
“Over the last twelve months to 31 March 2025 the market capitalisation of the Top 100 companies reached another new high, albeit at a slower growth rate than the prior year as investor sentiment towards technology and AI stocks moderated. More recently, geopolitical and macroeconomic uncertainties have introduced significant volatility in the share prices of the Top 100. Until there is a greater level of stability and visibly over the direction of key policies, this backdrop is likely to continue to put a brake on future growth rates of the Top 100.”
Michael Wisson, Partner PwC UK
Our methodology references a 31 March cut-off for data collection. Recent market developments have caused volitivity to spike and significantly impacted share prices. Tariff announcements at the beginning of April led to the CBOE VIX reaching a high of 52.3 and the S&P 500 and FTSE 100 hitting lows of 4,982.7 and 7,679.4 respectively.
However, the subsequent announcement of a 90 day pause on tariffs led to a steady recovery in valuations throughout April. The market capitalisation of the Top 100 recovered to be just 0.2% lower at $42,552bn as of 30 April 2025 compared to $42,636bn as of 31 March 2025.
As the countdown towards the end of the 90-day tariff pause continues, companies and investors face continued uncertainty as to the outcomes. Market capitalisations are therefore expected to continue to fluctuate until a greater level stability returns to the global geo-political and macroeconomic environment.
The market capitalisation of the Top 100 companies increased by 7% ($2,768bn) compared to 31 March 2024, a slower growth rate compared to prior period gains ($8,348bn).
This new high of $42,636bn means that the Top 100 companies have shown consistent growth in the past five years, producing a CAGR of 15% over that period.
The Magnificent Seven still accounts for 35% in market capitalisation of the Top 100.
Tech sector continues to have the highest number of companies in the Top 100 (22 companies), but had no change in 2025 with Two new entrants and Two exits.
The Financials sector performed the strongest with 39% YoY growth. Banks continued to benefit from a higher interest rate environment, with recent geopolitical events and uncertainty putting a pause on central bank rates cuts in the US and UK
Communication Services and Consumer Staples sectors enjoyed double digit growth, 20% and 13% respectively.
Source: S&P Global Market Intelligence LLC with PwC analysis
The Magnificent Seven continue to feature prominently in the Top 100 largest companies this year, contributing to 51% of the Top 100’s YoY growth. These seven companies now comprise 35% of the Top 100 as of 31 March 2025 compared to 34% of the Top 100 as of 31 March 2024. However, could AI enthusiasm be cooling down?
Source: S&P Global Market Intelligence LLC with PwC analysis
The US maintained its dominance in the Top 100 with a marginal increase in the Top 100 representing 73% ($31.1tn) as at 31 March 2025, compared to 72% ($28.8tn) as at 31 March 2024. The US and China/Hong Kong SAR were the only two regions to experience growth, with Europe struggling to keep up displaying declines of 13.6%.
Source: S&P Global Market Intelligence LLC with PwC analysis
Source: S&P Global Market Intelligence LLC with PwC analysis