HSBC tops Forbes 2000 list of the world’s largest companies

HSBC has jumped two places to top the 2008 Forbes 2000 list of the world’s largest companies, the first time a non-US company has led the rankings since its launch in 2004. Bank of America placed third while last year’s leading company, Citigroup, placed 24th.

HSBC is one of five high performers from the banking industry, having delivered 26 per cent annual average growth in revenue and 31 per cent in net income over the past five years.

The largest non banking sector company featured this year is General Electric which placed second. The annual index surveyed blue-chip firms in 26 industries across 60 countries and ranked them according to a composite of sales, profits, assets and market value. In total, Forbes 2000 companies now account for US$30 trillion in revenues, US$2.4 trillion in profits, US$119 trillion in assets and US$39 trillion in market value. Around the world, these companies employ over 72 million people.

Measured by number of companies, 315, the banking industry has the biggest presence on the Forbes 2000. Banking also dominates in assets, with total assets of US$58.3 trillion, and profits, US$398 billion. The 123 companies in oil and gas operations lead all industries in aggregate revenues, of US$3.76 trillion, and take second place in total profits, of US$386 billion. The U.S. still dominates in terms of geography but its influence is on the decline with 61 fewer entries than last year. In contrast, China, India and Brazil are rapidly adding companies to the list.

(This is press release of HSBC)

CLICK FOR MORE FEATURES & STORIES