UK Edition
Revealed: the biggest companies in the world in 2016
Apple has joined the top 10 of the Fortune 500 list of the world’s biggest companies for the first time.
The Californian tech giant – one of the world's most valuable companies, with a cash pile of around $215bn (£163bn) – has joined the exclusive list despite reporting a fall in iPhone sales in the last year.
Apple’s elevation comes as a number of companies in the top 10 have endured a tough year.
Other entrants in the list – which is typically dominated by oil companies – have been hit by the low price of oil over the last 18 months, while German car maker Volkswagen has been rocked by an emissions cheating scandal in its diesel vehicles.
Walmart – the US retail giant that owns Asda in the UK – retained the top spot for the third year in a row, despite its total sales falling in 2015. It has been investing heavily in its stores and in ecommerce in a bid to recapture market share from Amazon.
“The world’s largest companies took a major step back over the past year,” said the editors of the list. “Cumulative sales of the Global 500… declined for the first time since 2010. And not by a token amount either. Total revenue shrank from $31.2 trillion in fiscal 2014 to $27.6 trillion in 2015, or a fall of 11.5pc. Profits dropped by 11.2pc, to $1.48 trillion.”
Fortune blamed the poor collective showing on a slowdown in the Chinese economy and sluggish growth in the US and Europe.
The Fortune 500 ranks companies according to their annual revenues. US firms dominate, with 134 entries, followed by China with 103, and Japan with 52.
The UK is home to 26 Fortune 500 companies, 17 of them based in London.
The Fortune 500 2016 - Top 10
1. Walmart - annual revenue: $482bn
The US retail giant owns Asda in the UK. It has claimed the top spot on the Fortune Global 500 eleven times since 1995.
2. State Grid - $330bn
The world's biggest power company is state-owned and has responsibility for China's national grid.
3. China National Petroleum - $299bn
CNPC, also owned by the Chinese state, is a global oil giant, which owns publicly listed PetroChina. It has operations across the Middle East and Russia.
4. Sinopec Group - $294bn
Yet another Chinese oil giant, China Petroleum & Chemical Corporation, or Sinopec, is listed in Hong Kong.
5. Royal Dutch Shell - $272bn
The Anglo Dutch giant is a staple of the FTSE 100. It recently absorbed Reading-based BG Group in a controversial $40bn merger.
6. Exxon Mobil - $246bn
The Texas-based oil giant formed in 1998 from the merger of Exxon and Mobil. It also operates as Esso in the UK.
7. Volkswagen - $237bn
The German car maker has enjoyed a torrid year after admitting it had installed software in 11m diesel cars that allowed them to cheat emissions tests. It said today the hit to its profits may not be as bad as first thought.
8. Toyota - $237bn
Tied with Volkswagen in terms of revenue, Toyota actually produces slightly more cars than its German rival - turning out 10.3 million vehicles in 2014, compared to VW's 10.1 million.
9. Apple - $234bn
Apple, with a market cap of $550bn, is often called the world's most valuable company. In 2016 it has had to contend with falling sales of the iPhone.
10. BP - $226bn
The British oil company is still recovering from the aftermath of the fatal explosion on the Deepwater Horizon oil platform in 2010. Earlier this month it said the total bill for the disaster - which resulted in a huge oil spill in the Gulf of Mexico - would be $61.6bn.