Greater China has dominated this year’s Fortune Global 500 list, with 142 companies being deemed among the world’s richest in revenue, China Daily reports. Twenty-five of these are headquartered in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), though none hail from Macao.
Compiled annually by Fortune Magazine, the list ranks the top 500 corporations worldwide by revenue. The latest Global 500 was released on Wednesday. This is the 5th consecutive year that China has contributed more companies to the list than any other country. The US and Japan followed, with 136 and 41 companies respectively.
US-based Walmart, Saudi Arabia’s Saudi Aramco and China’s State Grid took out the top three places. Two other Chinese companies – China National Petroleum and Sinopec Group – made the top ten. Shenzhen-headquartered tech giant Huawei ranked 111th worldwide, dropping 15 places since last year.
Companies from mainland China and Hong Kong made average profits of US$3.9 billion, lower than the global average of US$5.8 billion and US firms’ US$8 billion, according to China Daily.
Of the 25 Global 500 companies hailing from the GBA, 10 are from Shenzhen, six are from Guangzhou, six are from Hong Kong, two are from Foshan, and one from Dongguan.
Ping An Insurance (Group) Company of China, headquartered in Shenzhen, was the highest-ranking GBA company on the list – coming in 33rd in the world. Jessica Tan, Co-CEO of Ping An, was ranked 5th on Fortune’s 2022 Most Powerful Women list. That made her the highest-ranked non-US leader on the list.
While GBA companies Gree Electric Appliances and AIA Group made the 2022 list, they did not appear this time around.