Saudi Aramco netted USD 121 billion in profits and was the most profitable Fortune Global 500 company for the third year in a row.
Fortune releases its 2024 Fortune Global 500, a definitive list of the world’s largest corporations ranked by revenue for the 2023 fiscal year, with the US taking the lead from Greater China with the most companies ranked since 2018.
Walmart, the Arkansas-based retailer, is No. 1 for the 11th consecutive year, followed by Amazon (No. 2), State Grid (No. 3), Saudi Aramco (No. 4), and Sinopec (No. 5).
Fortune’s authoritative ranking of the current corporate world order showed the dominating presence of US companies (139).
With an increase of three companies from 2023, the US took the lead away from Greater China (133 companies, down 9 from last year) for the first time since 2018.
Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.
China and U.S. companies account for 9 of the 10 most profitable Fortune Global 500 companies.
The financial sector roared back on the global list: Banks (57) and insurance companies (40) were the top two categories leading all industries with the most Fortune Global 500 companies, followed by auto and auto parts manufacturers (37), petroleum refiners (33), and metals (23).
Financial led all sectors in two key financial metrics, generating USD 8.6 trillion in revenue and USD 992 billion in profits.
Big Tech still made its mark. Collectively, Apple (No. 7), Alphabet (No. 17), Microsoft (No. 26), and Meta Platforms (No.66) brought in USD 282 billion in net income, up from USD 233 billion last year.
According to Fortune Vice President of Research Scott DeCarlo, “The aggregate revenue of the Fortune Global 500 in 2023 reached USD 41 trillion, a record level and employed 70.5 million people worldwide. That sum represents more than a third of global GDP—a sign of how much economic power is concentrated in these companies,” says DeCarlo.
The 2024 Fortune Global 500 Top 10 List
1. Walmart (U.S.)
2. Amazon.com (U.S.)
3. State Grid (China)
4. Saudi Aramco (Saudi Arabia)
5. Sinopec (China)
6. China National Petroleum (China)
7. Apple (U.S.)
8. UnitedHealth Group (U.S.)
9. Berkshire Hathaway (U.S.)
10. CVS Health (U.S.)
While the revenue was essentially flat in 2023, profits rose 2% after declining in 2022. Saudi Aramco (No. 4) netted USD 121 billion in profits and was the most profitable Fortune Global 500 company for the third year in a row.
The number of women CEOs of Fortune Global 500 companies fell back a bit, to 28, down one from a year ago. CVS Health is the largest company by revenue run by a woman, CEO Karen Lynch. The US is home to 15 companies with women CEOs, followed by France with four, and Brazil, Britain, and China with two each.
Fortune Global 500 companies are based in 238 cities and 35 countries/territories around the world. The top 5 cities—Beijing, Tokyo, New York, Shanghai, and Seoul—serve as home base to almost one-quarter of the companies. London and Paris are both one company shy of fifth place.
Thirteen companies are making their Fortune Global 500 debut, and they reflect the world’s fascination with AI and weight-loss drugs. They include chip maker Nvidia (No. 222) and pharmaceutical company Novo Nordisk (No. 469).
Commenting on the report’s findings, Fortune Editor in Chief Alyson Shontell says that this year, interest in AI is at the forefront.
“This year’s list shows a couple of trends colliding – energy prices cooling while AI gets red-hot. The question now will be how big the gap is between what we’re spending on this promising new technology and the business it can generate — and over what time frame,” says Shontell.
Saudi Arabia has made it no secret that it aims to lead the way with AI, with the establishment of its USD 40 Billion Fund dedicated to making the Kingdom the world’s largest investor in AI, which aligns with the country’s Vision 2030 agenda to diversify its economy away from oil.
Th Kingdom has been heavily investing in cloud computing and other digital infrastructure that AI relies on too. For instance, Amazon Web Services (AWS) pledged to invest USD 5.3 billion into the kingdom’s technology market, setting up cloud data centers starting in 2026.
Notes from the Editor: Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2024. All companies on the list must publish financial data and report part or all of their figures to a government agency. The latest figures in the list are as reported by the companies; any comparisons are with the prior year’s figures as originally reported. Fortune does not restate the prior year’s figures for changes in accounting. The complete Global 500 appears in the August/September issue of Fortune and is available here. The complete dataset can be purchased here.
