The New Nation - Internet Edition

BUSINESS REPORT

Hongkong and Shanghai Banking Corporation Limited (HSBC) has jumped two places to top the latest 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.

The annual index surveyed blue-chip firms in 26 industries across 60 countries in the globe and ranked them according to a composite of sales, profits, assets and market value.

The 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.

In total, Forbes 2000 companies now account for US$ 30 trillion in revenues, $2.4 trillion in profits, $ 119 trillion in assets and $39 trillion in market value.

The companies employ over 72 million people around the world.

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 $58.3 trillion, and profits, US$398 billion.

The 123 companies in oil and gas operations lead all industries in aggregate revenues, of $3.76 trillion, and take second place in total profits, of $386 billion.

The US 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.

The largest non-banking sector company featured this year is General Electric, which placed second.

Bank of America placed third while the last year's leading company, Citi Group, placed 24th.