Global Top 100 companies market capitalisation grows to five year high of almost $40tn

• Market capitalisation of the Top 100 companies grows by more than a quarter year-on-year 

• Technology- the greatest sector proportion of the list records 50% increase compared to last year

• There are 13 new entrants in the Top 100 with the threshold to break-in up 16% to $141bn

Market capitalisation of the Global Top 100 increased by 27%, equivalent to US$8.4tn in the year to 31 March 2024, recouping  the losses recorded in the previous year as the macroeconomic picture stabilised and investor appetite for equities returned according to PwC’s latest Global Top 100 companies by market capitalisation report.

Overall, market capitalisation of the Global Top 100 companies at 31 March 2024 grew to $39.9tn, a record high, compared to 31st March 2023, which saw the figure stand at $31.4tn after recording a decline of $3.6tn over the previous period. This year’s figure means the Top 100 market capitalisation has almost doubled in the past five years, producing a compound annual growth rate of 14%. Growth was driven by the US, which continues to be the largest contributor to the Global Top 100 ahead of Saudi Arabia and China.

Mike Wisson, UK and Global IPO Centre Partner , said:

“Over the last 12 months investor appetite for equities has returned and global equity valuations have experienced a surge in demand with the rapid developments being made in Artificial Intelligence (AI).  AI is likely to change the way the world works and presents the potential for significant value growth to companies  that are able to utilise its potential. The Top 100 have already experienced this effect, rising to an all time high of $40tn by 31 March 2024, now standing at almost double the value of the Top 100 at 31 March 2019.” 

US continues to dominate country performance
The US retained its dominance of the Top 100, increasing its proportion of market capitalisation in the Top 100 to 72% ($28.8tn), an increase of five percentage points compared to the previous period (67%, $21.2tn).  Europe recorded a 14% increase in its market capitalisation to $4.7tn while the Rest of the World saw a 12% increase to $3.7tn. However, China and its regions saw the only decline in valuation, down 5% year-on-year, as the region’s economic headwinds negatively impacted investor sentiment. 

At a country level, China companies’ ($1.8tn) decline in valuation saw Saudi Arabia ($1.9tn) overtake it to take the number two position behind the US. France ($1.2tn) and the UK ($792bn) maintained their positions as 4th and 5th respectively. The Netherlands rose into the top 10 after a 95% increase in market capitalisation to $523bn as it welcomed its second company to the Top 100.

Whilst the UK experienced one exit from the Top 100, on a like-for-like basis, the market capitalisation of UK companies in the Top 100 increased in value by $72bn (10%).

AI drives technology sector performance
At the sector level, technology drove the highest absolute increase in market capitalisation, with the sector up 50% in the year. This was driven by the surge of interest in AI. Consumer discretionary was the strongest performer against its relative benchmark, up 35% compared to 18%. 

The technology sector continues to dominate the proportion of Global Top 100 companies accounting for 22 companies, with financials and healthcare both accounting for 15, followed by consumer discretionary (13) and communication services (9).

Exit and entrants
There were 13 new entrants into the Top 100, with 87 companies retaining their place in the list. The threshold to enter the Top 100 increased by 16% to $141bn.

Ends

Notes to editors

The Global Top 100 report ranks the largest public companies by their market capitalisation in US dollars as at 31st March 2024 and as at the respective dates of those prior years. Data sources: S&P Global Market Intelligence LLC with PwC analysis. Industry classification is per S&P Capital IQ primary sectors. Exchange Traded Funds (ETFs) and closed end funds are excluded from the analysis. A company’s location is the country or region where its headquarters are located. The rankings do not compensate for changes in currency exchange rates. China and its regions includes: Chinese Mainland, Hong Kong SAR and Taiwan.