Three Chinese firms have made it onto the list of the world’s top ten largest companies this year – but one US retail giant still leads the way.
The annual Fortune Global 500 global league table revealed China’s State Grid ranks third, with China National Petroleum in fifth, and Sinopec close behind in sixth.
But, while China has strong contenders this year, no firm has managed to overtake American giant Walmart – which holds the top spot for a 12th consecutive time.
The list, published by Global Business Magazine, is determined based on data collected throughout the entirety of the previous year.
This means for 2025, it’s based on information about the companies from 2024, and last year’s list was determined by 2023 details, and so on.
Amazon was listed as the second largest company, followed by State Grid and Saudi Aramco.
China-based State Grid is the biggest utilities company in the world, and Saudi Aramco a petroleum and natural gas company out of Saudi Arabia.
China National Petroleum, Sinopec Group, and UnitedHealth Group followed in fifth, sixth, and seventh place, respectively.
Apple, CVS Health, and Berkshire Hathaway rounded out the top 10.
Although many of the list’s findings might not come as a surprise, some companies have unexpectedly fallen far from their previously prominent places.
The position of Apple, in particular, was shocking given that it was listed five spots lower than in 2024, according to Eqvista.
But, the disappointing result is only a minor setback for the Tec giant, as it continues to expand year on year.
Apple had roughly $387 billion in revenue for 2024, about a 2.8% increase from 2023, according to Forbes.
Companies on the 2025 Fortune Global 500 list generated a record-breaking $41.7 trillion in revenue (up 1.8% from last year) and employed 70.1 million people worldwide.
In 2024, these companies also recorded their second-most profitable year ever, earning a combined $2.98 trillion, a 0.4% increase from the previous year.
While China has strong contenders this year no firm has managed to overtake Walmart – as the US retailer takes the top spot for a 12th consecutive time (stock image)
The annual Fortune Global 500 global league table revealed China ’s State Grid ranks third, with China National Petroleum in fifth, and Sinopec (pictured) close behind in sixth
It comes after Apple was officially crowned the world’s biggest phonemaker last year.
While Samsung has taken the top spot every year since 2010, it was finally knocked off its pedestal by Apple in 2023.
Figures released by the International Data Corporation (IDC) reveal how Apple took 20.1 per cent of the market share last year – a 3.7 per cent increase on 2022.
‘The biggest winner is clearly Apple,’ said Nabila Popal, research director with IDC’s Worldwide Tracker team.
‘Not only is Apple the only player in the Top 3 to show positive growth annually, but also bags the number 1 spot annually for the first time ever.’
Preliminary data from the IDC showed that 234.6 million iPhones were shipped in 2023, followed by 226.6 million Samsung smartphones.
Xiaomi came in third, shipping 145.9 million smartphones last year, followed by OPPO (103.1 million) and Transsion (94.9 million).
‘The overall shift in ranking at the top of the market further highlights the intensity of competition within the smartphone market,’ said Ryan Reith, group vice president with IDC’s Worldwide Mobility and Consumer Device Trackers.
