In 2024, Fortune magazine compiled the operating revenues of various companies for 2023 and ranked the 'Global 500' companies for 2024. So how much economic influence do these 'strongest' companies have? We made a rough comparison between the revenues of the largest companies in multiple countries or regions and the local GDP for 2023.

The largest single company in terms of local GDP proportion is Saudi Aramco, the oil 'giant' from Saudi Arabia. The company's revenue in 2023 was nearly $500 billion, while Saudi Arabia's GDP for 2023 was $1.07 trillion, making Saudi Aramco's revenue approximately 46% of Saudi GDP. In this energy-exporting country, it is not an exaggeration to say that Saudi Aramco supports 'half the economy' of Saudi Arabia.

There are also two other companies whose revenue to local GDP ratio can reach over 20%. One is Hon Hai Precision Industry from Taiwan—parent company of Foxconn and Industrial Fulian. In 2023, Hon Hai Precision's annual revenue was $197.9 billion, while the GDP of Taiwan that year was $756.6 billion, making Hon Hai's revenue equivalent to 26% of Taiwan's GDP. The other is Glencore from Switzerland. This energy giant had a revenue of $217.8 billion last year, equivalent to 25% of Switzerland's GDP of $884.9 billion.

Although these three companies account for a significant proportion of GDP, they are not the top three in terms of annual revenue. Saudi Aramco, with nearly $500 billion in revenue, ranks fourth on the list. The first and second places are occupied by American retail companies—Walmart and Amazon. Walmart has long dominated the top 500 as the largest supermarket chain in the global market share. In 2023, Walmart's revenue was $648.1 billion, but it is not enough compared to the local GDP. In 2023, the GDP of the United States was $27.4 trillion, and Walmart's strongest global revenue only accounted for 2.4% of the U.S. GDP. A similar situation also occurs in mainland China. China's State Grid ranked third in the top 500 with a revenue of $545.9 billion. However, since the GDP of mainland China is $17.8 trillion, the revenue of the State Grid only accounts for 3.1% of GDP.

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Article forwarded from: Jinshi Data