EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Limited, each of which is a separate legal entity. Ernst & Young Limited is a Swiss company with registered seats in Switzerland providing services to clients in Switzerland.
Recent Searches
Press release
04 Jul 2025
|
Zurich, Switzerland
US corporations dominate the global stock exchanges; 14 Swiss companies in the top 500
- At the halfway point in the year, Nvidia is now the highest-valued company in the world, followed by Microsoft and Apple.
- US groups continue to dominate: 60 of the world’s 100 most expensive companies are based in the USA.
- Nine of the top ten companies are headquartered in the USA; no European companies are represented.
- Three Swiss companies rank among the global top 100, with a total of eight in the top 300 and 14 in the top 500.
Zurich, 4 July 2025 - Geopolitical uncertainty and economic challenges shaped the first half of 2025. Nevertheless, the total value of the world’s 100 most expensive listed companies increased significantly: The cumulative market value of these companies increased by 6.1% to USD 47.4 trillion compared to the end of 2024, marking a new high. This means that the cumulative market value of the top 100 has even risen by 34% since the end of 2023, when it already totaled around USD 35.4 trillion.
The financial and technology sectors are continuing to drive the capital markets, with Nvidia in top spot for the first time, underscoring the importance of developing artificial intelligence applications. The industry rankings are currently led by the financial sector, which has 26 companies in the top 100 – three more than at the end of 2024. The technology sector is next with 25 companies, 17 of which are from the United States. Six of the ten most valuable companies have a purely digital business model.
With Nvidia at the top, followed by Microsoft and Apple, US groups once again lead the global rankings. Saudi Aramco (ranked 7th) remains the sole exception among the top ten as a non-American company. 60 US companies make the top 100, while Europe and Asia each have 19. The most valuable European company is now the German software group SAP (ranked 27th).
These results come from an analysis by the auditing and consulting firm EY, which examines the market capitalization of the world’s highest valued companies on a six-monthly basis. The cut-off date for this analysis is June 30, 2025 (close of trading).
Swiss companies maintaining a stable presence in the global rankings
A familiar picture emerges when it comes to Swiss companies. Switzerland continues to be represented, having three companies in the top 100. Roche remains in 46th place with USD 260.7 billion. Nestlé is just behind in 48th place with a market capitalization of around USD 255.0 billion (beginning of 2025: 51st place), while Novartis rose from 66th to 53rd with USD 236.9 billion.
Some Swiss companies outside the top 100 have also improved their position since the beginning of the year. Eight Swiss companies make the top 300 in total. Joining the aforementioned groups are the following five companies: Chubb Limited (159th), with a market value of USD 116.0 billion (beginning of 2025: 146th), followed by Richemont (167th) with USD 110.5 billion (beginning of 2025: 186th), ABB (168th) with USD 108.6 billion (beginning of 2025: 165th), UBS (182nd) with USD 103.6 billion (beginning of 2025: 169th) and Zurich Insurance Group (193rd), with USD 99.2 billion (beginning of 2025: 194th).
A total of 14 Swiss companies appear in the top 500. The list is supplemented by: Swiss Re (424th) with USD 50.7 billion (beginning of 2025: 460th), Lonza (427th) with USD 50.2 billion (beginning of 2025: 456th), Glencore (467th) with USD 46.3 billion (beginning of 2025: 358th), Givaudan (489th), with USD 44.6 billion (beginning of 2025: 490th), Alcon (496th) with USD 43.8 billion (beginning of 2025: 524th) and Sika (500th) with USD 43.5 billion (beginning of 2025: 524th).
The picture of the 14 top Swiss companies surveyed is positive compared to the start of 2025: nine managed to move up the rankings.
“In addition to the continued dominance of US technology companies, industry and company-specific factors in particular are having an impact on the valuation of Swiss groups. Geopolitical developments, exchange rate movements and the sectoral composition of the Swiss economy are also playing a role in the relative positioning compared to other countries,” said Stefan Rösch-Rütsche, Country Managing Partner of EY Switzerland.
Europe’s digital divide remains – but there is light at the end of the tunnel
The technology sector continues to be heavily shaped by US companies. While major players such as Nvidia and Meta were able to consolidate or increase their valuations, only a few European listed companies are gaining in relevance with technological developments. Alongside the German software group SAP, which moved up from 32nd place to 27th compared with the same period last year, the Dutch chip supplier ASML (from 33rd place to 30th) and the British chip designer Arm (from 123rd place to 90th) are the main ones among the few European technology companies with international significance in the AI environment. Together, these three companies have a market capitalization of around USD 834.3 billion. On the other hand, there are 17 US technology groups represented in the top 100, with a combined value of more than USD 18.8 trillion – more than 22 times as much.
“Many of the largest listed companies in Europe – and Switzerland in particular – have traditionally been deeply rooted in the industrial, financial or healthcare sectors and are not directly involved in the core digital business. This has a dampening effect on valuations in the current environment, which is heavily driven by AI expectations,” explains Rösch-Rütsche. “In the long term, however, the ongoing investments in new technologies will have a positive impact on competitiveness and company value.”
Europe’s importance on global stock exchanges has declined significantly in recent years. While 19 European groups are currently ranked among the top 100, this is down from 26 in 2015 and even 46 in 2007. At that time, the United States had only 32 companies in the top 100. Today, it is 60 companies – almost twice as many as 18 years ago.
EY Market capitalization analysis
About the global EY organization
The global EY organization is a leader in assurance, tax, transaction and advisory services. We leverage our experience, knowledge and services to help build trust and confidence in the capital markets and in economies all over the world. We are ideally equipped for this task — with well trained employees, strong teams, excellent services and outstanding client relations. Our global purpose is to drive progress and make a difference by building a better working world — for our people, for our clients and for our communities.
The global EY organization refers to all member firms of Ernst & Young Global Limited (EYG). Each EYG member firm is a separate legal entity and has no liability for another such entity’s acts or omissions. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com.
EY’s organization is represented in Switzerland by Ernst & Young Ltd, Basel, with 10 offices across Switzerland, and in Liechtenstein by Ernst & Young AG, Vaduz. In this publication, “EY” and “we” refer to Ernst & Young Ltd, Basel, a member firm of Ernst & Young Global Limited.