line with what we see in the Global Top 100. $434 $37 $257 $86
0 $0
• Greater China makes up approximately 30% of US Europe Greater China Rest of the World
unicorns in both number and value terms. The Valuation ($bn) Number of Unicorns
gap between Greater China and the US is a lot
narrower in the unicorns world, compared to the
public companies universe - which should lead to All unicorns (as at 31 March 2019)
156
more Chinese companies entering the Global 160 $600
Top 100 in due course. 140
$500
120
Number of Unicorns
• Europe is the 3rd largest bloc, with 36 unicorns in 91
Valuation ($bn)
$400
total, although far behind US and Greater China. 100
The European country with the largest number of 80 $300
36
unicorns is the UK, with 16, valued at US$39bn. 60
$200
43
40
• The largest unicorn in the analysis was Chinese $100
20
internet company Bytedance with a valuation of $580 $77 $333 $127
0 $0
$75bn. This was after the company secured a $3
US Europe Greater China Rest of the World
billion investment from SoftBank Group Corp in Valuation ($bn) Number of Unicorns
October 2018, which saw it leapfrog Uber to
become the most valuable unicorn in the world.
Source: CB Insights with PwC analysis

Top 100 unicorns – Movements 2018-2019
Movements in the top 100 Unicorns

Highlights (Between 31 March 2018 and 31 March 2019)
140
• The three largest exits (IPO or acquisition) were
of Greater China-based companies: Meituan
Dianping, Xiaomi, and Pinduoduo. Spotify and
22
Flipkart were the other two top five unicorns to 120
exit in the year to 31 March 2019, both reaching
$20bn+ valuations.
100 100
-15
• Despite being the largest exit, Greater China- 100 -4
-3
based e-commerce platform Meituan Dianping’s United States NYSE & NASDAQ • Duo Security
(Cisco - $2.4bn) • Apttus
market capitalisation of $55bn would not have • Automation Anywhere • DocuSign
• Lu.com
• Circle Internet Financial • Farfetch • Flipkart (Walmart -
been large enough to enter the Global Top 100 in • Weiying
Number of Unicorns
• Confluent • GreenSky $20.8bn)

2019, as the threshold was $99bn. 80 • Epic Games • Lyft • GitHub (Microsoft -
• Flexport • ModernaTherapeu- $7.5bn)
• Lime tics • Qualtrics (SAP -
• Overall, not surprisingly, most IPOs took place on • Plaid Technologies • NIO $8bn)
the US exchanges, reflecting the composition of • Samumed • Pinduoduo
60 • SmileDirectClub • Pivotal Software
the unicorns and importance of the US market for • Toast • Spotify
technology companies. Greater China HKEX
• Bitmain Technologies • Maoyan-Weiying
• Cloudwalk • Meituan-Dianping
• Ride hailing company Uber, which was the 2nd • Hello TransTech • Xiaomi
largest unicorn as at 31 March 2019, has since 40 • Manbang Group Other
• Shanghai Henlius • Adyen (Euronext
listed on the NYSE, with a market capitalisation of • XPeng Motors Amsterdam)
$76bn at IPO, which is still below the smallest • Youxia Motors • Avast Software (LSE)
public Global Top 100. Other • Moderna Mercari
20 • Bluehole (KR) (Tokyo)
• Oyo Rooms (IN)
• Most new entrants into the top 100 unicorns, ten $770bn • Roivant Sciences (CH) $815bn
• Tokopedia (ID)
out of 22, came from the US, followed by Greater • Woowa Brothers (KR)
China with seven new unicorns and interesting
additions from South Korea, India and Indonesia.
Top 100 31 Entered the Top IPO Acquisitions Dropped out of Top 100 31
March 2018 100 Unicorns Top 100 March 2019
PwC | Global Top 100 companies by market capitalisation Source: CB Insights with PwC analysis 17
Complete
ranking

Top 100 global companies 1-20
31 March 2019 31 March 2018

Market capitalisation Market capitalisation
Rank Company name Location Sector Rank +/- ($bn) Rank ($bn)
1 Microsoft United States Technology 2 905 3 703
2 Apple United States Technology -1 896 1 851
3 Amazon.com United States Consumer Services 1 875 4 701
4 Alphabet United States Technology -2 817 2 719
5 Berkshire Hathaway United States Financials 1 494 6 492
6 Facebook United States Technology 2 476 8 464
7 Alibaba Greater China Consumer Services 0 472 7 470
8 Tencent Greater China Technology -3 438 5 496
9 Johnson & Johnson United States Healthcare 1 372 10 344
10 Exxon Mobil United States Oil & Gas 2 342 12 316
11 JP Morgan Chase & Co United States Financials -2 331 9 375
12 Visa United States Financials 8 314 20 246
13 Nestle Switzerland Consumer Goods 6 292 19 246
14 ICBC Greater China Financials -3 287 11 336
15 Walmart United States Consumer Services 1 280 16 264
16 Bank of America United States Financials -3 266 13 307
17 Procter & Gamble United States Consumer Goods 17 260 34 200
18 Royal Dutch Shell United Kingdom Oil & Gas -3 256 15 263
19 Novartis Switzerland Healthcare 8 245 27 211
20 Verizon Communications United States Telecommunications 16 244 36 197

31 March 2019 31 March 2018

21 Mastercard United States Financials 22 242 43 184
22 Intel United States Technology -1 241 21 243
23 Cisco Systems United States Technology 8 238 31 207
24 UnitedHealth Group United States Healthcare 6 237 30 207
25 Roche Switzerland Healthcare 10 237 35 198
26 Pfizer United States Healthcare 2 236 28 211
27 Samsung Electronics South Korea Technology -13 234 14 298
28 Chevron United States Oil & Gas -3 234 25 218
29 AT&T United States Telecommunications -5 228 24 219
30 Wells Fargo United States Financials -12 219 18 256
31 China Construction Bank Greater China Financials -14 216 17 259
32 Boeing United States Industrials 5 215 37 193
33 Merck & Co United States Healthcare 22 215 55 147
34 Home Depot United States Consumer Services -2 212 32 206
35 China Mobile Greater China Telecommunications 4 209 39 188
36 Ping An Insurance Greater China Financials 2 208 38 190
37 Taiwan Semiconductor Greater China Technology -14 206 23 220
38 Coca-Cola United States Consumer Goods 4 200 42 185
39 Walt Disney United States Consumer Services 12 200 51 151
40 PetroChina Greater China Oil & Gas -14 197 26 212

31 March 2019 31 March 2018

41 Agricultural Bank of China Greater China Financials -8 192 33 202
42 Toyota Japan Consumer Goods -13 191 29 210
43 LVMH France Consumer Goods 5 186 48 156
44 Oracle United States Technology -3 184 41 187
45 Comcast United States Consumer Services 2 181 47 159
46 PepsiCo United States Consumer Goods 3 172 49 155
47 Anheuser-Busch InBev Belgium Consumer Goods -25 169 22 222
48 Unilever Netherlands Consumer Goods 12 166 60 165
49 HSBC United Kingdom Financials -9 163 40 187
50 Kweichow Moutai Greater China Consumer Goods 8 160 58 137
51 Bank of China Greater China Financials -7 156 44 178
52 Netflix United States Consumer Services 11 156 63 128
53 L'Oreal France Consumer Goods 11 151 64 126
54 BP United Kingdom Oil & Gas 5 148 59 134
55 Total France Oil & Gas -2 147 53 149
56 Citigroup inc United States Financials -11 146 45 173
57 McDonald's United States Consumer Services 8 145 65 124
58 SAP Germany Technology 4 142 62 129
59 Abbott Laboratories United States Healthcare 24 140 83 105
60 Philip Morris International United States Consumer Goods -10 138 50 155

31 March 2019 31 March 2018

61 Eli Lilly United States Healthcare - 134 - 85
62 Nike United States Consumer Goods 16 133 78 108
63 BHP Australia Basic Materials 11 131 74 111
64 Adobe United States Technology 16 130 80 106
65 Novo Nordisk Denmark Healthcare 1 128 66 123
66 China Merchants Bank Greater China Financials 7 127 73 114
67 IBM United States Technology -11 126 56 141
68 Reliance Industries India Oil & Gas - 125 - 86
69 Medtronic Ireland Healthcare 6 122 75 109
70 Salesforce.com United States Technology - 122 - 85
71 PayPal United States Industrials - 122 - 91
72 Union Pacific United States Industrials 13 121 85 104
73 AIA group Greater China Financials 15 120 88 102
74 DowDuPont United States Basic Materials -20 120 54 148
75 3M United States Industrials -14 120 61 131
76 AbbVie United States Healthcare -24 119 52 102
77 Broadcom United States Technology 33 119 100 97
78 Amgen United States Healthcare -11 118 67 123
79 Honeywell International United States Industrials -2 116 77 108
80 Accenture Ireland Industrials 7 112 87 103

31 March 2019 31 March 2018

81 United Technologies United States Industrials 10 111 91 101
82 Sanofi France Healthcare 8 110 90 101
83 Thermo Fisher Scientific United States Healthcare - 109 - 83
84 Nvidia United States Technology -27 109 57 140
85 Tata Consultancy India Technology - 108 - 84
86 Royal Bank of Canada Canada Financials -13 108 73 111
87 China Life Insurance Greater China Financials -6 108 81 105
88 Altria Group United States Consumer Goods -19 108 69 118
89 SoftBank Group Corp Japan Telecommunications 18 107 - 82
90 Costco United States Consumer Services 17 107 - 83
91 GlaxoSmithKline United Kingdom Healthcare 8 103 99 97
92 Airbus France Industrials - 103 - 90
93 China Petroleum & Chemical Greater China Oil & Gas -25 102 68 123
94 Naspers South Africa Technology -15 102 79 107

95 Astrazeneca United Kingdom Healthcare - 101 - 87
96 Saudi Basic Industries Saudi Arabia Basic Materials - 100 - 93
97 Petrobras Brazil Oil & Gas - 100 - 89
98 Texas Instruments United States Technology - 100 89 102
99 Toronto-Dominion Bank Canada Financials - 99 84 104
100 Rio Tinto United Kingdom Basic Materials - 99 - 90

Appendices
• Value distribution in calendar year 2018

• Ten-year comparison 2019 vs. 2009 25

Value distribution in Highlights
• Apple distributed $87bn to shareholders in dividends and share
calendar year 2018

repurchases in 2018—an increase from the $31bn distributed in
calendar year 2017.
• A total of $887bn has been distributed to shareholders by the

Global Top 100 companies in the calendar year 2018.
• US companies, representing 54 of the Global Top 100

companies, accounted for $633bn of the total value distribution.
• Companies in the technology sector distributed the highest

total amount of $237bn (2017: $124bn) to shareholders,
followed by companies in the financials sector which returned
a total of $196bn (2017: $159bn).

Top 10 companies as at 31 March 2019 with highest value distribution
in 2018
Market Dividend as Total value

capitalisation Dividends Total value Total value % of distribution as
31 March 2019 2018 Share buyback distribution 2018 distribution 2017 % of total market % of market
Company ($bn) ($bn) (1) 2018 ($bn) (1) ($bn) (1) ($bn) (2) distribution 2017 capitalisation (3) Capitalisation (3)
Apple 896 14 73 87 31 10.06% 1.53% 9.69%
JP Morgan 331 10 20 30 24 3.49% 3.05% 9.08%
Wells Fargo 219 9 21 30 19 3.47% 4.24% 13.65%
Bank of America 266 7 21 28 18 3.23% 2.59% 10.50%
Cisco Systems 238 6 18 24 9 2.74% 2.51% 9.94%
Amgen 118 4 18 21 6 2.47% 2.97% 18.07%
Microsoft 905 13 9 21 22 2.47% 1.40% 2.35%
Pfizer 236 8 12 20 13 2.37% 3.38% 8.66%
Citigroup 146 5 15 20 18 2.27% 3.45% 13.46%
Intel 241 6 11 16 16 1.90% 2.29% 6.79%
1. Actual payment in calendar year 2018

3. Market capitalisation as at 31 March 2019
* 2018 and 2017 numbers are of those companies in the Global Top 100 at 31 March 2019

Value distribution by location in 2018
Market Total value

Capitalisation 31 Dividends Share Total value Total value % of total Dividend as % of distribution as
Number of March 2019 2018 Buyback distribution distribution distribution market % of market
Location Companies ($bn) ($bn) (1) 2018 ($bn) (1) 2018 ($bn) (1) 2017 ($bn) (2) 2017 capitalisation (3) Capitalisation (3)
United State 54 13,292 242 392 633 445 71.4% 2.1% 5.3%
Greater China 15 3,197 88 0 88 58 9.9% 3.3% 3.3%
United Kingdom 6 870 47 6 54 42 6.0% 5.2% 6.2%
Switzerland 3 774 22 0 22 25 2.4% 2.8% 2.8%
France 5 696 16 1 18 15 2.0% 2.4% 2.3%
Japan 2 298 6 5 11 16 1.2% 1.7% 2.9%
Ireland 2 235 4 5 9 10 1.0% 1.8% 3.8%
South Korea 1 234 9 0 9 6 1.0% 4.0% 4.0%
India 2 233 2 0 2 2 0.3% 1.0% 2.0%
Canada 2 208 8 0 8 8 0.9% 3.8% 3.9%
Belgium 1 169 7 0 7 8 0.8% 3.9% 3.9%
Netherlands 1 166 5 7 12 11 1.4% 3.2% 7.5%
Germany 1 142 2 0 2 2 0.2% 1.4% 1.4%
Australia 1 131 5 0 5 3 0.6% 4.0% 4.0%
Denmark 1 128 3 0 3 3 0.3% 2.4% 2.4%
South Africa 1 102 0 0 0 0 0.0% 0.3% 0.4%
Saudi Arabia 1 100 3 0 3 3 0.4% 3.2% 3.2%
Brazil 1 100 1 0 1 0 0.1% 0.8% 0.8%


Value distribution by sector in 2018
Market Total value

capitalisation Total value Total value Dividend as % of distribution as %
Number of 31 March 2019 Dividends Share buyback distribution 2018 distribution 2017 % of total market of market
Location companies ($bn) 2018 ($bn) (1) 2018 ($bn) (1) ($bn) (1) ($bn) (2) distribution 2017 capitalisation (3) capitalisation (3)
Technology 19 5,691 74 164 237 124 26.7% 1.6% 4.1%
Financials 18 3,796 107 88 196 159 22.1% 3.1% 5.2%
Healthcare 16 2,729 73 58 131 96 14.8% 2.7% 4.9%
Consumer Services 9 2,626 20 31 51 57 5.7% 1.1% 2.8%
Consumer Goods 13 2,326 65 28 94 99 10.5% 2.9% 4.1%
Oil & Gas 9 1,650 65 3 68 50 7.7% 3.9% 4.0%
Industrials 8 1,020 17 33 50 39 5.6% 1.6% 4.7%
Telecommunications 4 788 33 1 33 41 3.8% 3.7% 3.7%
Basic Materials 4 451 17 10 28 14 3.1% 3.9% 6.3%
Total 100 21,075 471 416 887 678 100%


Highlights
• 53 companies from the 2009 Global Top 100 survived to be in
10-year comparison
the list on 31 March 2019.
• Between 2009 and 2019 there were 67 new entrants to the

Global Top 100.
2019 vs. 2009 • Between 2009 and 2019 the total market capitalisation of the
Global Top 100 increased by $12,672bn.
• The two main risers since 2009 are Amazon.com and Apple.
Microsoft and Alphabet come next. All are US companies.
• The threshold to enter the Global Top 100 in 2019 was $99bn
market capitalisation. In 2009, $40bn was sufficient.
• Three industries show significant growth in their market

capitalisation since 2009: industrials (+494%), technology
(+434%) and consumer services (+338%).
• The utilities sector (four companies in 2009) has been absent

from the Global Top 100 for seven years.

Spread of market capitalisations in the Global Top 100
Spread of companies by market capitalisation (2019 vs. 2009)
45
40
35
30
No. of companies
25
20
15
10
0
<US$50bn US$50bn–US$75bn US$75bn–US$100bn US$100bn–US$150bn US$150bn–US$200bn US$200bn–US$250bn US$250bn–US$300bn >US$300bn
Number of Top 100 companies in 2019 Number of Top 100 companies in 2009
• 73 companies of the Global Top 100 had a market capitalisation less than $100bn as at 31 March 2009
• 5 companies of the Global Top 100 had a market capitalisation less than $100bn as at 31 March 2019
• The average market capitalisation as at 31 March 2009 was $84bn, while the average market capitalisation as at 31 March 2019 was $210bn

Global Top 100 companies per location – Absolute market capitalisation
change 2019 vs. 2009
Global Top 100 2019 Global Top 100 2009
Market Like-for-like market Market

Change in market capitalisation of the capitalisation capitalisation capitalisation
Location current Global Top 100 ($bn) Rank 2019 ($bn) # companies 2009 ($bn)1 Rank ($bn) # companies
United States 9,837 1 13,292 54 3,455 1 3,805 42
Greater China2 1,959 2 3,197 15 1,238 2 1,319 11
United Kingdom 343 3 870 6 527 3 715 9
Switzerland 427 4 774 3 347 8 347 3
France 424 5 696 5 272 4 481 7
Japan 176 6 298 2 122 5 366 6
Ireland 181 7 235 2 53 - - -
South Korea 173 8 234 1 61 21 61 1
India 175 9 233 2 58 16 47 1
Canada 137 10 208 2 70 12 41 1
Belgium 125 11 169 1 44 13 44 1
Netherlands 108 12 166 1 58 19 59 1
Germany 98 13 142 1 44 6 299 5
Australia 13 14 131 1 118 12 118 1
Denmark 99 15 128 1 30 - - -
South Africa 95 16 102 1 7 - - -
Saudi Arabia 67 17 100 1 33 - - -
Brazil -24 18 100 1 123 7 234 3
Spain - - - - - 11 149 2
Russia - - - - - 10 134 2
Italy - - - - - 17 77 1
Norway - - - - - 20 56 1
Mexico - - - - - 18 45 1
Finland - - - - - 15 44 1
(1) Market capitalisation of companies as at 31 March 2009 in the Global Top 100 at 31 March 2019
(2) Greater China includes Hong Kong and Taiwan, previously they were presented separately

Global Top 100 companies per location – Relative market
capitalisation change 2019 vs. 2009 – compared to national stock
market index performance
2019 2009
% market capitalisation
change % index change Global Top 100 vs. national Market capitalisation of current Market capitalisation of current
Location 2009-2019 2009-2019* index performance Global Top 100 ($bn) Global Top 100 ($bn)
United States 276% 255% ▲Outperformed 13,292 3,536
China 123% 57% ▲Outperformed 2,662 1,193
United Kingdom 65% 68% ▼Underperformed 870 527
Switzerland 123% 121% ▲Outperformed 774 347
France 156% 139% ▲Outperformed 696 272
Hong Kong 88% 111% ▼Underperformed 329 175
Japan 144% 135% ▲Outperformed 298 122
Ireland 340% 124% ▲Outperformed 235 53
South Korea 283% 113% ▲Outperformed 234 61
India 304% 192% ▲Outperformed 233 58
Canada 196% 74% ▲Outperformed 208 70
Taiwan 431% 124% ▲Outperformed 206 39
Belgium 285% 77% ▲Outperformed 169 44
Netherlands 187% 115% ▲Outperformed 166 58
Germany 225% 139% ▲Outperformed 142 44
Australia 11% 77% ▼Underperformed 131 118
Denmark 334% 26% ▲Outperformed 128 30
South Africa 1394% 80% ▲Outperformed 102 7
Saudi Arabia 199% 88% ▲Outperformed 100 33
Brazil -19% 70% ▼Underperformed 100 123
* Price change of the local main index per location


The risers – The ten Global Top 100 companies
with the largest absolute increase in market capitalisation 2019 vs. 2009
Change in market
capitalisation 2009-2019 Market capitalisation Market capitalisation
Company name Location Sector ($bn) 2019 ($bn) 2009 ($bn)
1 Amazon.com United States Consumer Services 843 875 31
2 Apple United States Technology 802 896 94
3 Microsoft United States Technology 742 905 163
4 Alphabet United States Technology 707 817 110
5 Tencent Greater China Technology 425 438 13
6 Berkshire Hathaway United States Financials 360 494 134
7 Facebook United States Technology 394 1 476 812
8 Alibaba Greater China Consumer Services 304 1 472 1682
9 Visa United States Financials 272 314 42
10 JP Morgan United States Financials 232 331 100
1. Change in market capitalisation from IPO date

2. Market capitalisation at IPO date

The risers – The ten Global Top 100 companies
with the largest relative increase in market capitalisation 2019 vs. 2009
Market capitalisation Market capitalisation Market capitalisation

var. 2009-2019 2019 2009
Company name Location Sector (%) ($bn) ($bn)
1 Netflix United States Consumer Services 6,081% 156 3
2 Tencent Greater China Technology 3,187% 438 13
3 Salesforce.com United States Technology 2,937% 122 4
4 Amazon.com United States Consumer Services 2,679% 875 31
5 Nvidia United States Technology 1,934% 109 5
6 DowDuPont United States Basic Materials 1,443% 120 8
7 Naspers South Africa Technology 1,394% 102 7
8 Adobe United States Technology 1,060% 130 11
9 Mastercard United States Financials 1,015% 242 22
10 Airbus France Industrials 988% 103 9

Sector comparison 2019 vs. 2009
Change in market capitalisation Industry index

Market capitalisation 2019 Number of companies of current Global Top 100 performance Index
Sector ($bn) 2019 2009-2019 2009-2019 (1) outperformance
1 Technology 5,691 19 434% 352% ▲Outperformed
2 Financials 3,796 18 224% 123% ▲Outperformed
3 Healthcare 2,729 16 213% 210% ▲Outperformed
4 Consumer Services 2,626 9 338% 257% ▲Outperformed
5 Consumer Goods 2,326 13 137% 216% ▼Underperformed
6 Oil & Gas 1,650 9 17% 27% ▼Underperformed
7 Industrials 1,020 8 494% 185% ▲Outperformed
8 Telecommunications 788 4 86% 44% ▲Outperformed
9 Basic Materials 451 4 114% 70% ▲Outperformed

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Global Top 100 Companies 2019

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Global Top 100 Companies 2019

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Global Top 100

Methodology and key contacts

PwC | Global Top 100 companies by market capitalisation 2

PwC | Global Top 100 companies by market capitalisation

• A company’s location is the country or region where its

PwC | Global Top 100 companies by market capitalisation 4

• Ross Hunter • Nadja Picard

• Peter Whelan • David Ethridge

PwC | Global Top 100 companies by market capitalisation 5

PwC | Global Top 100 companies by market capitalisation

Companies Countries Sectors

Total market capitalisation of Global Top 100 companies as at 31 March

Market capitalisation ($bn)

• Microsoft has overtaken Apple to take the 15,000

Apple Apple 754

Number 1 Number 100

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 8

Market captalisation ($bn)

• Microsoft has been experiencing a growth in 600

• The 5th placed Berkshire Hathaway lags

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 9

Market capitalisation ($bn)

22% in its market capitalisation, boosted by the 40

US Europe Greater China Rest of the World

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 10

Global Top 100 2019 Global Top 100 2018

Highlights Market Rank Market Rank by

• Saudi Arabia joined the Global Top 100 this year

PwC | Global Top 100 companies by market capitalisation 11

Change in market capitalisation of Like-for-like

PwC | Global Top 100 companies by market capitalisation 13

1 company 12 companies 13 companies 87 companies

*Market capitalisation at 31 March 2018

PwC | Global Top 100 companies by market capitalisation 14

Top ten risers

4 Greater China Financials -16% 216 259

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 15

Top 100 unicorns

• Europe is the 3rd largest bloc, with 36 unicorns in 91

Source: CB Insights with PwC analysis

Movements in the top 100 Unicorns

• Confluent • GreenSky $20.8bn)

PwC | Global Top 100 companies by market capitalisation

31 March 2019 31 March 2018

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 19

31 March 2019 31 March 2018

Market capitalisation Market capitalisation

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 20

31 March 2019 31 March 2018

Market capitalisation Market capitalisation

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 21

31 March 2019 31 March 2018

Market capitalisation Market capitalisation

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 22

31 March 2019 31 March 2018

Market capitalisation Market capitalisation

94 Naspers South Africa Technology -15 102 79 107

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 23

• Value distribution in calendar year 2018

PwC | Global Top 100 companies by market capitalisation 24

• Apple distributed $87bn to shareholders in dividends and share

calendar year 2018

• A total of $887bn has been distributed to shareholders by the

• US companies, representing 54 of the Global Top 100

• Companies in the technology sector distributed the highest

PwC | Global Top 100 companies by market capitalisation

Market Dividend as Total value