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Walmart is the world’s largest company by revenue for the ninth consecutive year and the 17th time since Fortune magazine began ranking companies by size in 1995.
Fortune released its annual report on Wednesday Fortune Global 500 list, a ranking of the world’s largest and most profitable companies. Saudi Aramco, the world’s sixth largest company by revenue, is now the world’s most profitable company, with profits of $105 billion, according to Fortune.
In 2021, businesses of all sizes faced an upward trend overcoming economic setbacks caused by Pandemic covid-19. This year, they face new challenges, including inflation, looming fears of recession and Russia’s war in Ukraine.
“A recovery from the worst depths of the pandemic has created a huge headwind for the world’s largest companies by revenue,” Fortune list editor Scott DeCarlo said in a statement. “Total sales and profits hit record levels in fiscal 2021 for Fortune Global 500.”
Fortune Editor-in-Chief Alyson Shontell also warned of the challenges facing businesses as the economy slows.
“For businesses of all sizes, the real test will be who can survive and thrive in difficult conditions like these, especially if – or when – a recession of unknown length and depth prevails,” he said.
Walmart, the nation’s largest retailer, saw its shares slide last month after the company told investors to expect lower earnings for the rest of 2022 as high inflation limits consumers’ ability to spend on discretionary goods such as furniture and electronics.
China is flexing its corporate muscles
China, including Hong Kong, had 136 companies on Fortune’s list of largest companies – the most of any country. The US ranked second, with 124, while Japan was third with 47. And for the first time in the history of the ranking, the total revenue of listed companies based in Chinese-speaking countries exceeded that of US companies on the list.
Total combined revenue of Fortune 500 companies rose 19% from last year to $37.8 trillion – equivalent to more than a third of global GDP. Cumulative earnings rose 88% over last year to a record $3.1 trillion. Listed companies have a total of nearly 70 million employees worldwide.
E-commerce giant Amazon came in at No. 2 on the list, with China’s state-owned electricity company State Grid claiming third place. Tech company Apple ranked No. 7 and drugstore chain CVS Health ranked No. 10. CVS Health was the only company in the top 10 with a female CEO, Karen Lynch.
Here are the top 10 companies on this year’s Fortune 500 by revenue (see the full rankings):
- Walmart (USA)
- Amazon (US)
- State Grid (China)
- China National Petroleum (China)
- Sinopec Group (China)
- Saudi Aramco (Saudi Arabia)
- Apple (USA)
- Volkswagen (Germany)
- China State Construction Engineering (China)
- CVS Health (USA)
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