Saudi Aramco is on track to become the world’s largest company by revenue, surpassing Walmart, and is currently the most profitable company ever.
Saudi Aramco is on track to become the world's largest company by revenue, surpassing Walmart, and is currently the most profitable company ever.
Walmart Tops Fortune Global 500 List for the 10th Consecutive Year
In the latest edition of the Fortune Global 500 list, retail giant Walmart once again claimed the top spot for the 10th year in a row. However, the surprising runner-up was Saudi Aramco, which not only secured the second position but also became the most profitable company ever on the list, earning a staggering $159 billion last year. This achievement was mainly attributable to the enormous profitability of the energy sector. Notably, Exxon Mobil and Shell also re-entered the top 10 rankings due to their substantial energy profits.
The 2023 Fortune Global 500 list revealed that the number of U.S. companies on the list has reached its highest level since 2010, with 136 American companies making the cut. Additionally, it was disappointing news for China’s tech champions as JD.com, Alibaba, and Tencent all experienced significant drops in their rankings. JD.com fell six spots, Alibaba dropped 13 spots, and Tencent tumbled 26 spots. Meanwhile, the representation of women in leadership positions showed a positive trend, with the number of female CEOs increasing by five compared to the previous year.
The ANBLE Global 500 companies collectively generated an impressive revenue of $41 trillion, which is equivalent to over one-third of global GDP. Not only that, but they also employ more than 70 million people, emphasizing the significant impact these corporations have on the global economy.
Unsurprisingly, government-owned companies dominated the list, with 118 of the Fortune Global 500 being state-owned enterprises. Two-thirds of these government-owned entities were based in China, highlighting the country’s influence and its economic powerhouses.
Let’s take a look at the top 10 companies that made it onto the 2023 Fortune Global 500 list:
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- Walmart (U.S.)
- Saudi Aramco (Saudi Arabia)
- State Grid (China)
- Amazon (U.S.)
- China National Petroleum (China)
- Sinopec (China)
- Exxon Mobil (U.S.)
- Apple (U.S.)
- Shell (U.K.)
- UnitedHealth Group (U.S.)
To delve deeper into the comprehensive list, you can explore it here. Furthermore, the compelling profitability of Saudi Aramco has contributed to Saudi Arabia’s increasing demand for global attention. The country’s daily oil production, achieved at a low cost of approximately $8 per barrel compared to the average U.S. production cost of $53 per barrel, accounts for 10% of the world’s oil consumption.
Top News
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U.S. Downgrade: Fitch Ratings downgraded the United States to “AA+” status, citing expanding fiscal deficits and an “erosion of governance” relative to its peers. This move by Fitch makes them the second ratings agency to demote the U.S., following S&P Global Ratings’ downgrade in 2011.
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Uber Profit: Ride-hailing giant Uber Technologies reported a surprising operating profit of $326 million, marking its first-ever profit since its inception. Despite the positive news, the market did not respond favorably, with Uber shares dropping by almost 6% due to concerns about price competition from rival firm Lyft.
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BlackRock in China: The U.S. Congress’s Select Committee on the Chinese Communist Party has initiated an investigation into asset manager BlackRock and index provider MSCI regarding their ties to Chinese companies blacklisted by the U.S. government. Accused of sending significant capital flows to China that undermine American values, both companies are facing scrutiny. The committee has also announced investigations into U.S. venture capital firms that fund A.I. and quantum computing startups in China.
Around the Watercooler
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YouTube’s Shorts Rival TikTok: YouTube’s Shorts feature has already garnered 2 billion views per month, putting it in direct competition with popular short-video platform TikTok. With the introduction of new features such as “collabs” and stickers for audience participation, YouTube is consistently enhancing its offerings to entice users.
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ServiceNow’s CFO on ANBLE 500: Gina Mastantuono, the Chief Financial Officer of ServiceNow, shares insights into the company’s journey of securing a spot on the ANBLE 500 list. She also reveals the company’s commitment to avoiding layoffs throughout the year.
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Choosing the Right Employer for Longer Lives: A fascinating analysis suggests that Americans could live an additional 19 years if they choose the right employer. The employment landscape plays a crucial role in access to healthcare and other essential benefits that could significantly impact an individual’s lifespan.
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The Damaging Effects of Mandating Office Returns: The consequences of mandating office returns are becoming increasingly apparent, and the negative impacts are greater than anticipated. This commentary provides insights into the damaging repercussions of forcing employees back into the office environment.
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Asia’s Former Richest Woman Gives Back: Yang Huiyan, once Asia’s richest woman and now a prominent property mogul, has donated 55% of her company’s stake to charity, amounting to a remarkable payout of $826 million.
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Heineken Stands for Values: In response to AB InBev’s transgender row, Heineken’s rival, Bud Light, expresses the importance of businesses standing up for their values and beliefs, reflecting the growing significance of corporate social responsibility.
This edition of CEO Daily was curated by Nicholas Gordon.