The business world is filled with extremely successful companies that have become household names. These companies generate billions in revenue each year and are considered to be some of the richest businesses in the world.
In this article, we will look at the top 50 richest businesses based on their annual revenues. Understanding the success of these companies can provide insights into effective business strategies and models.
1. Walmart
Walmart is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. With over 11,500 stores in 27 countries, Walmart is the world’s largest company by revenue, earning $524 billion annually.
Walmart’s business model focuses on selling products at low prices to attract large numbers of customers. It can negotiate lower purchase costs from suppliers based on its enormous buying power. Walmart also emphasizes logistics efficiency, using its scale and advanced IT systems to keep inventories low and replenish shelves quickly.
2. State Grid Corporation of China
The State Grid Corporation of China is the largest electric utility company in the world. It transmits and distributes power in China, covering 88% of the country’s territory. State Grid generates $384 billion in annual revenues from its electricity transmission and distribution operations.
State Grid has succeeded by maintaining a monopoly over China’s power transmission network. It has also expanded successfully into emerging markets abroad. The company operates extensive power transmission infrastructure including ultra high voltage lines.
3. Saudi Aramco
Saudi Aramco is a Saudi Arabian national petroleum and natural gas company based in Dhahran. It generates $330 billion in annual revenues from oil and gas production and exploration activities.
Saudi Aramco’s success relies on its exclusive access to Saudi Arabia’s enormous hydrocarbon reserves. The company manages over 100 oil fields and produces around 13 million barrels of oil per day. This makes Saudi Aramco the world’s second-largest daily oil producer behind Russia.
4. Sinopec
China Petroleum & Chemical Corporation, known as Sinopec, is a Chinese oil and gas enterprise based in Beijing. It generates annual revenues of $326 billion from oil and gas operations.
Sinopec’s upstream operations involve oil and gas exploration, refining, and production. The company also has extensive downstream operations including a network of over 30,000 gas stations. Sinopec benefits from China’s growing energy demands as the country continues to industrialize and increase consumption.
5. Apple
Apple Inc. is an American multinational technology firm that designs and sells consumer electronics, software, and online services. It is one of the most valuable companies in the world, generating $274 billion in annual revenue.
Apple succeeds by offering high-end, beautifully designed, and user-friendly devices like the iPhone, iPad, and Mac computer lines. Apple’s brand loyalty and premium pricing allow it to achieve high-profit margins. The company also monetizes services like Apple Pay, App Store, Apple Music, and iCloud.
6. Volkswagen
Volkswagen AG is a German automaker founded in 1937 and headquartered in Wolfsburg. It owns popular brands like Audi, Porsche, and Skoda. Volkswagen produces over 10 million vehicles per year, posting annual revenues of $272 billion.
Volkswagen maintains a dominant market share in Europe and China by selling entry-level to premium vehicles across a range of brands. Acquiring premium brands like Audi, Porsche, and Bentley has allowed Volkswagen to increase profit margins. The company also focuses heavily on research and development to introduce innovations.
7. CVS Health
CVS Health is an American healthcare company that owns retail clinics and pharmacy chains like CVS Pharmacy. It generates annual revenues of $268 billion.
CVS Health has grown significantly by acquiring other major health companies like Aetna and Caremark. This provides CVS with greater negotiating power with drug manufacturers and insurers. CVS also offers in-store health services to attract more consumers to its retail locations.
8. Shell
Royal Dutch Shell, commonly known as Shell, is a British-Dutch oil and gas company headquartered in The Hague, Netherlands. It operates in over 70 countries and generates annual revenues of $264 billion.
Shell is one of the world’s largest gasoline retailers and has around 44,000 service stations worldwide. It is also a major natural gas and electricity supplier. Shell’s upstream activities include exploration, development, and extraction of oil and natural gas.
9. Toyota Motor
Toyota Motor Corp is a Japanese automotive manufacturer headquartered in Toyota City, Japan. It produces over 10 million vehicles per year across a range of models like the Camry, Corolla, and Lexus luxury brands. Toyota Motor generates $262 billion in annual revenue.
Toyota uses lean manufacturing techniques like just-in-time production to minimize waste and reduce costs. The company also invests heavily in eco-friendly and hybrid vehicle technologies. Toyota has a diverse global footprint and sells vehicles in over 170 countries.
10. Glencore
Glencore plc is a Swiss commodity trading and mining company located in Baar, Switzerland. It markets and distributes energy products, metals, minerals, and agricultural products. Glencore has annual revenues of $219 billion.
Glencore has succeeded by becoming one of the world’s largest suppliers of raw commodities like oil, coal, cotton, wheat, sugar, and copper. It also operates over 150 mining, oil production, processing, transportation, and storage facilities worldwide. The company focuses on extracting commodities at low costs from less developed nations.
11. Amazon
Amazon.com Inc. is an American e-commerce and cloud computing company headquartered in Seattle, Washington. It is a leading online retailer and also produces consumer electronics like Kindle e-readers. Amazon generates annual revenues of $213 billion.
Amazon’s success is partly due to its enormous product selection, fast shipping, and competitive pricing. The company also provides cloud computing services and produces smart home assistants like Alexa. Amazon Prime gives customers streaming media access and free shipping benefits. This drives customer loyalty.
12. Microsoft
Microsoft Corporation is a technology company that develops, licenses, and supports software, consumer electronics, and personal computers. Its best-known products include the Windows operating system, Office productivity suite, and Xbox gaming console. Microsoft earns annual revenues of around $209 billion.
Microsoft has succeeded by dominating the PC operating system market. The company also leverages its brand recognition to sell software suites like Office and Skype. Microsoft’s cloud services like Azure offer another fast-growing revenue stream. The company has diversified its offerings to remain relevant in the mobile age.
13. Hitachi
Hitachi Ltd. is a Japanese multinational conglomerate company headquartered in Tokyo. It manufactures products like construction equipment, IT systems, consumer electronics, and power plants. Hitachi earns annual revenues of $187 billion.
Hitachi operates a diverse collection of businesses but focuses intently on operational efficiency to remain profitable across sectors. For example, the company uses advanced data analytics to develop mass transit and infrastructure solutions. It also concentrates on high-margin services to complement equipment sales.
14. JP Morgan Chase
JPMorgan Chase & Co. is one of the largest investment banks and financial services companies in the United States with $174 billion in annual revenues. It is headquartered in New York City.
JPMorgan Chase provides banking, investment and asset management services for individuals, small businesses, corporations, governments and non-profits. The bank has succeeded by serving all major market segments, pursuing targeted acquisitions, and focusing on creating operational efficiencies.
15. ExxonMobil
Exxon Mobil Corporation is the largest direct descendant of Standard Oil founded by John D. Rockefeller. It is ranked as the 9th largest company in the world by revenue at $174 billion per year.
ExxonMobil is involved in oil and gas exploration, production, supply and marketing around the world. The company succeeds by emphasizing technological innovation to discover new hydrocarbon reserves and maximize extraction. Partnering with national oil companies also gives ExxonMobil access to oil fields.
16. Samsung Electronics
Samsung Electronics Co. Ltd. is a South Korean multinational electronics company manufacturing products like semiconductors, smart phones, televisions and displays. With $174 billion in annual revenues, Samsung Electronics is the flagship company of the Samsung conglomerate.
Samsung Electronics grew on the back of memory chip manufacturing. The company now dominates global electronics segments like smart phones, TVs and displays. Samsung focuses on vertical integration, owning much of its supply chain. It invests heavily in next-generation formats like OLED screens.
17. SK Holdings
SK Holdings Co Ltd. is a South Korean conglomerate holding company that owns subsidiaries in energy, chemicals, logistics, IT and wireless communications. It generates annual revenues of $168 billion.
SK Holdings has achieved rapid growth by investing in high-tech industries and building a global presence. SK companies are now the world’s 2nd largest memory chipmaker, Korea’s top wireless carrier, and a major lithium-ion battery manufacturer. This diversification has decreased reliance on industrial chemicals.
18. BP
BP plc, formerly British Petroleum, is a British multinational oil and gas company headquartered in London. It operates service stations worldwide and is one of the world’s seven oil and gas “supermajors”. BP produces around 3.7 million barrels of oil equivalent per day. Annual revenues amount to $164 billion.
BP has significant proven fossil fuel reserves and operations spanning the globe. The company also invests in renewable energy like wind power, biofuels, solar and electric vehicle charging. However, hydrocarbon exploration and production remains BP’s primary revenue source. The Deepwater Horizon disaster in 2010 caused major damage to BP’s finances and reputation.
19. China Construction Bank
The China Construction Bank is one of the “big four” banks in China. It provides corporate and personal banking services with a focus on construction industry clients. With nearly 13,000 branches, China Construction Bank is the 2nd largest bank in the world by assets. It generates $160 billion in annual revenue.
State ownership has allowed CCB to benefit from China’s economic explosion over the past two decades. The bank’s partnerships with Chinese infrastructure developers have created a steady revenue stream. China Construction Bank has also expanded internationally, including acquiring Bank of America’s Asian operations in 2016.
20. Lukoil
Lukoil is a Russian multinational energy company located in Moscow. It specializes in oil exploration, production, refining and marketing. Lukoil is responsible for over 2% of global crude oil production. With annual revenues of $159 billion, it is the second largest Russian company after Gazprom.
Most of Lukoil’s operations are focused on developing hydrocarbon reserves in Russia and neighboring countries like Iraq and Kazakhstan. This gives the company exposure to some of the world’s most oil-prolific basins. The Russian government holds stakes in Lukoil’s major projects, aligning company interests with the state.
21. Hon Hai Precision Industry
Hon Hai Precision Industry, also known as Foxconn Technology Group, is the world’s largest electronics manufacturer for clients like Apple, Samsung, Sony, Microsoft and Nintendo. Located in Taiwan, the company generates annual revenues of $158 billion.
Foxconn manufactures the majority of Apple’s iPhones. The company succeeds by being highly flexible in production scale and locations. Foxconn operates “factobox cities” with hundreds of thousands of low-wage workers. Automation efforts are aimed at offsetting rising Chinese labor costs.
22. China National Petroleum
China National Petroleum Corporation (CNPC) is a Chinese state-owned oil and gas enterprise based in Beijing. It operates pipelines and production facilities in 30 countries around the world. CNPC produces nearly 70% of China’s crude oil output. Revenues total $151 billion per year.
Domestic oil production via CNPC subsidiaries supplies well over half of China’s energy needs. This grants CNPC significant influence over Chinese policymaking. The company also invests globally in oil holdings to further China’s energy security goals. However, operational efficiency lags behind international oil majors.
23. BNP Paribas
BNP Paribas is a French international banking group providing retail, corporate and investment banking services in over 70 countries. With assets of nearly $3 trillion, BNP Paribas is the largest bank in Europe. Annual revenues exceed $149 billion.
BNP Paribas has grown through mergers and acquisitions to offer the most comprehensive banking services globally. The bank maintains significant exposure to emerging markets while meeting modern corporate social responsibility standards. Its online presence and suite of mobile apps appeal to digitally-inclined customers.
24. Bank of China
The Bank of China (BOC) is a commercial bank owned by the Chinese government and headquartered in Beijing. It operates internationally with outlets in over 57 countries. The Bank of China generates annual revenues of $148 billion.
The Bank of China benefits from China’s growing economic power and its pivot towards consumer banking services. BOC has successfully targeted Chinese corporations as they expand globally. The bank is also increasing its presence in developed nations. It emphasizes modernization initiatives like cryptocurrency research.
25. General Motors
General Motors (GM) is an American multinational automotive manufacturer headquartered in Detroit. It designs, manufactures, and sells vehicles worldwide through brands like Buick, Cadillac, Chevrolet and GMC. GM has 180,000 employees globally and generates $147 billion in annual revenues.
Despite bankruptcy during the Great Recession, GM has rebounded by focusing on SUVs, crossovers and pickup trucks. The company aims to transition towards electric and autonomous vehicles. GM must balance investing in new technologies while managing legacy costs like pensions.
26. Total Energies
Total Energies SE is a French multinational energy company that produces and markets fuels, natural gas and electricity. Formed in 1924, it now operates in over 130 countries and has 100,000 employees. Total Energies earns annual revenues of around $143 billion.
Total has significant hydrocarbon reserves and a diversified energy mix that includes renewables like solar and wind power. However, oil and gas production remains Total’s primary revenue driver. Recent company acquisitions have targeted electricity markets which are key to the global energy transition.
27. China Mobile
China Mobile Ltd. is a Chinese state-owned wireless telecommunications operator. With 906 million customers, China Mobile is the world’s largest mobile phone operator. The company generates $143 billion in annual revenues.
As China’s leading wireless carrier, China Mobile benefits from the country’s massive population. The company operates advanced 4G/5G networks and collaborates with Chinese device manufacturers. China Mobile is also expanding into emerging industries to differentiate, such as mobile gaming and digital payments.
28. Mercedes-Benz
Mercedes-Benz is a German luxury automotive brand and subsidiary of Mercedes-Benz Group AG (formerly Daimler AG). The brand pioneered automobile innovations like the internal combustion engine and crumple zones. Mercedes-Benz produces nearly 2.5 million vehicles annually, earning around $142 billion per year.
Mercedes-Benz enjoys strong brand recognition globally as a luxury status symbol. While the majority of sales are derived from gasoline models, Mercedes is making significant investments into electric vehicle development to remain on the cutting edge.
29. Industrial & Commercial Bank of China
The Industrial and Commercial Bank of China (ICBC) is a Chinese state-owned commercial bank founded in 1984. It provides corporate and retail banking services with 16,000 branches globally. ICBC is the world’s largest bank by assets with nearly $5 trillion under management. Annual revenues amount to $140 billion.
ICBC maintains a near monopoly over lending in the world’s fastest growing economy. The bank generates massive profits by granting loans to Chinese state-owned enterprises. ICBC is also China’s largest retail bank with ground-level branches nationwide serving private banking needs.
30. Amer International Group
American International Group (AIG) is an American finance and insurance corporation located in New York City. AIG offers products like property/casualty insurance, life insurance, retirement services and mortgage insurance. It earns $140 billion in annual revenues.
AIG was built through a series of mergers and acquisitions to create one of the world’s largest insurers. The company focuses on serving commercial and institutional clients over individuals. It operates in over 80 countries and jurisdictions worldwide. AIG has rebounded from its role in the 2008 financial crisis through reorganizations.
31. Alphabet
Alphabet Inc. is an American multinational conglomerate created as the parent company of Google and several former Google subsidiaries. Alphabet is now one of the world’s most valuable companies, with $136 billion in annual revenues.
Alphabet generates the bulk of its revenues from Google services like search, YouTube ads and Android. However, Alphabet provides an umbrella for more experimental divisions like Waymo’s self-driving cars. Separating these projects and their losses from the profitable Google shores up investor confidence.
32. Toyota Motor
Toyota Motor Corporation is the Japanese parent company of the Toyota Group that manufactures Toyota and Lexus vehicles. The company was founded in 1937 and produces over 10 million cars per year. Toyota’s annual revenues amount to $135 billion.
Toyota grew on a philosophy of producing high-quality vehicles with exceptional reliability and efficiency. Toyota popularized lean manufacturing practices like just-in-time inventory management. The company invests heavily in eco-friendly and autonomous vehicle technologies.
33. Volkswagen Group
The Volkswagen Group is the parent company of automotive brands like Volkswagen, Audi, Porsche, and Skoda. Based in Wolfsburg, Germany, Volkswagen is the second-largest automaker worldwide, delivering over 10 million vehicles in 2018. The group earns $135 billion annually.
The Volkswagen Group has achieved success through acquiring luxury brands, investing in eco-friendly technologies like electric vehicles, and expanding in emerging markets. However, costs related to Volkswagen’s “Dieselgate” scandal have damaged earnings and reputation. The company aims to move past this through transformation efforts.
34. Glencore International
Glencore International, now known as Glencore plc, is a multinational commodity trading and mining company. It is one of the world’s largest diversified natural resource companies, involved in the production, sourcing, processing, refining, and marketing of commodities such as metals, minerals, energy products, and agricultural products.
Glencore was founded in 1974 by Marc Rich, a commodities trader, and it initially focused on the trading of metal concentrates. Over the years, the company expanded its operations and diversified its commodity portfolio. Glencore is headquartered in Baar, Switzerland, and has operations in more than 50 countries worldwide.
35. HSBC
HSBC (Hongkong and Shanghai Banking Corporation) is a British multinational investment bank and financial services company. It is headquartered in London and operates across 64 countries and territories. With $115 billion in annual revenue, HSBC is one of the largest banking institutions in the world.
HSBC provides services in commercial banking, investment banking, and retail banking. The bank has succeeded by capitalizing on trade and investment between Europe and Asia. HSBC has a heavy presence in China and rising Asian economies. The company recently underwent a major restructuring effort to streamline operations.
36. BHP
BHP, formerly BHP Billiton, is the largest mining company in the world measured by market capitalization. The Anglo-Australian multinational is headquartered in Melbourne, Australia and generates around $109 billion annually.
BHP mines and extracts commodities like iron ore, coal, copper, and nickel. The company succeeds through its low-cost advantage, operational efficiency, and access to productive mining assets globally. BHP maintains a strong balance sheet and is diversifying into potash as well as oil and gas.
37. PetroChina
PetroChina is a Chinese state-owned oil and gas corporation headquartered in Beijing. It is ranked #3 globally in the Fortune Global 500 list. PetroChina produces oil and gas from Chinese basins like the Tarim Basin. Annual revenues total $108 billion.
PetroChina dominates China’s immense hydrocarbon resources under government protection. This grants the firm enormous oil and gas deposits. However, PetroChina faces rising competition from international oil companies partnering with local Chinese firms. The company is developing unconventional oil and gas resources to offset declining conventional production.
38. AT&T
AT&T Inc. is an American multinational telecommunications company headquartered in Dallas, Texas. The company provides mobile phone, broadband and subscription television services. AT&T also owns media brands like HBO and CNN. With over 200 million mobile subscribers, AT&T earns $108 billion annually.
AT&T has pursued mergers and acquisitions to become a telecommunications and media giant. Expanding into content ownership hedges against possible declines in conventional cable TV profitability. However, the large debt burdens resulting from mergers has weakened AT&T’s financial position.
39. Ford Motor
The Ford Motor Company is an American multinational automaker based in Dearborn, Michigan selling automobiles and commercial vehicles under the Ford brand. It was founded by Henry Ford in 1903. Ford owns luxury brand Lincoln and Brazilian SUV manufacturer Troller. Ford earns $107 billion annually.
Ford mass production techniques like assembly lines revolutionized manufacturing. However, the company now faces competition from lower-cost manufacturers and slower automobile demand. Ford is investing in electric vehicles and autonomous driving to pivot towards growth. It also ended unprofitable operations in India and Brazil.
40. SAIC Motor
SAIC Motor Corporation Limited is a Chinese state-owned automotive company headquartered in Shanghai. It manufactures passenger cars under brands like MG, Roewe and Maxus. SAIC produces over 7 million vehicles annually, earning revenues of $107 billion.
SAIC benefits from booming demand for automobiles in the growing Chinese market. SAIC’s joint ventures with Volkswagen and General Motors also grant the company technical expertise in design and manufacturing processes. SAIC aims to become a leading electric and autonomous vehicle producer.
41. China State Construction Engineering
China State Construction Engineering (CSCEC) is a Chinese construction company engaged in contracting for housing, infrastructure, hotels, real estate and more. It carries out projects extensively within China as well as globally in Asia and Africa. CSCEC generates annual revenues of $106 billion.
As a state owned enterprise, CSCEC receives strong government backing and preferential project access. The company is carrying out Chinese government initiatives like developing “Belt and Road” infrastructure linking China with other Eurasian countries. However, debt concerns have accumulated due to aggressive overseas expansion.
42. Trafigura Group
Trafigura Group Pte Ltd. is a multinational commodity trading company founded in 1993 and headquartered in Singapore. It is one of the world’s largest private commodities trading firms and earned $104 billion in revenue in 2020.
Trafigura purchases and delivers crude oil, refined petroleum, metals and minerals to clients worldwide. The company also owns and operates infrastructure like pipelines, ports, warehouses and terminals. Trafigura succeeds by taking on market and operational risks larger companies avoid.
43. General Electric
General Electric (GE) is an American multinational company operating in areas like power generation, renewable energy, aviation and healthcare. It provides services like aircraft leasing and financial services through GE Capital. GE has over 175,000 employees worldwide and earns $103 billion annually.
GE pioneered industries like power generation and lighting. However, the sprawling conglomerate has struggled recently with poor acquisition investments and declining fossil fuel demand. GE sold most GE Capital assets and is focusing on Aviation, Healthcare and Renewable Energy going forward.
44. Ping An Insurance
Ping An Insurance Company of China is the largest insurance company in China and one of the largest globally. The state-owned firm is based in Shenzhen and offers insurance products like property insurance, life insurance and annuities. With over 200 million customers, Ping An earns annual revenues of $102 billion.
Rising incomes in China have benefited Ping An by increasing demand for insurance products. The company operates with advanced data analytics capabilities and a strong online presence. However, Ping An faces growing competition from international insurers entering China’s expanding market.
45. Enel
Enel is an Italian energy company partially owned by the Italian government. Enel operates in over 30 countries providing power generation, distribution and trading services. It is Europes’s largest utility company serving around 75 million customers worldwide. Enel earns $102 billion annually.
Enel has grown into a leading green energy producer through significant investments in renewables like hydroelectric, solar, thermal and wind power. The company is now pivoting away from fossil fuels to reduce carbon emissions. Enel also operates smart metering and grid modernization projects.
46. Gazprom
Gazprom is a Russian majority state-owned energy corporation focused on natural gas production, transport, and supply. With over 400,000 employees, it is the largest natural gas company in the world producing 12% of global output. Gazprom generates annual revenues of $96 billion.
Gazprom operates Russia’s extensive gas pipeline network enjoy a monopoly over Russia’s immense natural gas reserves. Exports to Europe generate significant revenues but rising global LNG supplies may threaten Gazprom’s market share. U.S. sanctions have also hindered some Gazprom projects.
47. ConocoPhillips
ConocoPhillips is the world’s largest independent oil and gas exploration and production company not owned by a state. Formed by a merger in 2002, the company is engaged in hydrocarbon exploration, production, transportation and marketing. ConocoPhillips produces over 3 million BOE per day and earns $94 billion annually.
ConocoPhillips focuses exclusively on oil and gas production without downstream refining and chemical operations. The company reduces risk by operating in over 15 countries. ConocoPhillips has streamlined operations in recent years by selling marginal assets and reducing debt levels.
48. Hyundai Motor
Hyundai Motor Company is a South Korean automobile manufacturer headquartered in Seoul. The company was founded in 1967 and sells around 5 million vehicles annually. Hyundai operates the world’s largest integrated automobile plant in Ulsan, South Korea and earns revenues of $93 billion per year.
Hyundai grew rapidly by providing affordable yet quality vehicles. New models showcase Hyundai’s increasing capabilities in design and technology. However, the company faces growing competition from Chinese brands and weaker demand growth. It’s investments in hydrogen fuel cell vehicles may differentiate Hyundai going forward.
49. Dell Technologies
Dell Technologies Inc. is an American technology company that manufactures, sells, repairs and supports computers and related products. The company is based in Round Rock, Texas and generates annual revenues of $93 billion.
Dell sells personal computers, data storage systems, network switches, software and computer peripherals. It also offers IT infrastructure, cloud computing, virtualization and cybersecurity products and services. Dell focuses on commercial clients over regular consumers. The company has expanded through mergers and acquisitions.
50. China Mobile
China Mobile Limited is a Chinese state-owned telecommunications company that provides mobile voice and multimedia services using cellular and next-generation networks. With 906 million subscribers, China Mobile is the largest mobile operator globally. It earns annual revenues of $88 billion.
As China’s leading wireless carrier, China Mobile benefits from the country’s massive population. The company is upgrading its networks from 4G to 5G which will further boost data usage. China Mobile is also expanding into emerging industries like mobile gaming, video services and digital payments to differentiate.
Key Takeaways
This overview of the top 50 richest companies globally shows the scale and dominance of massive multinational corporations, particularly in industries like oil, gas, banking, insurance, telecoms, and automobiles. Most of the richest companies benefit from operating in the world’s largest markets like China, the United States, and Europe. Building wide competitive advantages has also helped leading firms cement their positions. Looking ahead, the rankings may change as new industries arise and companies reshape themselves for the future.
