24th June 2021

Global Top 100 companies surge to record highs recovering lost ground from 2020 lows - according to PwC analysis

 Since the declines seen in early 2020, global equity markets have not only recovered lost ground, but have surged to record highs - with economic recovery being supported by government and central bank policies responding to the devastation of the COVID-19 pandemic.

All sectors represented within the Top 100 list saw a marked increase in market capitalisation in the year to March 2021. Technology continues to be the largest sector in terms of market capitalisation recording an aggregate value of $10.5 trillion supported by a 71% increase to the constituent companies’ value in March 2021 as compared to March 2020. 

The report indicates that market capitalisation of the Global Top 100 companies increased by 48% to $31.7 trillion in March 2021 compared to $21.5 trillion in March 2020.

Ross Hunter, IPO Centre Leader at PwC, says,

“Looking beyond the dislocation caused by the initial outbreak of COVID-19, the market capitalisation of the Global Top 100 companies has increased by a remarkable 51% between March 2019 and March 2021, compared to an increase in the MSCI World Index of 33%. Led by the US, this highlights the ability of the largest companies to leverage technology and grow at scale over this period, breaking away from the growth trend line over the past decade.” 


  • The US increased its dominant representation in terms of market capitalisation, with the US accounting for 65% of the Global Top 100 Companies total market capitalisation at March 2021, compared to 61% at March 2020.
  • Europe lost 5 companies from the Global Top 100 from the year to March 2021, three in the UK and two in France.
  • Technology companies saw a 71% increase in market capitalisation as compared to their value in March 2020 with the rise of this sector being led by US companies: Apple, Microsoft, Alphabet and Facebook.
  • Global Top 100 companies in certain of the cyclical sectors (Industrials and Basic Materials) outperformed other sectors in the Global Top 100, other than Technology, and their respective industry index performance.
  • Germany moved up from 13th to 8th position with the return of Siemens and Volkswagen to The Global Top 100 in the year to March 2021.
  • Samsung, South Korea’s sole representative increased in value by 84% in the year to March 2021.
  • The US, China and its regions and Saudi Arabia, represented by Aramco, continue to occupy the podium in terms of market capitalisation, holding 1st, 2nd and 3rd position. 


Notes to editors

The Global Top 100 Companies by market capitalisation - March 2021 edition is available to read here.


Members of the American Chamber of Commerce in the Czech Republic