US technology giants such as Apple and Google dominate the ranking of the world’s biggest firms by market capitalisation, new analysis from PricewaterhouseCoopers shows.
PwC’s Global Top 100 report shows that 43 of the world’s 100 largest companies come from the US – an increase from 35 in 2008.
The technology sector saw a 35 per cent increase in its overall market cap. Apple is the biggest firm in the world, racking up an extra $290bn in market cap over the last five years, while Google is in third, Microsoft in eighth and IBM in ninth.
PwC capital markets partner Clifford Tompsett says: “The US is dominating the ranking, but what is truly remarkable is the ability of the US to create new trailblazers. 15 years ago companies like Apple and Google had either just been founded or were not recognised as having that potential.
“Today these companies rank first and third in the list of the 100 most valuable global companies. These companies are capable of setting and recognising new trends and – most importantly – creating business models that make these developments pay on a global scale.
“With this innovative drive, other regions and countries will have their work cut out to compete with the US on the same level.”
Consumer services saw a close to 400 per cent increase in its market cap, with firms such as Wal-Mart Stores, Amazon, Comcast, Walt Disney and McDonalds appearing in the top 100.
Companies from Europe were some of the biggest fallers, with only 14 European businesses appearing in the top 100 compared with 26 in 2008.
In addition, firms from China and Hong Kong did not feature as highly as expected, with only nine companies appearing in the top 100 with an increase of just one since 2008.
While the five top rising companies added a collective $701bn in market capitalisation over the past five years, the five fallers shed $737bn – with oil and gas companies taking four out of the five losing spots.