OFF INTO THE WILD WET YONDER How does this...
The Dragon and Tigers Continue to Rise
Forbes magazine released its 13th annual Global 2000 list of the world’s biggest public companies. For the first time, China can brag they base the world’s four largest companies. The country also lands five of the top 10 spots for the second year in a row.
China’s Industrial & Commercial Bank of China Ltd. (ICBC) takes the top spot and three other Chinese banks follow: China Construction Bank Corp., Agricultural Bank of China, and Bank of China Ltd. (respectively). Warren Buffet’s Berkshire Hathaway, Inc. pulls up the rear in fifth.
The Forbes Global 2000 is a list of the world’s biggest, most powerful public companies as measured by revenues, profits, assets, and market value. It uses a composite score that weighs all four metrics equally, arguably trying not to create any sort of bias.
The United States is still the behemoth country on the list with 579 companies, compared to China’s 232 (which includes Hong Kong), but the continent of Asia is by far the beast with 691 companies (combined) represented. Both China and the continent of Asia have increased their respective positions this year.
This year’s 2,000 companies come from 61 countries and account for combined revenues of US$39 trillion and profits of US$3 trillion, with assets worth US$162 trillion and a market value of US$48 trillion.
Although Forbes thanks the bull market for the list’s total market value increase of 9% year over year, it is probably more appropriate to thank global central banks and all their money printing, as well as other institutions using that money to speculate in the stock markets via high-frequency trading (HFT).
Nevertheless, the dragon and the tigers continue to climb and make their mark on the global economy.