New research from City Index shows that Aramco is the third largest company in the world by market capitalisation in 2023, worth Euro 1.9 trillion (US$2.07 trillion)
Apple is the world’s biggest company in 2023 – worth Euro 2.82 trillion (US$3.01 trillion), followed by Microsoft at Euro 2.34 trillion (US$2.5 trillion). Not surprisingly, technology dominates the stock market in 2023, with seven technology companies including Apple, Amazon and Tesla occupying the top 10. Aramco is the only oil and gas company in that list.
The figures show that oil and gas companies have fallen in the rankings over the years, while technology companies have risen. Going back 20 odd years to the year 2000, technology companies had prominence on the stock market. Companies such as Microsoft, Cisco and Intel occupied half of the top 10. Only two oil & gas companies were in the top 10 in 2000: ExxonMobil and Royal Dutch Shell.
Whereas, going back further to 1980, oil and gas companies dominated the ranking, with six oil and gas companies occupying the top 10. Technology companies had not yet dominated the stock market, although IBM was the world’s biggest company in that year.
For more information, see https://www.cityindex.com/en-uk/