2024年4月全球市值100强上市公司排行榜

03 Highlights 10 Supplementary analysis 14 Methodology 16 Complete ranking This publication analyses the Global Top 100 companies by market capitalisation as at 31 March 2024, highlighting the changesinthe composition of the list at 31March 2023. As a point of reference, the MSCI World Index increased by 23% in the year to 31 March 2024. The Top 100 Companies hit a new high of $39,871bn as the global macroeconomic picturestabilisesand equity markets rebound. •The market capitalisationof the Top 100 companies increased by 27% ($8,438bn) compared to 31 March 2023, more than recouping prior period losses ($3,603bn).•This new high of $39,871bn means that the Top 100 companies have almost doubled in the past five years, producing a CAGR of 14%over that period. Performance amongst the Magnificent Seven begins to diverge-will seven become five as the AI boom gathers pace? •The Magnificent Seven accounted for 54% of thegrowth in the Top 100 this year. However, a stellar performance wasn’t the case across all of the seven.•GRANOLAS, a more diverse, cyclical collection of European listed stocks, outperformed the Magnificent Seven in the prior year. However, the AI weighting of the MagnificentSeven trumped the GRANOLAS in the past year. •The AI story drove Top 100 companies within the Technology sector to a 50% increase, outperforming the wider Technology Indexby10ppts.•The best performing sector against its relevant benchmark was Consumer Discretionary, which outperformed the benchmark indexbyalmost 100% (35% v 18%)–albeit this wasalso heavily linked to the AI theme given it waslargely attributable to Amazon and its AWS business. Best of the rest: Whilst AI drove the majority of the growth in valuations this year, other sectors presented interesting stories also. •Despite a modest year for most Health Care stocks, Eli Lilly and Novo Nordisk benefitted from soaring demand for a weight loss drug, up 126% and 60%, respectively.•Consumer sentiment appears to be moving in favour of hybrid cars over pure electric, resulting in Toyota (+76%) and Tesla (-15%)coming out at opposite ends of the spectrum. Technology firms dominate top five with Microsoft regaining the top spot after five years and NVIDIA breaking into the top fivefor the first time. •The valuations of Microsoft (+46%) and NVIDIA (+225%) skyrocketed in the period, propelled by their exposure to AI, accounting for 28% of growth in the Top 100 this year.•Apple dropped into second place, one of only a few tech stocks to experience limited growth as its core product offerings come under competitive pressure and its AI story hasnot yet landed with investors. US continues to dominate with 62 firms in the Top 100 and a 36% increase in market capitalisation. •Eight out of the top ten firms and 62 firms overall are from the US, with NVIDIA, Meta, Eli Lilly and Broadcom more than doubling their valuation YoY.•The Health Care and Consumer sectors helped Europe achieve YoY growth of 14%, largely due to Novo Nordisk which grew significantly by 60% YoY. PwC |Global Top 100 companies-by market capitalisation As the macroeconomic picturestabilisedand investor appetite for equities returned, the market capitalisation of the Top 100 companies surged 27% in the year, morethan recouping prior period losses. This was combinedwith a surge in interest towards the potential impact of AI, propellinganumber of stocks to all time valuationhighs. •Thethreshold to enter the Top 100 increased 16% to$141bnas at 31 March 2024. •Before the COVID pandemic the aggregate value of the Top100 stood at $21.4bn at March 2020. It now stands at$39.9bnat March 2024, an increase of 86%-this is despite thepandemic, tightening monetary policy and rising geopoliticaltensions.•The growth this year has been supercharged by thesurgeininterest for AI, and how it may transform howcompaniesoperate.54% of the increase was attributable to just5companies:Microsoft,NVIDIA, Alphabet, Amazon andMeta.NVIDIA aloneaccounted for almost 20% of the growth.•Health Care stockswithin the Top 100 had contrastingfortunes in the year.Eli Lilley (+126%) and Novo Nordisk(+60%)accounted for 87% of gains for the sector, with theformer entering the top 10 for the first time. Both entities soaredthanks to the strength of their new weight loss drugs. On theother hand, Pfizer (-11%) and AstraZeneca (-6%) struggled dueto patent cliffs and drug pricing headwinds.•The were13 new entrants into the Top 100. Uber was thelargest climber, rising 150 places to enter the top 100 for thefirst time after it posted its first annual profit since becoming apublic company. The tech-centric Magnificent Seven strengthened their hold on the Top 100 again this year, contributing to 54% of the YoY growth. These seven stocks now comprise34% of the Top 100 as of 31 March 2024. TheGRANOLAS, a much more sector diverse collection of European equities, slightly exceeded the performance of the widerSTOXX 600 in the year but trailed behind the