Source: 2023 Fortune Global 500 List
Chinese companies have again surpassed their American counterparts in the latest Fortune Global 500 list, which ranks the wealthiest companies based on their revenue. This year’s list, released on Wednesday, highlights China’s increasing strength in all sectors.
Out of the 500 companies listed, an impressive 142 Chinese companies, including those from Taiwan, secured their spots, making it the fifth consecutive year for China to lead in terms of the number of companies on the list. The United States and Japan came in second and third place, with 136 and 41 companies, respectively.
In the top 10 companies ranked by revenue, five are from the United States, three from China, one from Saudi Arabia, and one from the United Kingdom. Topping the list is Walmart, generating an impressive $611.3 billion in revenue, followed closely by Saudi Aramco with $603.7 billion in revenue.
A noteworthy presence of Indian companies is also seen on the Fortune Global 500 list, with eight Indian firms securing their spots. Among them, Reliance made a remarkable leap by 16 places, now standing at number 88 on the list, thanks to an impressive 16.50% increase in revenue compared to last year. Over the past two years, Reliance has climbed a staggering 67 places, starting from number 155 in 2021.
Reliance’s current ranking at number 88 is its highest-ever achievement on the Fortune Global 500 list.
State-owned Indian Oil Corporation (IOC) is another notable achiever, moving up 48 places to rank at number 94. However, Life Insurance Corporation of India (LIC) slipped nine places to reach number 107. Other state-owned firms on the list include Oil and Natural Gas Corporation (number 158), Bharat Petroleum Corporation Ltd (number 233), and State Bank of India (number 235).
Notably, Tata Motors and Rajesh Exports also made significant strides, with Tata Motors rising 33 places to rank at number 337, and Rajesh Exports jumping 84 spots to reach number 353.
Encouragingly, experts and industry estimates suggest that more Indian companies are expected to join the ranks in the coming years, reflecting India’s growing prominence in the global business landscape.
