Global Top 100

companies by
market capitalisation
May 2021
Contents

Highlights and trends

3
Methodology
19
Complete ranking
21
Key Contacts
27
Appendix:
Value distribution in calendar year 2020 29

PwC | Global Top 100 companies by market capitalisation 2

Highlights
and trends

PwC | Global Top 100 companies by market capitalisation

COVID-19 backdrop to this report

“Looking beyond the dislocation caused by the initial outbreak of COVID-19, the market capitalisation of the Global Top 100
companies has increased by a remarkable 51% between March 2019 and March 2021, compared to an increase in the MSCI
World Index of 33%. Led by the US, this highlights the ability of the largest companies to leverage technology and grow at
scale over this period, breaking away from the growth trend line over the past decade.”
Ross Hunter - IPO Centre Leader, PwC United Kingdom

As the COVID-19 pandemic took hold on the global economy in early 2020, the MSCI World Index declined Change in market capitalisation of the Global
by 21% and market volatility increased dramatically peaking at 83 on 16 March 2020. The world’s largest Top 100 companies (Mar-2020 to Mar-2021)
companies were not immune to significant reductions in market value, with the value of the Global Top 100
Companies as at Mar-2020 declining by 15% in the first quarter of 2020. $bn %
US 7,456 57%
Since the declines seen in early 2020, global equity markets have not only recovered lost ground, but have
surged to record highs - with economic recovery being supported by government and central bank policies Europe 523 18%
responding to the devastation of the COVID-19 pandemic. China and its regions* 1,244 42%
The market capitalisation of the Global Top 100 companies (as at March 2021) increased by 48% ($10.3tn) Rest of the world 1,046 42%
to $31.7tn from 31 March 2020 to 31 March 2021. Total 10,269 48%
This report analyses the position of the Global Top 100 Companies and highlights the remarkable changes in * China and its regions includes; Mainland China,
the composition of the list, comparing the Global Top 100 Companies by market capitalisation as at March Hong Kong SAR and Taiwan
2020 and March 2021.
Market capitalisation of Global Top 100
CBOE Volatility Index MSCI World Index companies ($bn)
35,000 31,740
90 1 Apr 2020 – 31 Mar 2021: 58%
80 30,000
3000
70 25,000 21,471
60 2500 20,035 21,075
20,000 17,438
50 2000 16,245 15,577
40 1500 15,000
30
1000 1 Jan 2020 –
10,000
20
10 500 31 Mar 2020: 5,000
21%
0 0 0
Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Mar 21 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Mar 21 2015 2016 2017 2018 2019 2020 2021

PwC | Global Top 100 companies by market capitalisation 4

Highlights (1 of 2)

Companies Countries

• The market capitalisation of the Global Top • China Mobile was the only company in the • All regions and component countries
100 companies increased by 48% in the year Global Top 100 that saw a decrease in market experienced a relative increase in market
to March 2021, resulting in a record breaking capitalisation in the year to March 2021. capitalisation of the companies listed in the
market capitalisation of $31.7tn. Global Top 100.
• Tesla’s market capitalisation increased from
• Apple regained its crown as the world’s $96bn in March 2020 to $641bn in March 2021, • Switzerland was the only country failing to see
largest company by market capitalisation an astonishing 565% increase and a clear outlier double digit market capitalisation growth from its
with a March 2021 valuation 6% and 13% in the top ten risers. representatives in the Global Top 100
ahead of Saudi Aramco (2nd) and Microsoft companies.
• Food delivery platform, Meituan, saw the
(3rd) respectively. Apple’s market
second largest increase in market capitalisation • In-line with expectations, the United States
capitalisation reached an all time high in
in relative terms (221%). continues to dominate the Global Top 100 in
January 2021 ($2.4tn).
terms of market capitalisation and number of
• Volkswagen returned to the Global Top 100
• Amazon’s market capitalisation increased by companies, with 59 companies accounting for
with a $165bn market capitalisation as at March
61% in the year to March 2021, supported by 65% of total market capitalisation.
2021, a 165% increase as compared to March
the growing “stay-at-home economy” seen
2020, driven by strong investor support and • The United Kingdom saw the largest net
throughout 2020 and into 2021, although
consumer demand for its transition to electric change in the number of companies in the
Amazon did not move up from fourth
vehicles. Global Top 100. Three companies departed the
position.
list this year, resulting in a 33% reduction in the
• Another returnee was Boeing with a 77%
• There were no direct entrants to the Global market capitalisation of Global Top 100 UK
increase in market capitalisation from March
Top 100 companies via IPO despite a companies from March 2020 to March 2021.
2020 to March 2021, perhaps surprising given
buoyant IPO market. The threshold to enter
ongoing regulatory challenges and suppressed • BHP Billiton’s return to the Global Top 100 has
the list is now $129bn, potentially creating a
demand across the aviation industry due to the resulted in Australia being included the March
barrier to future entrants via IPO.
pandemic. 2021 Global Top 100 companies.

PwC | Global Top 100 companies by market capitalisation 5

Highlights (2 of 2)

Unicorns
Sectors
• As a point of comparison, in the private company domain, half of the Top 100 unicorns valued at
• Technology continues to be the largest sector
$1bn+ as at 31 March 2021 were from the US, broadly in line with the Global Top 100 of public
in terms of market capitalisation ($10.5tn).
companies.
Global Top 100 Technology companies saw a
71% increase as compared to their value as at • The value of the top 100 unicorns grew by 30% to $1.1tn in the year to March 2021, behind the
March 2020, in-line with the wider industry public companies’ market capitalisation increase in the same period (49%).
index performance. • 24 (63%) new entrants into the Top 100 unicorns came from the US, followed by Europe with six
new unicorns, five of which were from the United Kingdom. Over half of all new entrants were
• All sectors represented by the Top 100 list saw
Internet software and services or Fintech companies.
substantial increases in market capitalisation in
the year to March 2021, ranging from 25% to • Unicorns took advantage of a buoyant IPO market towards the end of 2020 and early 2021, with 17
75%. companies included in the March 2020 Top 100 unicorns successfully executing an IPO (March
2020: 7). The US was the destination of choice for previous Top 100 unicorns.
• Global Top 100 companies in the cyclical
sectors, Industrials and Basic Materials,
outperformed other sectors in the Global Top
100 (other than Technology) and their Shareholder Distributions (dividends & buybacks)
respective industry index performance.
• A total of $824bn (2019: $973bn) was distributed by companies in the Global Top 100 companies in
• The worst-performing sectors in the Global Top calendar year 2020, predominantly in the US.
100 were Health Care, Energy and Utilities.
• As companies respond to the challenges of the global pandemic, many dividend and share buyback
The Health Care and Utilities industry index
programmes were suspended in the 2020 calendar year, resulting in reduced distributions relative to
performance was also relatively poor, whereas
prior years.
the wider Energy sector performed relatively
well. • Technology companies accounted for 31% of total shareholder distributions in the same period
(2019: 28%); Apple continues to top the list, returning $87bn in the year, followed by Saudi Aramco
($70bn).

PwC | Global Top 100 companies by market capitalisation 6

Total market capitalisation of the Global Top 100 companies

Total Market Capitalisation of Global Top 100 companies as at 31 March

35,000 31,740
• The market capitalisation of the Global

Market capitalisation ($bn)

Top 100 companies increased by 30,000
48% in the year to March 2021, 25,000
21,075 21,471
representing the most significant 20,035
20,000 17,438
annual increase on record. 15,020
16,245 15,577
12,974 12,917 13,597
15,000 12,047
• Apple regained its crown as the
10,000
world’s largest company by market
capitalisation with a March 2021 5,000
valuation 6% and 13% ahead of Saudi 0
Aramco and Microsoft respectively. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Market capitalisation of top and bottom companies
• The gap between the largest and 2,500
Apple
smallest companies on the list is $1.9tn 2,051
as at March 2021, driven by Apple’s
Market capitalisation ($bn)

2,000 Saudi Aramco

84% increase in value from March
1,602
2020.
1,500
• In March 2021 the market capitalisation Microsoft
Apple
of the smallest company in the Global Apple Apple
851 905
Top 100 (Anheuser-Busch) was $46bn 1,000 Exxon Apple 725
Apple 754
Mobil Apple Apple
higher than the smallest company in 559 604
PetroChina 469
March 2020 (BP). 329
417 416
500

69 70 81 85 76 87 97 99 86 129
61 64

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Number 1 Number 100
Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 7

Among the top five, Apple overtakes both Microsoft and Saudi Aramco to
become the most valuable public company

• The top end of the rankings continue to 3,000

be dominated by Technology and e-
commerce, representing four of the five
highest-ranked companies. 2,500

Market Capitalisation ($bn)

• Apple’s share price hit record highs in
January 2021 supported by first quarter 2,000
financials showing positive sales growth
despite the ongoing challenges of
COVID-19, including temporary point of 1,500
sale closures.

• Saudi Aramco was in second position 1,000

at the end of March 2021, ahead of the
other “Big Tech” companies.
500
• Notwithstanding the growing “stay-at-
home economy” seen throughout 2020
and into 2021, Amazon remained in 0
May-20

Aug-20

Oct-20
Apr-20

Jan-21
Jun-20

Jul-20

Feb-21

Mar-21
Sep-20

Dec-20
Nov-20

31 Mar-21
fourth position in the year to March
2021.

Apple Saudi Aramco Microsoft Amazon Alphabet

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 8

Market capitalisation of the Global Top 100 by region

25,000

20,549
• The United States continues to dominate the 20,000
Global Top 100 by a significantly increased

Market capitalisation ($bn)

margin, both in terms of market capitalisation
and number of companies. 15,000 13,292 13,093
12,187
10,928
• The market capitalisation of the Global Top 100 9,322 9,636
10,000
Companies from the US increased by 57% in 8,052
6,739
6,202
the year to March 2021, considerably higher 5,170 5,538 4,188
than all other regions: 5,000
3,805
3,311 3,370 3,997 3,424 3,197 2,944 3,455
2,980 3,347 2,996 3,031 3,362 2,932
• China and its regions – 42% 2,272 1,750 2,250 2,176 1,980 1,606
3,181
1,914 3,548
• Rest of the world – 42% 1,319
2,361 2,186 3,332
• Europe – 18% 0 1,007 1,577 1,819 1,614 1,531 1,364 1,133 1,032 1,293 1,154 1,405 2,502
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
• Europe lost five companies from the Global
70
Top 100 in the year to March 2021, three in the 59
57
UK and two in France, offset by two new 60 53 54 55 54 54
entrants to the list from Germany (net decrease
Number of companies

47
of three). 50 42 43
41
39 38
40
• Notwithstanding an increase in absolute market 31 33
31 28
30
27 26
capitalisation, all regions outside the US saw a 30 24
22 23
20 21
fall in their relative positions in terms of market 16
18 19 21 19 18
20 15
capitalisation with the US now accounting for 14
12 12 12 15 14 14
65% of the Global Top 100 Companies total 10
market capitalisation (March 2020: 61%). 11 10
12 11 10 9 9 10 11 11 9
8 8
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US Europe China and its regions Rest of the world

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 9

Number of companies by location
March 2020 vs March 2021

Global Top 100 Mar-2021 Global Top 100 Mar-2020

Market Rank by Market Rank by
• The 73 companies represented by the US capitalisation market capitalisation market
and China and its regions accounts for Location # companies 2021 ($bn) capitalisation # companies* ($bn) capitalisation
77% of the total market capitalisation of all United States 59 20,549 1 57 13,093 1
Global Top 100 companies.
China and its regions 14 4,188 2 14 2,944 2
• Siemens and Volkswagen returned to the Saudi Arabia 1 1,920 3 1 1,602 3
Global Top 100 in the year to March 2021
Switzerland 3 816 4 3 795 4
contributing to Germany’s rise from 13th to
8th position. Netherlands 3 584 5 3 357 8

Japan 3 563 6 3 395 7

• The United Kingdom saw the largest net
change in the number of companies in the France 2 552 7 4 545 6
Global Top 100, resulting in the United
Germany 3 456 8 1 136 13
Kingdom falling from 5th to 10th position.
Three companies departed the list (HSBC, South Korea 1 431 9 1 234 9
BP and GlaxoSmithKline).
United Kingdom 3 425 10 6 640 5

• BHP Billiton’s return to the Global Top 100 India 2 341 11 2 185 11
has resulted in Australia being included Ireland 2 335 12 2 225 10
the March 2021 list.
Australia 1 163 13 - - -

Denmark 1 160 14 1 144 12

Canada 1 131 15 1 87 15

Belgium 1 128 16 1 90 14

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 10

Market capitalisation by location
March 2020 vs March 2021

Change in market
capitalisation of the current Market Like-for-like market
Global Top 100 capitalisation capitalisation
• The US, China and its regions and Saudi Mar-2020 to Mar 2021 Mar-2021 # companies Mar-2020
Location (% change) ($bn) 2021 ($bn) (1)
Arabia continue to occupy the podium in terms
of market capitalisation, holding 1st, 2nd and 3rd United States 56% 20,549 59 13,164
position. China and its regions 46% 4,188 14 2,872

• US companies comprising the March 2021 Saudi Arabia 20% 1,920 1 1,602
Global Top 100 saw an increase of 56% as Switzerland 3% 816 3 795
compared to March 2020.
Netherlands 62% 584 3 361
• Saudi Arabia saw a 20% increase in the value Japan 63% 563 3 345
of its sole representative, Saudi Aramco in the
year to March 2021 as oil prices trended France 65% 552 2 334
upwards throughout 2020 into 2021. 69% 269
Germany 456 3

• All Switzerland based companies (Nestlé, South Korea 84% 431 1 234
Roche, and Novartis) saw marginal increases in
United Kingdom 25% 425 3 340
value in the year to March 2021 resulting in a net
increase of just 3%. India 84% 341 2 185

Ireland 49% 335 2 225

• Samsung, South Korea’s sole representative
increased in value by 84% in the year to Mach Australia 92% 163 1 85
2021. Denmark 11% 160 1 144

• A 59% increase in the market capitalisation of Canada 50% 131 1 87

industrial gases and engineering company, Belgium 42% 128 1 90
Linde, was offset by muted increases in the
United Kingdom’s other two Global Top 100
Source: Bloomberg with PwC analysis
Companies (Unilever and AstraZeneca). 1) Market capitalisation of the top 100 companies as at 31 March 2021 and 31 March 2020 on a like-for-like basis

PwC | Global Top 100 companies by market capitalisation 11

 Sector comparison
March 2020 vs March 2021

• The largest contributing sectors by market capitalisation were Technology and Consumer Discretionary, together representing 52% of total Global Top 100
companies market capitalisation (March 2020: 46%).
• Global Top 100 Technology companies saw a 71% increase as compared to their value as at March 2020. The rise of this sector has been led by Apple, Microsoft,
Alphabet and Facebook in the year to March 2021.
• Global Top 100 companies in the cyclical sectors, Industrials and Basic Materials, outperformed other sectors in the Global Top 100 and their respective industry
index performance.
• The worst-performing sectors in the Global Top 100 were Health Care, Energy and Utilities. The Health Care and Utilities industry index performance was also
relatively poor in the period, whereas the wider Energy sector performed relatively well.

Change in market Market Market

Change in industry
capitalisation of current Global Top 100 capitalisation Number of companies capitalisation
Sector* index performance
Global Top 100 performance vs industry index Mar-2021 Mar-2021 Mar-2020
Mar-2020 to Mar-2021(2)
Mar-2020 to Mar-2021(1) ($bn) ($bn)

1 Consumer Discretionary 65% 77% Underperformed 5,992 17 3,639

2 Telecommunications 36% 56% Underperformed 1,308 7 959
3 Health Care 25% 28% Underperformed 3,333 16 2,669
4 Industrials 68% 60% Outperformed 2,017 9 1,202
5 Consumer Staples 33% 22% Outperformed 2,035 9 1,529
6 Technology 71% 70% Outperformed 10,483 20 6,140
7 Energy 26% 42% Underperformed 2,686 5 2,172
8 Basic Materials 75% 72% Outperformed 309 2 177
9 Financials 33% 53% Underperformed 3,429 14 2,571
10 Utilities 26% 20% Outperformed 148 1 118

Source: Bloomberg with PwC analysis

1) Change in market capitalisation of the top 100 companies as at 31 March 2021 and 31 March 2020, on a like-for-like basis.
2) Industry index performance is based on the MSCI International ACWI Industry Price Index USD
* Sector classification has been aligned to the new ICB framework (as set out on page 20), prior period comparatives have been restated to enable like-for-like comparison.
PwC | Global Top 100 companies by market capitalisation 12
Global Top 100 market composition and capitalisation
March 2020 vs March 2021

Companies (#) 1 12 0 13 87

• The Financials, Energy and Health Care Departed (12):

sectors saw three companies drop out of the • HSBC

40,000 •
Global Top 100 in the year to March 2021. American Tower
New entrants (8):
• China Life
• Lowe’s Co’s
• Petro China
• The majority of new entrants (including 35,000 • Meituan
• Total SE
returnees) were in the Consumer • Qualcomm
• BP
Discretionary / Staples, Industrials and • Sony Group
• Sanofi
Technology sectors. 30,000 • Glaxo Smith Kline
• Starbucks Corp
• T-Mobile
• Gilead Sciences 9,535
Market capitalisation ($bn)
• Six of the 13 new entrants were US Delisted (1):
• Nippon Telegraph
• United Parcel

companies. Four US companies departed from 25,000 • NTT DOCOMO

• IBM
• Wuliangye

the Global Top 100 as at March 2021 resulting • Lockheed Martin

in a net increase of two US companies. 1,189 2,029
20,000 105
Returned to the Global
• Outside of the US, there were new entrants Top 100 (5):
from all other regions. • BHP Billiton 31,740
15,000
• Boeing
• NTT DOCOMO was acquired by Nippon • Siemens
Telegraph in 2020 resulting in a delisting from 10,000
21,471 • Softbank
the Tokyo Stock Exchange. Nippon Telegraph • Volkswagen
divested part of its business in the year to
March 2021 contributing to its departure from 5,000
the list.
0
• The survivors increase of $9.5tn represents 0
Global Top 100 Delisted, Departed* IPOs Other new Survivors' Global Top 100
the combined increase in market capitalisation as at 31 March acquired, entrants increase as at 31 March
of the companies that retained a position in 2020 divested* 2021
both reported years. The top five companies
on the list account for a combined increase of Source: Bloomberg with PwC analysis
$3.0tn.
*Market capitalisation as at March 2020

PwC | Global Top 100 companies by market capitalisation 13

 Spread of market capitalisations in the Global Top 100

Spread of companies by market capitalisation (March 2020 vs March 2021)

34
35

29
30

25
21
No. of companies

20
19
20 18

15
11
10
10
7
6 6
4 4 4
5
2 2 2
1
0 0
0
<$100bn $100bn–$150bn $150bn–$200bn $200bn–$250bn $250bn–$300bn $3000bn–$350bn $350bn–$400bn $400bn–$450bn $450bn–$500bn >$500bn

Number of Global Top 100 companies in 2021 Number of Global Top 100 companies in 2020

Source: Bloomberg with PwC analysis

• 20 companies included in the March 2020 Global Top 100 had a market capitalisation less than $100bn as at 31 March 2020. Comparatively, there were no
companies with less than $100bn market capitalisation in the March 2021 Global Top 100.
• Six companies had a market capitalisation of more than $500bn in March 2020 ($6.2tn in total). In March 2021, that number had increased to 11 companies, totalling
$12.7tn in combined market capitalisation.

PwC | Global Top 100 companies by market capitalisation 14

The Global Top 100 companies with the largest relative increases and
decreases in market capitalisation
March 2021 vs March 2020

• China Mobile was the only company in the Change in

market Market Market
Global Top 100 that saw a decrease in
capitalisation capitalisation capitalisation
market capitalisation in the year to March Mar-2020 to Mar-2021 Mar-2020
2021. Company name Location Sector Mar-2021 ($bn) ($bn)
1 Tesla United States Consumer Discretionary 565% 641 96
• The bottom ten featured a number of 2 Meituan China Technology 221% 226 70
Financials and Health Care companies. 3 Volkswagen AG Germany Consumer Discretionary 165% 165 62
4 PayPal United States Industrials 153% 284 112
• Tesla saw an astonishing 565% increase in Top 5 Wuliangye Yibin China Consumer Staples 151% 159 63
market capitalisation in the year to March ten
6 Softbank Group Japan Telecommunications 140% 176 73
2021, a clear outlier in the top ten risers. risers
7 TSMC Taiwan Technology 127% 534 235
8 ASML Holdings NV Netherlands Technology 125% 255 113
• Food delivery platform, Meituan, saw the
9 T-Mobile US INC United States Telecommunications 117% 156 72
second largest increase in market
10 Lowe’s Companies United States Consumer Discretionary 110% 136 65
capitalisation in relative terms (221%).
1 Agricultural Bank of China China Financials 8% 178 164
2 Verizon Communications United States Telecommunications 8% 241 222
• Volkswagen AG outperformed other
3 Nestlé SA Switzerland Consumer Staples 5% 322 306
automotive companies by a significant
4 China Construction Bank China Financials 4% 213 205
margin, experiencing a 165% increase in
AT&T INC United States Financials 3% 216 209
market capitalisation and returning to the Bottom 5
ten 6 Bank of China China Financials 2% 139 136
Global Top 100 after two years off the list.
7 Novartis AG Switzerland Health Care 1% 212 209
• Dutch technology company ASML 8 Roche Holding AG Switzerland Health Care 1% 283 280
Holdings benefitted from growing demand 9 Merck & Co United States Health Care 0% 195 195
for semiconductor technology, leading to a 10 China Mobile Hong Kong SAR Telecommunications -12% 134 152
125% increase in market capitalisation.
Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 15

 A unicorn is a privately held start-up
company valued at over $1bn. As
A point of comparison: Top 100 unicorns at 31 March 2021, there were 628
unicorns around the world (March
2020: 463).

• Similar to the Global Top 100, the US dominates the Top 100 unicorns, representing approximately half of the list in terms of number of companies and value.
• Behind the US is China and its regions accounting for 23 of the Top 100 unicorns, a reduction of three from March 2020. China and its regions represents 35% of
the total Top 100 unicorns value.
• Chinese internet company (and parent company of TikTok) ByteDance maintains its position as the most valuable Unicorn with a valuation of $140.0bn, a 87%
increase from March 2020. ByteDance would be positioned alongside Siemens AG and Bank of China (90th and 91st) in the Global Top 100 if it was a public
company. No other unicorn would meet the $129bn required to make the list.
• Europe - Eight of the Top 100 Unicorns are UK based, representing 62% of the value in the region ($57bn). Estonian mobility platform, Bolt, entered the Top 100
unicorns in the year to March 2021.
• Rest of the world - India is the hotspot representing 50% of the total Top 100 unicorns in the region by value and number.

Top 100 unicorns (March 2020 vs March 2021) All unicorns (March 2020 vs March 2021)
53 317
1,000 50 53 2,000 320
900 1,800
43 270
800 1,600
221 220
700 26 33 1,400
23 143
600 1,200 170
500 23 1,000
14 122 92 120
400 10 800 76
300 13 600
$515 65 70
200 400 $948 55
$397 $376 3 $647
$296 $562 $438 20
100 $92 $47 $124 $113 200 $201 $115 $255 $185
- (7) - (30)
US Europe China and its Rest of the World US Europe China and its Rest of the World
regions regions

Valuation ($bn) Mar-21 Valuation ($bn) Mar-20 Valuation ($bn) Mar-21 Valuation ($bn) Mar-20
# Mar-21 # Mar-20 # Mar-21 # Mar-20

Source: CB Insights with PwC analysis

PwC | Global Top 100 companies by market capitalisation 16

Top 100 unicorns composition
March 2020 vs March 2021

• 24 (63%) new entrants into the Top 100

unicorns came from the US, followed by Machine Zone (AppLovin – May-2020 – $0.5bn)
Grail (Illumina – Sep-2020 – $8.0bn)
Europe with six new unicorns, five of which
Zoox (Amazon – Jun-2020 – $1.0bn)
were from the United Kingdom. Over half of
all new entrants were Internet software and
services or Fintech companies.

• Unicorns took advantage of a buoyant IPO

market towards the end of 2020 and early
2021 with 17 unicorns included in the March
2020 Top 100 unicorns successfully
executing an IPO (March 2020: 7). Company Exchange
Source: CB Insights with PwC analysis.

Auto1 Group Frankfurt Stock

• The NYSE was the leading destination for Exchange
previous Top 100 unicorns, followed by the Entered Top 100 (by industry) Kuaishou Hong Kong Dropped out of Top 100 (by industry)
Exchange
NASDAQ. A third of the IPOs were E- Internet software & services 15 Fintech 3
The Hut Group London Stock
commerce and direct-to-consumer Fintech 7 Exchange Artificial intelligence 3
companies. E-commerce & direct-to-consumer 3 Arrival NASDAQ Health 2
Auto & transportation 3 Airbnb NASDAQ Mobile & telecommunications 2
• There was no particular concentration of Artificial intelligence 2 Wish NASDAQ Supply chain, logistics, & delivery 2
sectors in the unicorns dropping out of the Other 8 OpenDoor Labs NASDAQ Other 6
Top 100 unicorns, most were from the US. Total 38 Root Insurance NASDAQ Total 18
Beike Zhaofang NYSE
• The 38% churn rate is higher than the year to Entered Top 100 (by region)
XPeng Motors NYSE
Dropped out of Top 100 (by region)
March 2020 (27%) reflective of a buoyant US 24
Coupang NYSE
US 8
IPO market and elevated valuations in certain Europe 6
DoorDash NYSE
China and its regions 4
sectors (Internet software and services, and Snowflake Computing NYSE
Rest of world 4 Europe 3
Fintech). As a point of reference the Global Palantir Technologies NYSE
China and its regions 4 Rest of world 3
Top 100 companies churn rate was 13%. Unity Technologies NYSE
Total 38 Total 18
Roblox NYSE
Oscar Health NYSE

PwC | Global Top 100 companies by market capitalisation 17

Top 100 unicorns outlook

• A year ago, there was mounting scepticism about the soundness of some Unicorn business models and their path to profitability – and, in turn,
the valuations being put on Unicorn businesses. The last year continued to see some Unicorns fall by the wayside. Some have postponed or
moderated exit plans. In the early stages of the COVID-19 pandemic, it seemed that investors would need to focus on following their money to
support existing investments which would act as a brake on investment into existing and potential Unicorns.

• However, two trends have offset the above to provide tailwinds for Unicorns in the year ahead:

− Many public companies have seen a surge in demand since COVID-19 took hold which has translated into valuation growth, particularly
technology / technology enabled and healthcare businesses – sectors where Unicorns are well represented. Unicorns are typically
disruptors within their sectors – whether through new technology, tapping into changing consumer trends or broader societal changes
(e.g. ESG investing). COVID-19 appears to have accelerated these secular shifts which stands the Unicorns in good stead.

− Loose monetary policy has provided inexpensive, abundant liquidity which has flowed into public and private investment. It also creates
an environment that supports growth investing, which clearly plays to the Unicorns benefit. If economies start to recover from COVID-19
and monetary policy remains loose, this will continue to be supportive for Unicorn valuations.

• A further surge related to Unicorn valuations and transaction volumes is likely to lie in mergers with Special Purpose Acquisition Companies
(“SPACs”). In 2020 and the first quarter of 2021 a large number of these have listed on the US exchanges, and the SPAC trend is gaining
some traction in Europe where a number of Unicorns also exist. These SPACs typically have a two year window to deploy funds. A number of
these SPACs have already created IPO opportunities for Unicorns in the past twelve months, including Arrival and OpenDoor. We expect this
trend to continue assuming the monetary policy backdrop remains loose.

• Finally, another aspect to watch - competition between exchanges in attracting IPOs of Unicorns (and other fast growth companies). A number
of the exchanges, including the London Stock Exchange, have made this a key strategic goal to try to redress the balance of IPOs of Unicorns
on domestic markets as opposed to, or as well as, the US exchanges.

PwC | Global Top 100 companies by market capitalisation 18

Methodology

PwC | Global Top 100 companies by market capitalisation

Methodology

• This Global Top 100 report ranks the largest public • Exchange Traded Funds (ETFs) and closed end funds are
companies by their market capitalisation in US dollars as at excluded from the analysis.
31 March 2021.
• A company’s location is the country or region where its
• Data sources: Bloomberg with PwC analysis, CBI Insights headquarters are located.
with PwC analysis
• We allocated dual-listed companies as follows: BHP Billiton
• Sector classification is based on FTSE Russell Industry (AUS), Royal Dutch Shell (NL) and Unilever (UK).
Classification Benchmark (ICB). In Q1 2021, the ICB
framework was revised: • The ranking does not compensate for changes in currency
exchange rates.
• the “Oil and gas” sector was renamed to “Energy”;
• The distribution of value is based on dividend payments and
• the “Consumer Goods” and “Consumer Services” sectors
share repurchases in the calendar year 2020.
were replaced with “Consumer Discretionary” and
“Consumer Staples”. These new consumer categories are • China and its regions includes: Mainland China, Hong Kong
not direct replacements, therefore we are unable to show SAR and Taiwan.
historical data on a like-for-like basis using the new ICB
classifications.

• The new framework has been adopted in this report.

PwC | Global Top 100 companies by market capitalisation 20

 Update pic

Complete
ranking

PwC | Global Top 100 companies by market capitalisation

Top 100 global companies 1-20 (by market capitalisation)

31 March 2021 31 March 2020

Rank Company name Location Sector Rank +/- Market Rank Market
(VS Mar 2020) capitalisation ($bn) capitalisation ($bn)

1 APPLE INC United States Technology 2 2,051 3 1,113

2 SAUDI ARAMCO Saudi Arabia Energy -1 1,920 1 1,602

3 MICROSOFT CORP United States Technology -1 1,778 2 1,200

4 AMAZON.COM INC United States Consumer Discretionary 0 1,558 4 971

5 ALPHABET INC United States Technology 0 1,393 5 799

6 FACEBOOK INC United States Technology 1 839 7 475

7 TENCENT China Technology 1 753 8 469

8 TESLA INC United States Consumer Discretionary 75 641 83 96

9 ALIBABA GRP China Consumer Discretionary -3 615 6 522

10 BERKSHIRE HATHAWAY United States Financials -1 588 9 443

11 TSMC Taiwan Technology 9 534 20 235

12 VISA INC United States Industrials 0 468 12 316

13 JPMORGAN CHASE United States Financials 2 465 15 277

14 JOHNSON & JOHNSON United States Health Care -4 433 10 346

15 SAMSUNG ELECTRONICS South Korea Technology 6 431 21 234

16 KWEICHOW MOUTA China Consumer Staples 12 385 28 197

17 WALMART INC United States Consumer Discretionary -6 383 11 322

18 MASTERCARD INC United States Industrials 0 354 18 243

19 UNITEDHEALTH GRP United States Health Care 0 352 19 237

20 LVMH MOET HENNESSY France Consumer Discretionary 12 337 32 188

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 22
Top 100 global companies 21-40 (by market capitalisation)

31 March 2021 31 March 2020

Rank Company name Location Sector Rank +/- Market Rank Market
(VS Mar 2020) capitalisation ($bn) capitalisation ($bn)

21 WALT DISNEY CO United States Consumer Discretionary 15 335 36 174

22 BANK OF AMERICA United States Financials 11 334 33 185

23 PROCTER & GAMBLE United States Consumer Staples -7 333 16 272

24 NVIDIA CORP United States Technology 17 331 41 161

25 HOME DEPOT INC United States Consumer Discretionary 2 329 27 201

26 NESTLE SA Switzerland Consumer Staples -13 322 13 306

27 IND & COMM BK China Financials -10 290 17 256

28 PAYPAL HOLDINGS United States Industrials 47 284 75 112

29 ROCHE HOLDING Switzerland Health Care -15 283 14 280

30 INTEL CORP United States Technology -8 261 22 231

31 ASML HOLDING NV Netherlands Technology 40 255 71 113

32 TOYOTA MOTOR Japan Consumer Discretionary -3 254 29 197

33 COMCAST CORP United States Telecommunications 10 248 43 157

34 VERIZON COMMUNICATIONS United States Telecommunications -11 241 23 222

35 EXXON MOBIL CORP United States Energy 7 236 42 161

36 NETFLIX INC United States Consumer Discretionary 3 231 39 165

37 ADOBE INC United States Technology 7 228 44 153

38 COCA-COLA CO United States Consumer Staples -7 227 31 190

39 MEITUAN China Technology N/A 226 N/A 70

40 PING AN China Financials -5 219 35 179

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 23
Top 100 global companies 41-60 (by market capitalisation)

31 March 2021 31 March 2020

Rank Company name Location Sector Rank +/- Market Rank Market
(VS Mar 2020) capitalisation ($bn) capitalisation ($bn)

41 CISCO SYSTEMS United States Telecommunications -3 218 38 167

42 AT&T INC United States Financials -18 216 24 209

43 L'OREAL France Consumer Discretionary 4 215 47 146

CHINA CONSTRUCTION
44 China Financials -18 213 26 205
BANK
45 ABBOTT LABS United States Health Care 4 212 49 139

46 NOVARTIS AG Switzerland Health Care -21 212 25 209

47 NIKE INC United States Consumer Discretionary 10 209 57 129

48 ORACLE CORP United States Technology -3 202 45 152

49 PFIZER INC United States Health Care -15 202 34 181

50 CHEVRON CORP United States Oil & Gas 1 202 51 136

51 CHINA MERCH China Financials 16 196 67 115

52 PEPSICO INC United States Consumer Staples -15 195 37 167

53 SALESFORCE.COM United States Technology 3 195 56 129

54 MERCK & CO United States Health Care -24 195 30 195

55 ABBVIE INC United States Health Care 19 191 74 113

56 BROADCOM INC United States Technology 31 189 87 95

57 PROSUS NV Netherlands Technology 16 181 73 113

58 RELIANCE INDS India Energy 33 180 91 94

59 THERMO FISHER United States Health Care 13 180 72 113

60 ELI LILLY & CO United States Health Care -6 179 54 133

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 24
Top 100 global companies 61-80 (by market capitalisation)

31 March 2021 31 March 2020

Rank Company name Location Sector Rank +/- Market Rank Market
(VS Mar 2020) capitalisation ($bn) capitalisation ($bn)
AGRICULTURAL BANK OF
61 China Financials -21 178 40 164
CHINA
62 SOFTBANK GROUP Japan Telecommunications N/A 176 N/A 73

63 ACCENTURE PLC Ireland Industrials 16 176 79 104

64 TEXAS INSTRUMENT United States Technology 28 174 92 93

65 MCDONALDS CORP United States Consumer Discretionary -5 167 60 123

66 VOLKSWAGEN AG Germany Consumer Discretionary N/A 165 N/A 62

67 BHP GROUP LTD Australia Basic Materials N/A 163 N/A 85

68 WELLS FARGO & CO United States Financials -3 162 65 117

69 TATA CONSULTANCY India Technology 27 161 96 91

70 DANAHER CORP United States Health Care 14 160 84 96

71 NOVO NORDISK Denmark Health Care -23 160 48 144

72 MEDTRONIC PLC Ireland Health Care -11 159 61 121

73 WULIANGYE YIBI China Consumer Staples N/A 159 N/A 63

74 COSTCO WHOLESALE United States Consumer Discretionary -15 156 59 126

75 T-MOBILE US INC United States Telecommunications N/A 156 N/A 72

76 CITIGROUP INC United States Financials 22 152 98 88

77 HONEYWELL INTL United States Industrials 11 151 88 95

78 QUALCOMM INC United States Technology N/A 151 N/A 77

79 SAP SE Germany Technology -29 151 50 136

80 BOEING CO United States Industrials N/A 149 N/A 84

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 25
Top 100 global companies 81-100 (by market capitalisation)

31 March 2021 31 March 2020

Rank Company name Location Sector Rank +/- Market Rank Market
(VS Mar 2020) capitalisation ($bn) capitalisation ($bn)

81 ROYAL DUTCH SHELL Netherlands Oil & Gas -28 148 53 135

82 NEXTERA ENERGY United States Utilities -19 148 63 118

83 UNITED PARCEL United States Industrials N/A 148 N/A 80

84 UNION PAC CORP United States Industrials -2 148 82 97

85 UNILEVER PLC United Kingdom Consumer Staples -30 147 55 131

86 AIA Hong Kong SAR Financials -9 147 77 109

87 LINDE PLC United Kingdom Basic Materials 8 146 95 92

88 AMGEN INC United States Health Care -26 144 62 120

89 BRISTOL-MYER SQB United States Health Care -31 141 58 126

90 SIEMENS AG Germany Industrials N/A 140 N/A 71

91 BANK OF CHINA China Financials -39 139 52 136

92 PHILIP MORRIS INC United States Consumer Staples -23 138 69 114

93 LOWE'S COS INC United States Consumer Discretionary N/A 136 N/A 65
CHARTER
94 United States Telecommunications -28 135 66 116
COMMUNICATIONS
95 CHINA MOBILE Hong Kong SAR Telecommunications -49 134 46 152

96 SONY GROUP CORP Japan Consumer Discretionary N/A 132 N/A 75

97 ASTRAZENECA PLC United Kingdom Health Care -33 131 64 117

98 ROYAL BANK OF CANADA Canada Financials 1 131 99 87

99 STARBUCKS CORP United States Consumer Discretionary N/A 129 N/A 77

100 ANHEUSER-BUSCH Belgium Consumer Staples -3 128 97 90

Source: Bloomberg with PwC analysis

PwC | Global Top 100 companies by market capitalisation 26
Key contacts

PwC | Global Top 100 companies by market capitalisation

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

• Mark Hughes • David Ethridge

UK Capital Markets Leader US IPO Services Co-Leader
Partner, PwC UK Managing Director, PwC US
Tel: +44 773 659 9759 Tel: +1 212 845 0739
mark.c.hughes@pwc.com david.a.ethridge@pwc.com

• Kennedy Liu • Michael Bellin

China Capital Markets Leader US IPO Services Co-Leader
Partner, PwC China Partner, PwC US
Tel: +852 2289 1881 Tel: +1 720 361 9294
kennedy.liu@hk.pwc.com michael.j.bellin@pwc.com

PwC | Global Top 100 companies by market capitalisation 28

Appendix

• Value distribution in calendar year 2020

30

PwC | Global Top 100 companies by market capitalisation 29

Value distribution in
calendar year 2020

PwC | Global Top 100 companies by market capitalisation

Top 10 companies as at 31 March 2021 with highest value distribution
in 2020

Total value
Total value % of total Market Dividend as distribution as
Share buyback distribution distribution Total value capitalisation % of market % of market
Dividends 2020 2020 2020 by Top 100 distribution 31 March 2021 capitalisation capitalisation
Company ($bn) (1) ($bn) (1) (£bn) (1) (2020) (1) 2019 (2) ($bn) (2020) (3) (2020) (3)

Apple 14 73 87 10.5% 81 2,051 0.7% 4.2%

Saudi Aramco 70 - 70 8.4% 73 1,920 3.6% 3.6%

Microsoft Corporation 15 20 35 4.2% 31 1,778 0.9% 2.0%

Alphabet - 32 32 3.8% 18 1,393 0.0% 2.3%

Berkshire Hathaway - 25 25 3.0% - 588 0.0% 4.2%

Oracle Corporation 3 19 22 2.7% 39 202 1.5% 11.0%

AT&T INC 15 5 20 2.5% 17 216 6.9% 9.4%

Intel Corporation 6 14 20 2.4% 19 261 2.1% 7.5%

JPMorgan Chase & Co 13 6 19 2.3% 36 465 2.7% 4.1%

Bank of America 8 8 16 1.9% 35 334 2.3% 4.7%

Source: Bloomberg with PwC analysis

1. Actual payment in calendar year 2020

2. Actual payment in calendar year 2019
3. Market capitalisation as at 31 March 2021
* 2020 and 2019 numbers are of those companies in the Global Top 100 at 31 March 2021

PwC | Global Top 100 companies by market capitalisation 31

Value distribution by location in 2020

Total value
Market % of total Dividend as % of distribution as %
capitalisation Share buyback Total value distribution Total value market of market
Number of 31 March 2021 Dividends 2020 distribution by Top 100 distribution capitalisation capitalisation
Location companies ($bn) 2020 ($bn) (1) ($bn) (1) 2020 (1) (2020) 2019 (2) (2020) (3) (2020) (3)
United States 59 20,549 262 319 580 70.4% 661 1.3% 2.8%

Saudi Arabia 1 1,920 70 - 70 8.4% 73 3.6% 3.6%

China and its regions 14 4,188 52 - 52 6.3% 65 1.2% 1.2%

Switzerland 3 816 24 7 31 3.7% 32 2.9% 3.8%

Japan 3 563 7 8 15 1.9% 25 1.2% 2.7%

Germany 3 456 9 2 11 1.3% 2 2.0% 2.4%

United Kingdom 3 425 10 - 10 1.3% 57 2.5% 2.5%

Netherlands 3 584 9 1 10 1.2% 6 1.5% 1.7%

Ireland 2 335 5 4 9 1.1% 10 1.5% 2.7%

South Korea 1 431 8 - 8 1.0% 8 1.9% 1.9%

Australia 1 163 7 - 7 0.8% n/a 4.2% 4.2%

India 2 341 6 - 6 0.7% 2 1.7% 1.7%

France 2 552 5 - 5 0.6% 18 1.0% 1.0%

Canada 1 131 5 0 5 0.6% 5 3.6% 3.6%

Denmark 1 160 3 - 3 0.4% 3 1.9% 1.9%

Belgium 1 128 2 - 2 0.2% 5 1.4% 1.4%

Source: Bloomberg with PwC analysis

1. Actual payment in calendar year 2020

2. Actual payment in calendar year 2019
3. Market capitalisation as at 31 March 2021
* 2020 and 2019 numbers are of those companies in the Global Top 100 at 31 March 2021
PwC | Global Top 100 companies by market capitalisation 32
Value distribution by sector in 2020

Total value
Market % of Total Dividend as % of distribution as %
capitalisation Dividends Share buyback Total value Distribution by Total value market of market
Number of 31 March 2021 2020 2020 distribution Top 100 distribution capitalisation capitalisation
Sector companies ($bn) ($bn) (1) ($bn) (1) 2020 (1) (2020) 2019 (2) (2020) (3) (2020) (3)
Consumer
17 5,992 39 32 71 8.6% 62 0.6% 1.2%
Discretionary(4)

Telecommunications 7 1,308 21 16 37 4.5% 41 1.6% 2.9%

Health Care 16 3,333 76 20 97 11.7% 134 2.3% 2.9%

Industrials 9 2,017 20 26 46 5.5% 25 1.0% 2.3%

Consumer Staples(4) 9 2,035 46 16 62 7.5% 66 2.2% 3.1%

Technology 20 10,483 76 179 255 30.9% 268 0.7% 2.4%

Energy 5 2,686 102 3 105 12.8% 142 3.8% 3.9%

Basic Materials 2 309 9 - 9 1.1% 4 2.9% 2.9%

Financials 14 3,429 92 49 141 17.1% 219 2.7% 4.1%

Utilities 1 148 3 0 3 0.3% 2 1.9% 1.9%

Source: Bloomberg with PwC analysis

1. Actual payment in calendar year 2020

2. Actual payment in calendar year 2019
3. Market capitalisation as at 31 March 2021
4. Sector classification has been aligned to the new ICB framework (as set out on page 20), prior period comparatives have been restated to enable like-for-like comparison.
* 2020 and 2019 numbers are of those companies in the Global Top 100 at 31 March 2021

PwC | Global Top 100 companies by market capitalisation 33

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