Fortune announced that the US retailer Walmart topped the Fortune Global 500 by 2023, ranking the world’s largest corporations by revenue for the fiscal year 2022, with revenues of $611.3 billion. The Arkansas-based retailer was ranked No. 1 for the 10th consecutive year and the 18th time since 1995.
Walmart joins an increase in the number of US companies in the Global 500 this year, reaching its highest total since 2010 at 136 companieswhich is also the highest for an independent country.
This year Fortune reports that the strength of the global energy sector was very clear when Saudi Aramco nearly knocked the retail “Goliath” off its perch. Saudi Aramco (No. 2) benefited from rising energy prices, fueled by Russia’s invasion of Ukraine, which also propelled Exxon Mobil (No. 7) and Shell (No. 9) back into the top 10 by revenue . In profit, Saudi Aramco earned $159 billion, the highest annual total ever for a Fortune Global 500 company.
Meanwhile, Big Tech has shown that it also remains a strong and profitable sector. Together, Apple, Alphabet and Microsoft generated $233 billion in net incomewith Apple (No. 8) earning just under $100 billion in profit.
According to the report, there were 39 newcomers to the Fortune Global 500 this year, including 23 companies that made their debut, such as Warner Bros. Discovery (No. 449), as well as Chinese first-time companies, Contemporary Amperex Technology (No. 292 ) and Meituan (No. 467).
By geography, Chinese companies in total top this year’s Global 500 list with 142 companies. But the 136 US companies generated the most revenue in 2022: $13 trillion dollars versus $11.7 trillion for Greater China.
Top 10 Fortune Global 500 Companies in 2023:
1. Walmart (United States)
2. Saudi Aramco (Saudi Arabia)
3. State Grid (China)
4. Amazon.com (USA)
5. China National Petroleum (China)
6. Sinopec (China)
7. Exxon Mobil (United States)
8. Apple (USA)
9. Shell (Great Britain)
10. UnitedHealth Group (USA)
Fortune Global 500 companies generated revenues totaling $41 trillion, more than a third of world GDP, for an increase of 8% compared to last year. Retained earnings fell 7% from last year to $2.9 billion.
Companies on the 2023 list employ 70.1 million people worldwide and are headquartered in 232 cities and 33 countries/territories and regions around the world. The number of women CEOs of Fortune Global 500 companies increased to 29 this year, from 24 last year.
To consult the complete list and methodology, enter here.
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