Citigroup Tops List of Global Companies
NEW YORK ~ A growing number of Chinese firms are now among the leading global corporations, says a Forbes magazine report that places US banking giant Citigroup in the top spot.
Citigroup heads the Forbes list of 2,000 global public companies, ranked on a formula of sales, profits, assets and stock market value.
The list now has 80 companies based in Hong Kong or China, including 16 additions from last year, while the United States has 34 fewer companies compared with last year’s rankings.
US-based Bank of America was number two in the global rankings, followed by British banking group HSBC, US-based conglomerate General Electric, US banking firm JP Morgan Chase and insurance giant American International Group.
ExxonMobil, the US oil giant, was ranked seventh, followed by Royal Dutch Shell, Swiss-based UBS and Dutch-based bank ING.
The rankings differ from other lists based on stock market value, sales or profits.
US retailer Wal-Mart Stores had the highest sales â€“ US$348 billion – but was ranked 17th on the Forbes list. Seventh-ranked ExxonMobil had the biggest profit at $39.5 billion and the highest stock market value at $410 billion.
Even with fewer US names on this year’s list, the remaining US companies had a combined market capitalization of $13.9 trillion, Forbes said.
Forbes said the total revenues of the companies headquartered in Switzerland exceeded the country’s gross domestic product.
The 2,000 companies saw sales up 10 percent in 2006, with profits increasing 32 percent and market value gaining 17 percent, according to the magazine.
The 116 oil companies had the biggest revenues of any sector but the biggest profits were in banking, it added.
Argentina posted its first company on the list, Telecom Argentina, ranked 1,858th. A total of 57 countries were represented.
China’s top-ranked firm was PetroChina, number 41 on the list. Toyota, number 12 on the list, was the highest-ranked Japanese firm.
BNP Paribas, number 14, was the highest-ranked French firm. Allianz was number 15 and the top-ranked German company.Filed under: