10 Largest Companies In The World in 2024: China Takes The Top 3 Spots

There are quite a few predictions that surfaced decades ago that China will become a superpower and will surpass the United States as the world’s strongest economy in the immediate future. Those predictions are now becoming a reality.

Regarded in the past as a poor nation, China is still ranked as one of the countries with the highest poverty rate in the world. But that is because China’s population is so large and its area is so massive that wealth is not evenly distributed and many of its regions are not experiencing industrial and economical boom as compared to its flourishing provinces and cities.

But there is no doubt that China is rich. In fact, in the most recent listing of the world’s 10 largest companies by Forbes, five Chinese companies have entered the rankings. Three of them now sitting at the very top. The position on the list is determined based on four factors: revenues, profits, assets and market value. And to kick off this list is a Chinese company called…

#10 PetroChina – $202 billion

Founded in 1999 as a joint stock company, PetroChina is Asia’s most profitable enterprise and is owned by the Chinese government via the state-owned China National Petroleum Corporation (CNPC). PetroChina engages in exploration, production, refining and marketing of oil and natural gas. Currently led by CEO Zhou Jiping, PetroChina’s current profit stands at $21.1 billion. Its headquarters are located at Dongcheng District, Beijing, China.

#9 Bank of China – $124.2 billion

Another Chinese state-owned company, the Bank of China is one of the country’s largest commercial banks. Established in 1912 as a replacement of the Imperial Bank of China, this financial institution is the country’s oldest existing banking enterprise still in operation. Xiao Gang currently serves as the Chairman while Li Lihui is the President. The Bank of China is the country’s second largest bank in terms of lending operations. It is also ranked as the 5th largest financial institution in the world based on market capitalization value. Its main building is located in Beijing, China.

#8 Wells Fargo – $261.4 billion

Wells Fargo is one United States’ oldest financial company, with roots tracing to the California gold rush in 1849. Originally founded as a transportation company, Wells and Fargo soon ventured into the financial industry. The current Wells Fargo is the result of a merger between the original Wells and Fargo company and the Minneapolis-based Norwest Corporation back in 1998. John Stumpf currently sits as the company’s CEO, Chairman, and President. Wells Fargo now has huge interests in the financing business, with engagements in commercial banking, foreign currency exchange, private equity, and wealth management to name a few. The Wells Fargo headquarters are found in San Francisco, California.

#7 General Electric – $259.6 billion

Founded by Thomas Edison and a few investors back in 1892, General Electric business operations are focused on four major areas – Energy, Technology Infrastructure, Capital Finance, and Consumer and Industrial. General Electric has raked in $14.8 billion in profits last year and is poised to duplicate its success this year. Currently led by CEO and President Jeffrey Immelt, General Electric has produced a wide variety of consumer electronics, appliance, lighting, and electric motors. The company has also ventured in healthcare, military equipment and weaponry, aviation, banking and finance, as well as energy research and development. Based in Fairfield, Connecticut, General Electric is regarded as one of the most successful business conglomerates in corporate history.

#6 ExxonMobil – $422.3 billion

The largest oil and natural gas company in the world, ExxonMobil is the fruit of a merger between Exxon and Mobil (formerly Standard Oil of New Jersey and Standard Oil of New York). ExxonMobil has a rich history as well, with its roots tracing back to the old John D. Rockefeller’s Standard Oil company. Rex T. Willerson heads the company as both Chairman and CEO. Last year, ExxonMobil generated $32.6 billion in profits. With 37 oil refineries in 21 countries, ExxonMobil’s supply of oil and natural gas is said to last 14 years. Anchored in Irving, Texas, Exxon Mobil is the largest oil refining company in the world as well, with a daily refining capacity of 6.3 million barrels of oil.

#5 Berkshire Hathaway – $309.1 billion

Branded as one of the largest multinational holding companies in the world, Berkshire Hathaway has significant investments in a myriad of large corporations anchored in a variety of industries. Among the companies it wholly owns are GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamonds, FlightSafety International, and NetJets. Berkshire Hathaway also has significant holdings in companies that engage in real estate, healthcare, retail, railroad, and home furnishings among others. Warren Buffett is the company’s Chairman, President, and CEO. In 2013, Berkshire Hathaway registered $19.5 billion in profit. The company’s headquarters are based in Kiewit Plaza in Omaha, Nebraska.

#4 JPMorgan Chase – $229.7 billion

The largest banking institution in the United States, JPMorgan Chase has a long and very revered history that dates back to the founding of the New York Chemical Manufacturing Company in 1823. In fact, JPMorgan Chase is the result of several acquisitions and mergers involving Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual among others. The current JPMorgan Chase owns assets worth more than $2.5 trillion. In 2013, the banking and financial holding corporation registered $17.3 billion in income. Their headquarters are located in Manhattan, New York. JPMorgan Chase’s present CEO, Chairman, and President is Jamie Dimon.

#3 Agricultural Bank of China – $141.1 billion

One of China’s “Big Four” banks, the Agricultural Bank of China opened its doors in 1951. But since its establishment, the bank has been abolished and re-established several times, with its last restructuring occurring in 1979. Today, the Agricultural Bank of China is the country’s third largest lending institution based on assets and it has offices in London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore. In 2014, Forbes ranks the company as the 3rd in its 11th annual Global 2000 ranking of the biggest, most powerful and most valuable companies in the world. Last year, the bank made $27 billion in profit. Spearheaded by Jiang Chaoliang (Chairman) and Zhang Yun (President), the Agricultural Bank of China’s main office is located in Beijing.

#2 China Construction Bank – $174.4 billion

Originally named the People’s Construction Bank of China when it was founded in 1954, the China Construction Bank is noted as the one of the “Big Four” financial institutions in the country. Ranked as the 13th largest company in the world and the second largest bank in terms of market capitalization, CCB has grown to 13,629 domestic branches and has its offices in Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York, Seoul, Singapore, Tokyo, Melbourne, and Sydney, and a wholly owned subsidiary in London. Last year, CCB made $34.2 billion in gains. The company is led by Wang Hongzhang (Chairman), Zhang Jianguo (President), and Xin Shusen (Vice President). CCB’s headquarters are located in Beijing.

#1 Industrial and Commercial of China (ICBC) – $215.6 billion

Established in 1984, ICBC completes China’s “Big Four” banks presence on the list. For the past two years, ICBC has been named as the world’s top bank as rated by The Banker’s Top 1000 World Banks ranking, a huge milestone since it is the first time a China-based bank has achieved such a status. Last year, ICBC’s profits registered at $42.7 billion and its assets have now ballooned to $3.1 trillion. Heading ICBC are Jiang Jianqing (Chairman & Executive Director) and Luo Xi (Vice president). ICBC has over 18,000 outlets, 106 of which are overseas branches and agents positioned all over the world. Its headquarters are located in Beijing, China.

What makes the world’s largest companies so successful?

The world’s largest companies are successful for several reasons, often driven by innovation, market dominance, and efficient operations. Here’s why these giants continue to thrive:

• Global Reach and Market Expansion: These companies have an advantage because they can expand across multiple countries and industries. They capitalize on a broad customer base, which helps stabilize their revenue streams.
• Strong Brand Recognition: Companies like Apple, Amazon, and Walmart have established global brands. This recognition fosters customer loyalty, driving consistent demand for their products and services.
• Innovation and Adaptability: Continuous innovation allows these companies to stay ahead of competitors. From technological advancements to new business models, they adapt to market trends and consumer needs.
• Economies of Scale: Larger companies benefit from economies of scale, which allow them to reduce costs and improve efficiency. This is particularly true in industries like retail and manufacturing.
• Diverse Business Models: Many companies operate in several sectors, spreading risk. This diversification makes them less vulnerable to downturns in a single market.

Key Insights

• Rise of Chinese Companies: Chinese companies are increasingly dominating the global market, with five of the world’s ten largest companies being Chinese, reflecting China’s economic ascendancy.
• Top Chinese Enterprises: The top three positions in the list of the world’s largest companies are occupied by Chinese companies, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Agricultural Bank of China.
• Diverse Industrial Representation: The list includes companies from various industries, including banking, oil and gas, and conglomerates, highlighting the diverse sectors contributing to the global economy.
• Economic Powerhouses: Companies like ICBC, CCB, and Agricultural Bank of China showcase China’s significant presence in the global financial sector, while PetroChina represents the country’s strength in the energy industry.
• US Companies in the Lead: Despite the rise of Chinese companies, American enterprises such as ExxonMobil, General Electric, Wells Fargo, Berkshire Hathaway, and JPMorgan Chase still hold significant positions on the list.
• Historical Foundations: Many of the top companies, such as General Electric and ExxonMobil, have deep historical roots tracing back to the 19th century, showing the longevity and sustained success of these corporations.

FAQ

1. What are the top three largest companies in the world by market value?
   The top three largest companies in the world by market value are Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Agricultural Bank of China. These companies have demonstrated significant financial strength and global reach.
2. How has China’s economic landscape changed in recent decades?
   China has transformed from being regarded as a poor nation to becoming an economic superpower with substantial global influence. This change is evident in the rise of Chinese companies to the top ranks of the world’s largest enterprises, driven by rapid industrialization and economic reforms.
3. What industries do the largest Chinese companies belong to?
   The largest Chinese companies primarily belong to the banking and energy sectors. Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Agricultural Bank of China dominate the banking sector, while PetroChina leads in the energy sector.
4. Which American companies are listed among the world’s ten largest?
   The American companies listed among the world’s ten largest include ExxonMobil, General Electric, Wells Fargo, Berkshire Hathaway, and JPMorgan Chase. These companies represent a diverse range of industries, including finance, energy, and conglomerates.
5. What factors determine the ranking of the world’s largest companies?
   The ranking of the world’s largest companies is determined based on four factors: revenues, profits, assets, and market value. These metrics provide a comprehensive view of a company’s financial health and market position.
6. How significant is the financial sector in the global economy based on this list?
   The financial sector is highly significant in the global economy, as evidenced by the prominence of banks like ICBC, CCB, Agricultural Bank of China, Bank of China, Wells Fargo, and JPMorgan Chase in the list of the world’s largest companies. These institutions play a crucial role in global financial markets and economic stability.
7. What historical roots do some of the largest companies have?
   Many of the largest companies have historical roots dating back to the 19th century. For example, General Electric was founded by Thomas Edison in 1892, and ExxonMobil traces its origins to John D. Rockefeller’s Standard Oil Company. These companies have built their success over more than a century of operations.
8. How does PetroChina fit into China’s economic landscape?
   PetroChina, founded in 1999 and owned by the Chinese government, is Asia’s most profitable enterprise and plays a pivotal role in China’s energy sector. Its inclusion in the top ten largest companies underscores the importance of the energy industry in China’s economy.
9. What are the headquarters locations of these top companies?
   The headquarters of these top companies are spread across major cities in China and the United States. For instance, ICBC, CCB, Agricultural Bank of China, and Bank of China are headquartered in Beijing, while American companies like Wells Fargo, General Electric, ExxonMobil, Berkshire Hathaway, and JPMorgan Chase have their headquarters in cities like San Francisco, Fairfield, Irving, Omaha, and Manhattan.

By Jenny Chang

Jenny Chang is a senior writer specializing in SaaS and B2B software solutions. Her decision to focus on these two industries was spurred by their explosive growth in the last decade, much of it she attributes to the emergence of disruptive technologies and the quick adoption by businesses that were quick to recognize their values to their organizations. She has covered all the major developments in SaaS and B2B software solutions, from the introduction of massive ERPs to small business platforms to help startups on their way to success.