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Over the past Decade from 2010 to 2019, it is interesting to see the changes in the top ten companies in the Fortune 500 which consists of US companies and in the Fortune Global 500 which includes private and public companies from all over the world. The ranking is done by revenue in USD.

Fortune 500

Here is a table that shows the top ten companies in the U.S. from 2010 and 2019.

In an age of new technologies and innovative new business models, Wal-Mart has retained its number one position by a wide margin while engaging in the old school business of retail. Wal-Mart has made the Fortune 500 list 25 times since the magazine published the first list in 1955, and over half of those times it has been No. 1. During this decade, the only other companies to retain a position in the top 10 were Exxon and AT&T, otherwise there was a big change in leadership. Technology companies like GE and Hewlett-Packard were replaced by Apple and Amazon. Except for Exxon, oil companies like Chevron and Conoco Philips as well as financial companies like B of A and J.P. Morgan Chase were replaced by Healthcare and pharma companies, United Health, McKesson, CVS, and AmerisourceBergen. For the first time since the fortune 500 was started, there were no automobile companies in the top ten in 2019. Berkshire Hathaway made the top ten as a result of the prolonged bull market in stocks.

Fortune Global 500

For the top ten in the global 500, the changes were not so radical. Energy and automobiles still held the majority of positions from a revenue perspective.

While Wall-Mart still held the lead, the lead is much less than it was 10 years ago. Seven of the top ten in 2019 are energy companies, with two automobile companies and one retail company. However, there were a lot of changes in the rest of the global 500. There was a major shift in the national make up with China adding the most companies. In 2019 the top two countries on the Global 500 were the U.S. with 121 companies and China with 119. In 2010 the U.S. had 141 followed by Japan with 71 and China with 47.

Technology companies were not in the global top ten list in 2019. However, from a market value perspective (a company’s market shares multiplied by current market price), the top 10 Global companies in 2019 were dominated by relatively new technology companies.

Over the next few years I would expect technology companies like Apple, Amazon, Microsoft, or Alibaba, will move into the top ten list. For example, Alibaba broke into the Global 500 in 2016 and went from 300 in 2018 to 182 In 2019. Tracking the Fortune 500 is an interesting way to track business trends.