US corporations dominate global stock markets – Europe and Asia lag far behind

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• Apple, Nvidia, and Microsoft are the highest-valued companies in the world at the end of the year
• Dominance of US corporations continues: 62 of the 100 most expensive companies in the world are based in the USA
• No European company in the top 10
• 15 Swiss companies make it into the global top 500. Roche, Nestlé, and Novartis continue to be among the top 100 in the world

Zurich, 3 January 2025 – The latest analysis of market capitalization of companies, conducted by the auditing and consulting firm EY Switzerland, shows that despite strong geopolitical tensions and a subdued global economy, the stock market value of the 100 most expensive publicly traded companies in the world increased by 25 percent over the past year, reaching a new high of 44.9 trillion US dollars. The reference date for the analysis, conducted twice a year, is December 31, 2024 (market close).

The record chase on the stock markets is driven by the AI boom, which is pushing up the valuations of many companies in the technology sector. Currently, 24 technology companies can be found among the top 100 – a year ago there were 25 companies. The market capitalization of these companies increased by 40 percent over the past year – no other industry shows such strong growth.

Clearly leading in this area are companies from the USA: Of the 24 technology companies in the top 100, 18 are headquartered in the USA. Meanwhile, only a few European publicly traded companies play a significant role in the AI sector. The German software company SAP and the Dutch chip supplier ASML are at the forefront – the companies rank 32nd and 33rd in the ranking and have significantly improved compared to the previous year.

Overall, US companies dominate the ranking – at the end of 2024, 62 US corporations are in the list of the highest-valued companies in the world. Of the ten most expensive companies, nine are headquartered in the USA. European companies, on the other hand, are currently not making it into the global top 10. And of the 100 most valuable companies, only 18 are headquartered in Europe – 17 are from Asia.

The most valuable European company is currently the Danish pharmaceutical company Novo Nordisk, ranked 14th. It is followed by the French luxury group LVMH in 28th place.

Swiss Companies in the Global Ranking

This year, Swiss companies are again among the top companies in the world: Roche, Nestlé, and Novartis rank among the top 100, but have moved further down the ranking compared to 2023 and 2022. This year, Roche reaches 46th place (2023: 43rd; 2022: 31st), Nestlé is in 51st place (2023: 27th; 2022: 23rd), and Novartis reaches 66th place (2023: 53rd; 2022: 47th).

A total of eight Swiss companies are among the top 300 worldwide: In addition to the aforementioned companies, the following five join the ranking: Chubb Limited is in 146th place (2023: 164th; 2022: 144th), ABB ranks 165th (2023: 177th; 2022: 243rd), UBS is in 169th place (2023: 144th; 2022: 232nd), Compagnie Financière Richemont is in 185th place (2023: 180th; 2022: 181st), and Zurich Insurance Group is in 192nd place (2023: 198th; 2022: 189th).

A total of 15 Swiss companies are among the top 500 most valuable companies worldwide. In addition to the companies already mentioned, the following are included: Holcim in 351st place (2023: 388th; 2022: 459th), Glencore in 353rd place (2023: 218th; 2022: 152nd), Lonza Group in 452nd place (2023: 517th; 2022: 412th), Swiss Re in 463rd place (2023: 507th; 2022: 499th), Alcon in 464th place (2023: 454th; 2022: 439th), Givaudan in 486th place (2023: 456th; 2022: 490th), Garmin in 496th place (2023: 555th; 2022: 542nd).

Of the 15 Swiss companies in the top 500, seven have gained places compared to the previous year, while eight Swiss companies have moved further down in 2024. Stefan Rösch-Rütsche, Country Managing Partner of EY in Switzerland, says: "Swiss companies remain stable overall in the global environment and represent the innovative strength of the Swiss economy – even in more challenging times. In international comparison – especially with the USA – it is becoming increasingly apparent that there is no major Swiss player in the field of artificial intelligence." Despite the relatively weak economy and continued geopolitical uncertainty, artificial intelligence continues to drive the stock markets. "This fact clearly shows that AI is not a temporary fad from the perspective of the markets, but a revolutionary technology in many respects, whose importance for the economic world will continue to increase." Rösch-Rütsche predicts: "It is very likely that AI technologies will soon be widely used in all industries and in the private sector. This will be associated with significant value creation, from which investors already want to benefit today. Companies are challenged to efficiently implement the new technologies in order to benefit from their advantages."

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