Good morning.
The Fortune Global 500 list—the definitive ranking of the world’s largest companies by revenue—is out this morning, providing a fascinating snapshot of the global business world. Some takeaways:
—Walmart once again topped the list, for the 10th year in a row, but Saudi Aramco was a surprisingly close No. 2 and also the most profitable company ever on the list, earning $159 billion last year. Energy profits also propelled Exxon Mobil (No. 7) and Shell (No. 9) back into the top 10.
—The number of U.S. companies on the list rose to 136—the highest since 2010.
—China’s tech champions took a beating, with JD.com (No. 52) falling six spots on the list, Alibaba (No. 68) falling 13 spots, and Tencent (No. 147) falling 26 spots.
—Only 29 of the 500 companies are headed by women—but that is up five from a year ago.
—The combined revenues of the Fortune Global 500 were $41 trillion, equal to more than one-third of global GDP. Together they employ more than 70 million people.
—118 of the companies on the list are owned by governments—two-thirds of them in China.
The top 10 on the 2023 list:
1. Walmart (U.S.)
2. Saudi Aramco (Saudi Arabia)
3. State Grid (China)
4. Amazon (U.S.)
5. China National Petroleum (China)
6. Sinopec (China)
7. Exxon Mobil (U.S.)
8. Apple (U.S.)
9. Shell (U.K.)
10. UnitedHealth Group (U.S.)
You can explore the full list more closely here. And you can read how Saudi Aramco’s profits are driving Saudi Arabia’s demand for global attention here. The country’s daily oil production—produced at a low cost of about $8 a barrel compared with average costs of $53 a barrel in the U.S.—is fueling 10% of the word's oil consumption.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
