Market capitalisation of the Global Top 100 companies grew to a record high of US$42.6tn in the year to 31st March 2025, according to PwC’s latest Global Top 100 companies by market capitalisation report.
Overall, market capitalisation of the Global Top 100 increased by 7%, equivalent to $2.8tn on 31 March 2025. However, the rate of growth has slowed compared to the previous period which saw market capitalisation increase by 27% equating to $8.3tn.
The new record total means the Top 100 companies have shown consistent growth in the past five years, producing a compound annual growth rate (CAGR) of 15%. Growth has been driven by the US, which continues to be the largest contributor to the Global Top 100, ahead of China and Saudi Arabia.
Mike Wisson, UK and Global IPO Centre Partner, said:
“Over the last twelve months the market capitalisation of the Top 100 companies reached another new high, albeit at a slower growth rate than the prior year as investor sentiment towards technology and AI stocks moderated. More recently, geopolitical and macroeconomic uncertainties have introduced significant volatility in the share prices of the Top 100. Until there is a greater level of stability and visibly over the direction of key policies, this backdrop is likely to continue to put a brake on future growth rates of the Top 100.”
US maintains Top 100 dominance
The US maintained its dominance of the Top 100 with a single digit increase in its proportion of total market capitalisation to 73% ($31.1tn), up eight percent compared to the previous period. The Magnificent Seven, the group of large US tech companies, saw its market capitalisation grow 10% to reach $15tn, significantly slower than the 50% growth experienced in the previous period.
China/Hong Kong SAR saw a significant increase with 51% year-on-year growth to contribute $3.1tn to the overall total, with the region gaining three companies in the Top 100. Europe, however, saw a decline in total valuation of 13.6%, losing two companies in the Top 100.
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At a country-by-country level, the significant market capitalisation increase of companies based in China ($2.8tn) saw it overtake Saudi Arabia ($1.7tn) to take the number two position behind the US.
The UK ($866bn) overtook France ($780bn) to 4th place after seeing its market capitalisation increase by 9% and retaining the same number of entries in the Top 100 list as last year (four). After dropping out of the top 10 last year Germany and Japan returned to eight and ninth respectively with India in tenth.
Technology sector growth slows
At the sector level, Technology remained the largest sector within the Top 100 accounting for 33% ($13.9tn in total). However, the pace of growth in valuation has slowed, experiencing only a $0.7tn (5.3%) increase compared to a $4.3tn (50%) in 2024. The Financials sector was the best performing sector in the year, recording a 39% increase in market capitalisation to a total of $6.2tn.
The Technology sector continues to dominate the proportion of Global Top 100 companies accounting for 22 companies, with Financials (20), Health Care (13) and Consumer Discretionary (12) following.
There were 13 new entrants into the Top 100 this year, with 87 companies retaining their place on the list. The threshold to enter the Top 100 increased by 8% to $152bn.
