40 World’s Richest Companies That Power the Global Economy

40 World’s Richest Companies That Power the Global Economy

As I survey the global economic landscape, a staggering trend emerges – a select group of companies and businesses that have accumulated astonishing amounts of wealth and influence on the world stage. These mighty giants are the beating heart of the international economy, with their power growing and coffers multiplying with each successive year.

As someone who closely examines developments in finance and industry around the globe, I am compelled to unveil the astonishing rise of these goliaths who now wield far-reaching sway over our lives and livelihoods.

The sway they exert is changing everything from consumption patterns to our standard of living. They have reordered the very fabric of our commercial society in profound and indelible ways.

That is why you must follow me as I pull back the curtain on these giants who are truly reshaping the arc of universal wealth and power – the world’s richest companies that power the global economy.

1. Walmart – Revenues ($M) – $611,289

Walmart Corporate from Bentonville, USA, CC BY 2.0, via Wikimedia Commons

Walmart Inc. is a massive American retail corporation that runs a chain of hypermarkets, discount stores, and grocery outlets across the United States. Headquartered in Bentonville, Arkansas, the company was started in 1962 by brothers Sam and James “Bud” Walton famously dubbed the Waltons, one of the most affluent families in the world in the nearby town of Rogers.

It was incorporated in 1969 under Delaware corporate law. Walmart also owns and manages Sam’s Club warehouse stores. With around $570 billion in annual revenue, Walmart is currently the world’s largest company by revenue according to Fortune Global 500.

2. Saudi Aramco – Revenues ($M) – $603,651

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Saudi Aramco, officially known as the Saudi Arabian Oil Group or just Aramco, is Saudi Arabia‘s state-owned oil and gas company and national petroleum corporation. Headquartered in Dhahran as of 2023, it is the world’s second-largest company by revenue and has consistently posted the highest annual profits globally.

With over 270 billion barrels of proven crude reserves, Saudi Aramco has the second-largest oil deposits in the world as well as the largest daily production capacity among oil companies. It was ranked as the world’s second-biggest public company by Forbes Global 2000 in 2023.

3. State Grid Corporation of China – Revenues ($M) – $530,009

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The State Grid Corporation of China in China, commonly known as State Grid, is a Chinese state-owned electric utility company. As of 2022, it is the largest utility company in the world and the third largest company overall in terms of revenue, behind only Walmart and Saudi Aramco.

State Grid has over 871,000 employees, 1.1 billion customers, and annual revenues of around $460 billion as of 2022. It is supervised by China’s State-owned Assets Supervision and Administration Commission of the State Council.

4. Amazon – Revenues ($M) – $513,983

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Amazon, Inc. is a leading American technology company focused on e-commerce, cloud services, digital advertising, streaming, and artificial intelligence.

Often considered one of the most influential and valuable companies worldwide, Amazon is regarded as a pioneer among the “Big Five” top American tech firms, which also include Alphabet, Apple, Meta, and Microsoft.

As of 2023, Amazon holds the number one spot globally in areas such as online retail, marketplace services, smart speakers, cloud computing through AWS, live streaming through Twitch, and overall internet revenue and market share. The company is an economic and cultural force shaping numerous industries.

5. China National Petroleum Corporation – Revenues ($M) – $483,019

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The China National Petroleum Corporation (CNPC) is a leading national oil and gas company in China and one of the biggest integrated energy groups globally.

Headquartered in Beijing’s Dongcheng District, CNPC was ranked fifth in revenue on the 2023 Fortune Global 500 list of the world’s largest companies by revenue. It is a major player in China’s oil and gas industry.

6. Sinopec Group – Revenues ($M) – $471,154

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China Petroleum & Chemical Corporation, or Sinopec, is a Chinese oil and gas company headquartered in Beijing and publicly listed in Hong Kong and Shanghai stock exchanges.

Sinopec’s parent company, Sinopec Group, is the world’s biggest integrated energy and chemical conglomerate based in Beijing. Sinopec’s operations encompass oil and gas exploration, refining, marketing, petrochemicals production, chemical fibres, fertilizers, pipeline transportation of oil and gas, and import/export of petroleum, petrochemicals and other chemical products.

It also manufactures biofuels like ethanol, biodiesel and aviation biofuel from used vegetable oils. As the largest refiner and petrochemical producer globally, Sinopec plays a key role in China’s oil and gas industry.

7. Exxon Mobil – Revenues ($M) – $413,680

ExxonMobil Corporation is a large American oil and gas company that was formed in 1999 from the merger of Exxon and Mobil, both of which trace their history back to John D. Rockefeller‘s Standard Oil.

Headquartered near Houston but incorporated in New Jersey, ExxonMobil has integrated operations across the entire energy value chain from oil and gas production to refining and marketing, as well as large petrochemicals and plastics manufacturing units.

The multinational corporation was ranked 7th on the 2023 Fortune Global 500 list of largest companies globally. ExxonMobil is one of the biggest, fully integrated energy firms in oil, gas and petrochemicals.

8. Apple – Revenues ($M) – $394,328

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Apple Inc. is a leading American technology firm headquartered in Cupertino, California. With a market valuation of over $3 trillion as of June 2023, Apple is currently the world’s most valuable public company.

It posted revenues of $394 billion in 2022, making it the biggest tech company globally by sales. Apple is considered part of the “Big Five” major U.S. tech giants along with Alphabet, Amazon, Meta and Microsoft.

As of 2022, Apple was the 4th largest PC maker, top manufacturing company by revenue, and 2nd largest mobile phone producer worldwide. Known for products like the iPhone, iPad and Mac computers, Apple has been at the forefront of consumer electronics and innovation for decades.

9. Shell – Revenues ($M) – $386,201

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Shell plc is a major British oil and gas corporation headquartered in London. It is a public company primarily listed on the London Stock Exchange and also trades on Euronext Amsterdam and the New York Stock Exchange.

As one of the biggest global oil giants, Shell is the second largest investor-owned energy firm worldwide by revenue after ExxonMobil. With a market value of around $199 billion as of September 2022, it is the largest company on the LSE and ranks among the top 50 corporations globally across all industries.

Shell is a key player in the oil and gas sector as part of “Big Oil” and a constituent of the FTSE 100 index in the UK.

10. UnitedHealth Group – Revenues ($M) – $324,162

UnitedHealth Group is a large American healthcare and insurance corporation headquartered in Minnetonka, Minnesota. It provides health insurance through UnitedHealthcare and healthcare products/services through Optum.

With nearly equal profits from both segments in 2022, UnitedHealth is the largest healthcare company and insurer globally by revenue. Ranked 10th on the 2023 Fortune 500, it had a market valuation of $477 billion as of August 2023.

UnitedHealth is a leading managed care and health services provider, offering insurance coverage and medical products to millions of customers. It is one of the biggest healthcare corporations and insurers in the world.

11. CVS Health – Revenues ($M) – $322,467

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CVS Health Corporation, previously known as CVS Corporation and CVS Caremark, is a major American healthcare firm that operates several brands including the CVS Pharmacy retail chain, CVS Caremark pharmacy benefits unit, and Aetna health insurance company.

Headquartered in Woonsocket, Rhode Island, CVS Health is the largest healthcare corporation globally with a diverse business spanning pharmacy retail, prescription drug coverage, and health insurance.

The company owns America’s biggest pharmacy chain, a large pharmacy benefits manager, and a top health insurer, among other healthcare brands and services.

12. Trafigura Group – Revenues ($M) – $318,476

Trafigura is a global commodity trading firm founded in 1993 and headquartered in Singapore, with other major offices located in Geneva, Houston, Montevideo and Mumbai. It trades mainly in base metals and energy.

Through investments in infrastructure like pipelines, mines, smelters, ports and storage facilities, Trafigura has grown to become the largest private metals trader and second biggest oil trader worldwide.

The company was started by Claude Dauphin and Eric de Turckheim, initially as part of a group of commodity trading businesses run by Marc Rich, before being spun off on its own in the early 1990s.

Over the past three decades, it has expanded significantly into one of the top players in physical commodities dealing globally.

13. China State Construction Engineering – Revenues ($M) – $305,885

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The China State Construction Engineering Corporation (CSCEC) is the world’s largest construction company by revenue as of 2020. It ranked as the 8th biggest global contractor based on foreign sales.

While most of CSCEC’s assets were floated on the stock exchange under the listed firm China State Construction Engineering Corporation Limited (CSCECL), CSCEC retained certain assets like schools, hospitals and its stake in China Construction International Corporation. As a result, CSCEC granted supervisory authority over the listed company operations.

CSCEC remains an influential player in China’s construction industry, while its publicly traded arm CSCECL carries out most of its construction business and projects.

14. Berkshire Hathaway – Revenues ($M) – $302,089

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Berkshire Hathaway is a large American conglomerate holding company headquartered in Omaha, Nebraska. It mainly provides insurance products, using the profits it retains from premiums to invest across a diverse portfolio of subsidiaries, stocks and securities.

Since 1965, Berkshire Hathaway has been led by chairman and CEO Warren Buffett along with vice chairman Charlie Munger, both strong proponents of value investing principles.

Currently ranked 7th in the S&P 500 and the top company in the Forbes Global 2000 for market value and financials combined, Berkshire Hathaway is a highly successful firm known for its insurance business and Buffett’s influential investment approach.

15. Volkswagen – Revenues ($M) – $293,685

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Volkswagen is a major German automaker based in Wolfsburg, Germany that was founded in 1937 under the Nazi regime but rebuilt into a leading car company after World War II by British Army officer Ivan Hirst.

Currently the flagship brand of the Volkswagen Group, the world’s biggest carmaker by sales in 2016-17, Volkswagen is best known for iconic models like the Beetle.

With its name translating to “people’s car” in German, Volkswagen earns 40% of its revenues and profits from its largest market – China. As part of its post-war revival into a dominant global auto brand, Volkswagen has grown into one of the most recognized car companies worldwide.

16. Uniper – Revenues ($M) – $288,309

Uniper SE is a German energy corporation headquartered in Düsseldorf. Its name combines “unique” and “performance,” coined by employee Gregor Recke. Uniper was created in 2016 after parent company E.ON spun off its fossil fuel operations into a separate entity.

Operating in over 40 countries with around 11,000 employees in 2019, Uniper had about one-third of its workforce in Germany. It previously owned a Russia-based subsidiary called Unipro until 2022.

After being publicly listed in Frankfurt, Uniper became state-owned in late 2022. The multinational firm focuses on conventional power generation and energy trading, originally formed from the separation of E.ON’s carbon-intensive assets before being nationalized.

17. Alphabet – Revenues ($M) – $282,836

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Alphabet Inc. is a leading American technology conglomerate formed in 2015 as part of the corporate restructuring of Google, which became a subsidiary under the new parent company Alphabet.

Headquartered in Mountain View, California, Alphabet is now the third-largest tech firm globally by revenue and one of the most valuable public companies worldwide.

Considered part of the “Big Five” major U.S. technology corporations along with Amazon, Apple, Meta and Microsoft, Alphabet oversees Google as well as other former Google businesses and investments.

The global enterprise is a pioneer in areas ranging from online search and advertising to autonomous vehicles.

18. McKesson – Revenues ($M) – $276,711

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McKesson is a large American healthcare service and information technology company. It distributes pharmaceuticals and medical supplies in North America, delivering one-third of all drugs used in the region with over 78,000 employees.

McKesson generated revenues of $238 billion in its 2021 fiscal year ending March 31st. The company played a vital role in distributing COVID-19 vaccines and ancillary supplies as the centralized U.S. distributor for over 1 billion vaccine doses during the pandemic.

Currently ranked #9 on the 2023 Fortune 500 list of America’s largest corporations, McKesson is a leading healthcare distribution and services provider enabling the delivery of medicines and care across North America.

19. Toyota Motor – Revenues ($M) – $274,491

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The Toyota Motor Corporation, a Japanese multinational automotive maker situated in Toyota City, Aichi, Japan, was established by Kiichiro Toyoda and formally established on August 28, 1937.

As the most extensive automobile manufacturer globally, Toyota produces approximately 10 million vehicles annually.

Toyota’s shares are traded on several stock exchanges including the London Stock Exchange, Nagoya Stock Exchange, New York Stock Exchange, and the Tokyo Stock Exchange, where its stock is part of the Nikkei 225 and TOPIX Core30 indices.

20. TotalEnergies – Revenues ($M) – $263,310

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TotalEnergies SE, established in 1924, is a French multinational energy and oil corporation and is among the seven supermajor oil firms.

It operates across the complete spectrum of oil and gas activities, spanning exploration and production of crude oil and natural gas, electricity generation, transportation, refining, marketing of petroleum products, and global trading of oil and related products. Additionally, TotalEnergies is extensively involved in chemical manufacturing.

The company’s headquarters are situated in the Tour Total within the Courbevoie district of La Défense, positioned to the west of Paris. TotalEnergies is a constituent of the Euro Stoxx 50 stock market index.

According to the 2023 Forbes Global 2000, TotalEnergies held the 21st position as one of the largest public companies worldwide.

21. Glencore – Revenues ($M) – $255,984

Glencore plc, a Swiss-based multinational firm engaged in commodity trading and mining, is headquartered in Baar, Switzerland. The company’s oil and gas division operates from London, while its registered office is situated in Saint Helier, Jersey.

The present-day entity emerged following the merger of Glencore and Xstrata on May 2, 2013. By 2015, it held the tenth position among the world’s largest companies according to the Fortune Global 500 list.

Moreover, in the Forbes Global 2000 of 2020, Glencore International secured the 484th spot as one of the largest publicly traded companies globally. As of July 2022, it stood as the foremost commodity trader worldwide.

22. BP – Revenues ($M) – $248,891

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BP p.l.c., previously known as The British Petroleum Company p.l.c and BP Amoco p.l.c, commonly stylized as BP, is a British multinational oil and gas corporation headquartered in London, England.

Renowned as one of the “supermajors” in the oil and gas sector, it stands as one of the globe’s largest enterprises concerning revenue and profits. Operating across the entire oil and gas spectrum, BP integrates vertically, engaging in exploration, extraction, refining, distribution, marketing, power generation, and trading.

Its primary operational arm is BP America, based in the United States. As of 2021, it ranked as the fourth-largest investor-owned oil company based on revenues, following ExxonMobil, Shell, and TotalEnergies. The company’s market capitalization, noted at US$98.36 billion on September 15, 2022, positioned it as the 122nd largest worldwide.

In the Fortune Global 500 of 2022, BP held the 35th rank, boasting revenues totalling US$164.2 billion. It is primarily listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

23. Chevron – Revenues ($M) – $246,252

Chevron Corporation, an American multinational energy entity largely focused on oil and gas, stands as the second-largest direct lineage of Standard Oil.

Originally recognized as the Standard Oil Company of California, abbreviated as Socal or CalSo, it operates from its headquarters in San Ramon, California, with a presence in over 180 nations. It also operates from office towers in Houston, Texas.

In the realm of oil and gas, Chevron maintains a vertical integration strategy, engaging in hydrocarbon exploration, production, refining, marketing, transportation, chemicals manufacturing and distribution, as well as power generation.

Renowned as one of the world’s largest corporations, Chevron holds the position of the second-largest oil company in the United States by revenue, following the fellow Standard Oil descendant, ExxonMobil. It secured the 10th spot in the Fortune 500 list in 2023.

Additionally, Chevron remains the sole oil and gas component of the Dow Jones Industrial Average, retaining this status after ExxonMobil’s departure from the index in 2020.

24. Cencora – Revenues ($M) – $238,587

Cencora, Inc. is an American drug wholesale company headquartered in Pennsylvania, United States that was formed by the merger of Bergen Brunswig and AmeriSource in 2001. They offer pharmaceutical distribution and consulting services associated with medical business functions and patient care.

Additionally, they supply a variety of branded and generic pharmaceuticals, over-the-counter healthcare products, and home healthcare equipment to healthcare providers across the United States.

These providers include acute care hospitals, health systems, retail pharmacies (both independent and chain-based), mail-order centres, physicians, clinics, alternate healthcare facilities, nursing homes, and assisted living centres.

Moreover, they extend pharmaceuticals and pharmacy-related services to patients requiring long-term care, those covered by workers’ compensation, and those in need of specialized medications.

AmerisourceBergen manages approximately 20% of pharmaceutical sales and distribution within the United States. It secured the 10th spot on the Fortune 500 list in 2020, boasting an annual revenue exceeding $179 billion.

25. Samsung Electronics – Revenues ($M) – $234,129

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Samsung Electronics Co., Ltd., a South Korean multinational company specializing in major home appliances and consumer electronics, is headquartered in Yeongtong-gu, Suwon, South Korea.

Renowned as the foremost producer of mobile phones and smartphones globally since 2011, Samsung is notably recognized for its Samsung Galaxy series. The company has notably pioneered the development of 5G-enabled smartphones such as the Galaxy S23, as well as innovative foldable phone models like the Galaxy Z Fold 5.

26. Costco Wholesale – Revenues ($M) – $226,954

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Costco Wholesale Corporation, often referred to simply as Costco, is an American multinational enterprise headquartered in Washington, U.S. runs a series of membership-only large-scale warehouse club retail stores.

By 2023, Costco will have secured its position as the world’s third-largest retailer and will be recognized as the foremost global retailer of prime beef, organic foods, rotisserie chicken, and wine since 2016.

In the Fortune 500 rankings of the largest U.S. corporations based on overall revenue, Costco stands at the notable position of #11. For the fiscal year 2023, Costco disclosed earnings of US$6.292 billion, with annual revenue totalling $242.29 billion.

27. Hon Hai Precision Industry – Revenues ($M) – $222,535

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Hon Hai Precision Industry Co., Ltd., also known as Hon Hai Technology Group in China and Taiwan and Foxconn internationally, is a Taiwanese multinational electronics contract manufacturer that was founded in 1974 and is headquartered in Tucheng, New Taipei City, Taiwan.

By 2021, the company had achieved an annual revenue of 6.83 trillion New Taiwan dollars (equivalent to US$214 billion) and held the 20th position in the 2023 Fortune Global 500 rankings.

Renowned as the world’s most extensive electronics contract manufacturer, it is predominantly based in Taiwan but generates a substantial portion of its income through assets located in China. Furthermore, it stands as one of the largest employers on a global scale.

28. Industrial & Commercial Bank of China – Revenues ($M) – $214,766

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The Industrial and Commercial Bank of China Limited is a Chinese multinational banking institution headquartered in Beijing, China. It held the title of the world’s largest bank by total assets in both 2017 and 2018, boasting assets worth US$4.324 trillion as of 31 December 2020.

Notably, ICBC consistently secured the top spot in The Banker’s Top 1000 World Banks ranking each year from 2012 onwards and was ranked first in the Forbes Global 2000 list of the largest public companies in 2019.

As of 31 December 2022, ICBC also stands as the third-largest bank globally in terms of market capitalization, amounting to $211 billion.

Moreover, ICBC is recognized as one of the most financially successful corporations worldwide, ranking fourth in terms of profitability, as reported by Forbes.

29. China Construction Bank – Revenues ($M) – $202,753

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China Construction Bank Corporation (CCB) is one of the prominent “big four” banks in China. Back in 2015, CCB held the position as the world’s second-largest bank in terms of market capitalization and stood as the sixth-largest company globally.

The bank boasts an extensive network of about 13,629 branches within the country. Moreover, it maintains a global presence through overseas branches situated in key cities such as London, Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Brisbane, Sydney, and Auckland.

With total assets reaching CN¥ 8.7 trillion in 2009, CCB is regarded as a systemically important financial institution by the Financial Stability Board. Its headquarters is situated in Xicheng District, Beijing.

30. Microsoft – Revenues ($M) – $198,270

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Microsoft Corporation, an American multinational technology company headquartered in Redmond, Washington, is recognized for its key software and hardware offerings founded in 1975  by Bill Gates and Paul Allen.

Among its notable software products are the Windows operating system, the suite of productivity applications under Microsoft 365, and the web browser Edge. In the realm of hardware, Microsoft is renowned for its Xbox video game consoles and the range of touchscreen personal computers known as the Microsoft Surface lineup.

In the 2022 Fortune 500 list, Microsoft secured the 14th spot among the largest US corporations in terms of total revenue, positioning itself as the leading software maker worldwide based on revenue in 2022.

Within the American information technology landscape, it stands alongside other prominent entities, referred to as the Big Five, such as Alphabet (the parent company of Google), Amazon, Apple, and Meta. Furthermore, Microsoft holds the third-highest global brand valuation as of 2023.

31. Stellantis – Revenues ($M) – $188,888 

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Stellantis N.V. is a multinational automotive manufacturing corporation that resulted from the merger of Fiat Chrysler Automobiles (FCA), an Italian-American conglomerate, and the French PSA Group.

The company’s headquarters are based in Amsterdam. In 2022, Stellantis held the position of the fourth-largest automaker in terms of sales, following Toyota, Volkswagen Group, and Hyundai Motor Group.

32. Agricultural Bank of China – Revenues ($M) – $187,061

The Agricultural Bank of China (ABC), also known as AgBank, is part of China’s prominent quartet of major banks. Established on July 10, 1951, its headquarters are based in Dongcheng District, Beijing.

The bank operates an extensive network of branches across mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.

ABC caters to a vast customer base, serving 320 million retail customers and 2.7 million corporate clients through nearly 24,000 branches.

It holds the position as the third-largest lender in China in terms of assets. ABC’s initial public offering (IPO) around mid-2010 was among the largest globally at that time, although this record was later surpassed by Saudi Aramco, a state-owned petroleum company from Saudi Arabia.

In 2011, ABC secured the eighth position among the Top 1000 World Banks. Subsequently, by 2015, it achieved third place in Forbes’ 13th annual Global 2000 list and ranked fifth in 2017. The bank is recognised as a systemically important institution by the Financial Stability Board.

33. Ping An Insurance – Revenues ($M) – $181,566

Ping An Insurance, also known as Ping An of China or Ping An Insurance (Group) Company of China, Ltd., stands as a Chinese conglomerate holding company offering a spectrum of services encompassing insurance, banking, asset management, finance, and healthcare.

It was established in 1988 and operates its headquarters in Shenzhen. The term “Ping An” translates to “safe and well” in English.

By 2023, Ping An secured the 16th position on the Forbes Global 2000 list and was ranked 23rd on the Fortune Global 500 list.

Additionally, it attained 30th place among the top 500 Most Valuable Brands worldwide and was recognized as the fifth among global financial enterprises in the 2022 Brand Finance Global 500 Report.

Ping An holds the distinction of being considered the largest insurer globally, recording net premiums written at US$121.7 billion in 2020. As of March 2021, its market capitalization reached US$136 billion, positioning it as the premier insurer in the Asia-Pacific region.

34. Cardinal Health – Revenues ($M) – $181,364

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Cardinal Health, Inc. is a prominent American multinational healthcare services corporation and ranks as the 14th highest revenue-generating company in the United States.

Based in Dublin, Ohio, this company specializes in the distribution of pharmaceuticals and medical products, catering to more than 100,000 locations. Cardinal Health also engages in the production of medical and surgical items, such as gloves, surgical apparel, and fluid management products.

Furthermore, it operates an extensive network of radio pharmacies across the United States. Remarkably, Cardinal Health supplies medical products to over 75 per cent of hospitals in the country.

In the fiscal year 2020, the company reported an annual revenue of $152.9 billion, marking a 5.1% increase compared to the previous fiscal cycle. Cardinal Health’s shares were trading at a value exceeding $51 per share, with a market capitalization surpassing US$14.97 billion in August 2021.

35. Cigna – Revenues ($M) – $180,516

The Cigna Group is a profit-making American multinational managed healthcare and insurance corporation headquartered in Bloomfield, Connecticut.

Its insurance subsidiaries are significant suppliers of medical, dental, disability, life, and accident insurance, along with associated products and services, primarily provided through employers and various other groups such as governmental and non-governmental organizations, unions, and associations.

Cigna is legally incorporated in Delaware. Notably, the company secured the 15th position on the 2023 Fortune 500 roster, which ranks the largest U.S. corporations based on total revenue.

36. Marathon Petroleum – Revenues ($M) – $180,012

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Marathon Petroleum Corporation, an American company focusing on petroleum refining, marketing, and transportation, is based in Findlay, Ohio. It initially operated as a wholly owned subsidiary of Marathon Oil until a corporate spin-off occurred in 2011.

In 2023, the oil and gas refiner, Marathon Petroleum, generated $180 billion in revenue, marking a 27% rise from the preceding year. The company reported profits of $14.5 billion, almost a 50% increase from earlier figures.

37. Phillips 66 – Revenues ($M) – $175,702

The Phillips 66 Company, an American multinational energy corporation based in Westchase, Houston, Texas, bears a name that traces back to its origins in the Phillips Petroleum Company trademark dating back to 1927.

Established about a decade after the Conoco and Phillips merger forming ConocoPhillips, this new entity emerged by spinning off downstream operations encompassing refining, chemical, and retail assets, under the name Phillips. It debuted on the New York Stock Exchange with the ticker PSX on May 1, 2012.

Phillips 66 focuses on activities including refining, transporting, and marketing natural gas liquids (NGL) petrochemicals. Additionally, it participates in research and development concerning emerging energy sources and collaborates with Chevron in the chemical sector through a joint venture known as Chevron Phillips Chemical.

In 2022, Phillips 66, a significant operator of refineries and gas stations, experienced a notable rise, ascending 37 spots in rankings owing to surging crude oil prices that propelled its revenue up by 53% to $175 billion.

38. Sinochem Holdings – Revenues ($M) – $173,834

Sinochem Corporation, a famous Chinese government-owned multinational conglomerate, specializes mainly in the manufacturing and trade of chemicals and fertilizers. Additionally, it engages in both civilian and military oil exploration and production.

Its major-owned subsidiary, Sinofert, is extensively involved in the entire fertilizer production cycle, ranging from manufacturing and procurement on global markets to distribution and retail.

Sinochem Group, an early participant in the Fortune Global 500, has appeared on the list 25 times, reaching the 139th position in 2016. In 2020, Sinochem reported a recent revenue of 54.2 billion renminbi.

39. China Railway Engineering Group – Revenues ($M) – $171,669

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The China Railway Engineering Corporation (CRECG) is a state-owned holding firm in China overseen by the State Council, with China Railway Group Limited (CREC) as its primary subsidiary.

In 2022, the company disclosed the signing of fresh contracts, equating to over $400 billion in prospective revenues. This marked an 11% surge compared to the figures reported in 2021.

Approximately 6% of these new contracts pertained to overseas projects, exhibiting a growth rate almost twice as fast as the company’s domestic business.

40. Valero Energy – Revenues ($M) – $171,189

Valero Energy Corporation, an American-based downstream petroleum enterprise, predominantly focuses on producing and promoting transportation fuels, other petrochemical items, and electricity.

Situated in San Antonio, Texas, in the United States, the company possesses and manages 15 refineries across the United States and Canada, along with one in Wales.

These refineries collectively have a throughput capacity of about 3 million barrels (480,000 m3) per day. Valero also operates 11 ethanol plants, capable of producing a combined 1.2 billion US gallons (4,500,000 m3) annually, and a 50-megawatt wind farm. Previously part of the Fortune 500, Valero functioned as one of the major retail operators in the United States until the spinoff of CST Brands in 2013.

The company managed roughly 6,800 retail and branded wholesale outlets across the United States, Canada, United Kingdom, Mexico, and Peru under various brands like Valero, Diamond Shamrock, Shamrock, Beacon, and Texaco.

Valero Energy significantly advanced by 42 positions in this year’s ranking, achieving $175.7 billion in revenue, marking a notable 53% increase compared to the previous year.

As I conclude this examination of the 40 richest global companies, their dominance shows no indication of fading anytime soon. Their vast coffers continue expanding as they tighten their stranglehold on the worldwide economy.

With technological innovations fueling their astronomical growth, their future looks brighter than ever. I will surely revisit how these corporate behemoths leverage their might in years to come.

For now, know that the international economic landscape will remain reshaped in their image. Their far-reaching influence permeates our lives in ways most don’t realize. But make no mistake – these are the titans propelling the global economy into a new era defined by their unmatched power and wealth.