World's top 100 companies worth combined $42.6 trillion
The market capitalization of the 100 largest companies in the world grew by 7% to reach $42.6 trillion in the year ending March 31, 2025, according to PwC’s annual “Global Top 100 companies by market capitalization” report.
The 7% increase – which amounted to $2.8 trillion – was a significant cool-down from the previous 2024 period, which saw a 27% increase of $8.3 trillion.
The top 100 firms have had consistent growth in the last five years (15% CAGR), driven largely by American companies.
“Over the last twelve months the market capitalization of the Top 100 companies reached another new high, albeit at a slower growth rate than the prior year as investor sentiment towards technology and AI stocks moderated,” said Mike Wisson, PwC UK and global IPO center partner. “More recently, geopolitical and macroeconomic uncertainties have introduced significant volatility in the share prices of the Top 100. Until there is a greater level of stability and visibly over the direction of key policies, this backdrop is likely to continue to put a brake on future growth rates of the Top 100.”
US firms maintained their dominance, growing their proportion of market capitalization by 8 points to 73% (31.1 trillion). The Mag Seven US tech firms grew their market capitalization by 10% to reach $15 trillion, a significant slowdown from the red-hot 50% growth in the prior period.
China/Hong Kong/Taiwan companies had 51% growth to contribute $3.1 trillion, with the region gaining three companies in the top 100. Europe saw its valuation decline by 13.6% and lost two companies in the top 100.
China ($2.8 trillion) leapfrogged Saudi Arabia ($1.7 trillion) to reach second place. Meanwhile, the UK ($866 billion) overtook France ($780 billion) to place in fourth.
Technology remained the largest sector in top 100, accounting for 33% ($13.9 trillion), although its growth rate dropped to 5.3% from 50% in 2024.
The financials sector had the strongest growth in 2025, with a 39% increase in market capitalization to a total of $6.2 trillion.
The technology sector had the most companies in the top 100, at 22, followed by financials (20), healthcare (13), and consumer discretionary (12).
Thirteen new companies entered the top 100 in 2025, with the threshold for entry increasing by 8% to $152 billion.
