Forbes List Says China Has 3 of the World’s Biggest Companies
Bianca Ortega | | May 09, 2014 12:07 PM EDT |
(Photo : Wikipedia) ICBC in Beijing.
In a historical first, China has become home to three of the world's biggest public firms and five out of ten of the top companies, based on the Forbes Global 2000 List released on Thursday.
For two consecutive years already, the Industrial and Commercial Bank of China (ICBC) has stayed at the top spot, with China Construction Bank ad Agricultural Bank of China trailing behind, according to China Daily.
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The two other Chinese companies in the list are Bank of China and PetroChina, taking the ninth and tenth spots, respectively.
Mainland China and Hong Kong added 25 more companies to this year's list. This number tops the addition of all the other countries, achieving a total number of 207.
The other half of the 10 top spots were taken by American companies. The US retained its crown with 564 of its companies included on Forbes' list.
After US comes Japan with a total of 225 companies that were entered in the list. The Southeast Asian nation was able to reach this achievement amidst the loss of 26 members in 2014.
Forbes magazine describes its Global 2000 as a comprehensive list of the biggest and most powerful public firms in the world. The criteria for inclusion in the prestigious list are revenues, assets, market value, and profits.
This year's list featured companies from 62 nations. Back in 2003 during its inauguration, the Forbes Global 2000 List only recognized 46 companies.
The firms on the list managed to bag a total of $28 million in revenues and $3 trillion in profits. Their total market value had reached $44 trillion.
The magazine also said the Global 2000 paints a yearly picture of the constantly changing environment in the world of business and finance.
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