Global Top 100 companies by market capitalisation May 2021 Contents Highlights and trends 3 Methodology 19 Complete ranking 21 Key Contacts 27 Appendix: Value distribution in calendar year 2020 29 PwC | Global Top 100 companies by market capitalisation 2 Highlights and trends PwC | Global Top 100 companies by market capitalisation COVID-19 backdrop to this report “Looking beyond the dislocation caused by the initial outbreak of COVID-19, the market capitalisation of the Global Top 100 companies has increased by a remarkable 51% between March 2019 and March 2021, compared to an increase in the MSCI World Index of 33%. Led by the US, this highlights the ability of the largest companies to leverage technology and grow at scale over this period, breaking away from the growth trend line over the past decade.” Ross Hunter - IPO Centre Leader, PwC United Kingdom As the COVID-19 pandemic took hold on the global economy in early 2020, the MSCI World Index declined Change in market capitalisation of the Global by 21% and market volatility increased dramatically peaking at 83 on 16 March 2020. The world’s largest Top 100 companies (Mar-2020 to Mar-2021) companies were not immune to significant reductions in market value, with the value of the Global Top 100 Companies as at Mar-2020 declining by 15% in the first quarter of 2020. $bn % US 7,456 57% Since the declines seen in early 2020, global equity markets have not only recovered lost ground, but have surged to record highs - with economic recovery being supported by government and central bank policies Europe 523 18% responding to the devastation of the COVID-19 pandemic. China and its regions* 1,244 42% The market capitalisation of the Global Top 100 companies (as at March 2021) increased by 48% ($10.3tn) Rest of the world 1,046 42% to $31.7tn from 31 March 2020 to 31 March 2021. Total 10,269 48% This report analyses the position of the Global Top 100 Companies and highlights the remarkable changes in * China and its regions includes; Mainland China, the composition of the list, comparing the Global Top 100 Companies by market capitalisation as at March Hong Kong SAR and Taiwan 2020 and March 2021. Market capitalisation of Global Top 100 CBOE Volatility Index MSCI World Index companies ($bn) 35,000 31,740 90 1 Apr 2020 – 31 Mar 2021: 58% 80 30,000 3000 70 25,000 21,075 21,471 60 2500 20,035 20,000 17,438 50 2000 16,245 15,577 40 1500 15,000 30 1000 10,000 20 1 Jan 2020 – 10 500 31 Mar 2020: 5,000 21% 0 0 0 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Mar 21 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Mar 21 2015 2016 2017 2018 2019 2020 2021 PwC | Global Top 100 companies by market capitalisation 4 Highlights (1 of 2) Companies Countries • The market capitalisation of the Global Top • China Mobile was the only company in the • All regions and component countries 100 companies increased by 48% in the year Global Top 100 that saw a decrease in market experienced a relative increase in market to March 2021, resulting in a record breaking capitalisation in the year to March 2021. capitalisation of the companies listed in the market capitalisation of $31.7tn. Global Top 100. • Tesla’s market capitalisation increased from • Apple regained its crown as the world’s $96bn in March 2020 to $641bn in March 2021, • Switzerland was the only country failing to see largest company by market capitalisation an astonishing 565% increase and a clear outlier double digit market capitalisation growth from its with a March 2021 valuation 6% and 13% in the top ten risers. representatives in the Global Top 100 ahead of Saudi Aramco (2nd) and Microsoft companies. • Food delivery platform, Meituan, saw the (3rd) respectively. Apple’s market second largest increase in market capitalisation • In-line with expectations, the United States capitalisation reached an all time high in in relative terms (221%). continues to dominate the Global Top 100 in January 2021 ($2.4tn). terms of market capitalisation and number of • Volkswagen returned to the Global Top 100 • Amazon’s market capitalisation increased by companies, with 59 companies accounting for with a $165bn market capitalisation as at March 61% in the year to March 2021, supported by 65% of total market capitalisation. 2021, a 165% increase as compared to March the growing “stay-at-home economy” seen 2020, driven by strong investor support and • The United Kingdom saw the largest net throughout 2020 and into 2021, although consumer demand for its transition to electric change in the number of companies in the Amazon did not move up from fourth vehicles. Global Top 100. Three companies departed the position. list this year, resulting in a 33% reduction in the • Another returnee was Boeing with a 77% • There were no direct entrants to the Global market capitalisation of Global Top 100 UK increase in market capitalisation from March Top 100 companies via IPO despite a companies from March 2020 to March 2021. 2020 to March 2021, perhaps surprising given buoyant IPO market. The threshold to enter ongoing regulatory challenges and suppressed • BHP Billiton’s return to the Global Top 100 has the list is now $129bn, potentially creating a demand across the aviation industry due to the resulted in Australia being included the March barrier to future entrants via IPO. pandemic. 2021 Global Top 100 companies. PwC | Global Top 100 companies by market capitalisation 5 Highlights (2 of 2) Unicorns Sectors • As a point of comparison, in the private company domain, half of the Top 100 unicorns valued at • Technology continues to be the largest sector $1bn+ as at 31 March 2021 were from the US, broadly in line with the Global Top 100 of public in terms of market capitalisation ($10.5tn). companies. Global Top 100 Technology companies saw a 71% increase as compared to their value as at • The value of the top 100 unicorns grew by 30% to $1.1tn in the year to March 2021, behind the March 2020, in-line with the wider industry public companies’ market capitalisation increase in the same period (49%). index performance. • 24 (63%) new entrants into the Top 100 unicorns came from the US, followed by Europe with six new unicorns, five of which were from the United Kingdom. Over half of all new entrants were • All sectors represented by the Top 100 list saw Internet software and services or Fintech companies. substantial increases in market capitalisation in the year to March 2021, ranging from 25% to • Unicorns took advantage of a buoyant IPO market towards the end of 2020 and early 2021, with 17 75%. companies included in the March 2020 Top 100 unicorns successfully executing an IPO (March 2020: 7). The US was the destination of choice for previous Top 100 unicorns. • Global Top 100 companies in the cyclical sectors, Industrials and Basic Materials, outperformed other sectors in the Global Top 100 (other than Technology) and their Shareholder Distributions (dividends & buybacks) respective industry index performance. • A total of $824bn (2019: $973bn) was distributed by companies in the Global Top 100 companies in • The worst-performing sectors in the Global Top calendar year 2020, predominantly in the US. 100 were Health Care, Energy and Utilities. • As companies respond to the challenges of the global pandemic, many dividend and share buyback The Health Care and Utilities industry index programmes were suspended in the 2020 calendar year, resulting in reduced distributions relative to performance was also relatively poor, whereas prior years. the wider Energy sector performed relatively well. • Technology companies accounted for 31% of total shareholder distributions in the same period (2019: 28%); Apple continues to top the list, returning $87bn in the year, followed by Saudi Aramco ($70bn). PwC | Global Top 100 companies by market capitalisation 6 Total market capitalisation of the Global Top 100 companies Total Market Capitalisation of Global Top 100 companies as at 31 March 35,000 • The market capitalisation of the Global 31,740 Top 100 companies increased by 30,000 48% in the year to March 2021, ($bn) 25,000 21,471 representing the most significant 20,035 21,075 17,438 20,000 16,245 annual increase on record. 15,020 15,577 13,597 15,000 12,047 12,974 12,917 • Apple regained its crown as the capitalisation 10,000 world’s largest company by market capitalisation with a March 2021 5,000 valuation 6% and 13% ahead of Saudi Market 0 Aramco and Microsoft respectively. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Market capitalisation of top and bottom companies • The gap between the largest and 2,500 Apple smallest companies on the list is $1.9tn 2,051 as at March 2021, driven by Apple’s 2,000 Saudi Aramco 84% increase in value from March ($bn) 2020. 1,602 1,500 • In March 2021 the market capitalisation Microsoft Apple of the smallest company in the Global Apple Apple 1,000 851 905 capitalisation Apple Top 100 (Anheuser-Busch) was $46bn Exxon Apple 725 754 Mobil Apple Apple higher than the smallest company in 559 604 PetroChina 417 416 469 March 2020 (BP). 329 Market 500 87 97 99 129 61 69 64 70 81 85 76 86 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Number 1 Number 100 Source: Bloomberg with PwC analysis PwC | Global Top 100 companies by market capitalisation 7 Among the top five, Apple overtakes both Microsoft and Saudi Aramco to become the most valuable public company • The top end of the rankings continue to 3,000 be dominated by Technology and e- commerce, representing four of the five highest-ranked companies.