PwC’s Global Top 100 report ranks the world’s largest public companies based on their market capitalization as of March 2024. The total market capitalization of the top 100 companies has surged by 27% to $8,438 billion, largely driven by investor enthusiasm in AI. The report highlights that the new entry threshold for the top 100 list has increased by 16% to $141 billion.
Microsoft has regained its top spot on the list after five years, while Nvidia has entered the top five for the first time. Apple, on the other hand, has slipped to second place, facing competition and a yet-to-impress AI strategy. The top 100 list welcomed 13 new entrants, with Uber emerging as the “largest climber” after posting its first annual profit since going public.
Beyond the tech sector, consumer discretionary, communication services, and financials also exhibited strong growth, outperforming their respective benchmarks. The healthcare sector saw notable gains, with companies like Eli Lilly and Novo Nordisk benefiting from their new obesity drugs. However, Pfizer and Astra Zeneca faced challenges related to patents and drug repricing, leading to a decline in their valuations.
In terms of geographical distribution, the United States continues to dominate the list, accounting for 72% of the top 100 companies. China experienced a decline in valuations due to investor sentiment, while Saudi Arabian Oil Co., Samsung, and Toyota contributed to the increase in valuation for the Rest of the World.
