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Nowadays, when you look at the market cap of companies, you’ll be able to see the impact of even the biggest public companies in the world. Most countries in the world are battling either a recession or a depression, and investors withdrew money from shares and put it into safer bets such as stock or gold.
Some industries were hit much more than others, with the hospitality industry perhaps being the worst among all. Hotel chains and airlines had to lay off tens of thousands of employees across the world in an effort to decrease the losses faced, and experts have said that it will take years for these industries to return to their pre-pandemic levels.
Definitely, E-commerce websites and the tech industry at large actually had a successful year as people had to stay home and resorted to online shopping, which is why these companies experiences such a boom and Jeff Bezos, owner of Amazon was able to make the first position as the richest person in the world. But perhaps the biggest success story has been that of Tesla, and its owner Elon Musk, whose net worth has more than $200 billion as Tesla’s shares kept rising and hitting landmarks, with the company now being worth more than $800 billion.
Ranking of the World’s Largest Public Companies in 2023
|3||Saudi Aramco Oil||Saudi Arabia||Energy||$105.36B||$576.04B||$1.8T|
|8||China Construction Bank||CHINA||Financial||$46.89B||$4.746.95B||$181.32B|
|9||Agriculture Bank of China||CHINA||Financial||$32B||$4.561.05B||$303.1B|
However, Apple stands as the world’s most valuable company, towering at a $2.3 trillion valuation. Despite the tech downturn of 2022—driven by rising interest rates and slower sales—Apple maintained its top spot. This was largely thanks to record revenues and healthy consumer demand for iPhone.
Following Apple is Microsoft. Unlike Apple, Microsoft has faced slower earnings over the year due to lower demand for personal computers and the weighing impact of the U.S. dollar. Overall, about 50% of the company’s sales take place overseas.