FORTUNE has announced that Walmart, the U.S. retailer, has once again secured the top spot on the 2023 Fortune Global 500 list. This marks the 10th consecutive year and the 18th time since 1995 that the Arkansas-based company has claimed the number one position on this prestigious ranking, which evaluates the world’s largest corporations based on their revenue for the fiscal year 2022.
Walmart’s success is even more significant considering the substantial increase in the number of U.S. companies on the Global 500 list this year. With 136 companies, the U.S. reached its highest total since 2010, making it the country with the most representatives on the list.
Saudi Aramco, the Saudi Arabian energy giant, nearly dethroned Walmart, securing the second position on the list. The surge in energy prices, driven by Russia’s invasion of Ukraine, also benefited Exxon Mobil and Shell, bringing them back into the top 10 companies by revenue. In terms of profits, Saudi Aramco achieved a remarkable US$159 billion, making it the most profitable company ever listed on the Fortune Global 500.
The technology sector also showed its strength, with Apple, Alphabet, and Microsoft jointly bringing in an impressive US$233 billion in net income. Apple, in particular, recorded almost US$100 billion in profits, the highest ever achieved by a U.S. company.
This year’s Fortune Global 500 saw 39 newcomers, including 23 companies making their debut, such as Warner Bros. Discovery, and first-time Chinese companies like Contemporary Amperex Technology and Meituan. Additionally, 16 companies returned to the list after at least a one-year hiatus, including Colombia’s Ecopetrol and France’s Air Liquide.
Among the geographic distribution, Greater China, including mainland China, Hong Kong, and Taiwan, had the highest number of companies on the list with 142 entities. However, the 136 U.S. companies generated more revenue in 2022, totaling US$13 trillion compared to Greater China’s US$11.7 trillion. Economic challenges, tighter regulations, and the lingering impact of COVID-19 restrictions affected revenue for some consumer-facing Chinese companies like Alibaba, Tencent, and JD.com.
The top 10 companies on the 2023 Fortune Global 500 list are as follows:
- Walmart (U.S.)
- Saudi Aramco (Saudi Arabia)
- State Grid (China)
- Amazon.com (U.S.)
- China National Petroleum (China)
- Sinopec (China)
- Exxon Mobil (U.S.)
- Apple (U.S.)
- Shell (Britain)
- UnitedHealth Group (U.S.)
Germany added two companies to the list this year, reaching its highest representation since 2018. French companies, on the other hand, decreased to an all-time low of 24 on this year’s list.
Overall, the 2023 Fortune Global 500 companies generated revenues totaling $41 trillion, constituting more than one-third of the world’s GDP, with a cumulative profit of US$2.9 trillion. These companies employ 70.1 million people worldwide and are based in 232 cities and 33 countries/territories.
The issue highlights the ever-changing landscape of business, with established leaders facing threats from technological advancements and scientific breakthroughs. The global business order is in a constant state of flux, with new players emerging and challenging traditional giants.
FORTUNE’s Editor-in-Chief Alyson Shontell emphasizes the theme of adaptability and warns even the world’s largest companies, like Walmart, must be vigilant as they can be upended and dethroned. She also sheds light on how Alphabet and Google are navigating the innovator’s dilemma posed by generative A.I., with Microsoft’s partnership with OpenAI becoming a formidable competitor.
