North America companies dominate Forbes 2000 list with $19.3 trillion revenue in 2023
Companies headquartered across the North America region accounted for 38% ($19.3 trillion) of the total aggregate revenue ($50.8 trillion) of the companies featured in the Forbes 2000 list in 2023, according to a study by GlobalData, a leading data and analytics company, revealed.
The analysis of 2023 Forbes list by GlobalData has revealed interesting facts. In terms of the number of companies, Asia-Pacific (APAC) continued to dominate the list with 788 enterprises, representing around 39% with a combined aggregate revenue of $18.6 trillion.
North America stood second with 680 companies generating a combined revenue of $19.3 trillion; followed by Europe with 416 companies generating a combined revenue of $10.9 trillion. The Middle East and Africa with 71 companies generated a combined revenue of $1.1 trillion and South & Central America with 45 companies generated a combined revenue of $921.6 billion.
North America companies accounted for 41% of the total $4.4 trillion profit pool of the companies in the Forbes 2000 list, followed by APAC with 31.3%, Europe (19%), the Middle East and Africa (6%), and South and Central America (2.7%).
The Middle East and Africa surprisingly dwarfed all other regions in terms of generating profit through per unit of revenue as it posted a net profit margin of 24.8%, followed by South and Central America (12.9%), North America (9.4%), Europe (7.7%), and Asia-Pacific (7.4%).
The breakup by sector reveals that the top five sectors by revenue accounted for around 64% of the Forbes 2000 revenue pool, and 61% of total companies, which translates into $32.5 trillion and 1,215 companies, respectively.
Financial services, oil & gas, and technology & communications were the leading profitable sectors with a combined aggregate profit of $1,164.8 billion, $898.3 billion, and $672 billion, respectively.
The pharmaceuticals & healthcare reported the highest net profit margin of 11.6%, followed by financial services (11.4%), oil & gas (11.1%), technology & communications (11.1%), and transport & logistics (11%).
Few notable first-time entries include Life Insurance Corporation of India, Vibra Energia SA, and Paramount Group Inc.
Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “Banks recovered from the COVID-19 pandemic in 2022 as interest rates climbed, showing robust revenue growth driven by a high increase in net margins. Falling crude oil prices hurt the oil and gas business, while the technology sector was negatively impacted by high inflation, rising interest rates, and the possibility of a global recession.”
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