In the latest report from Ernst & Young (EY), three firms from Switzerland have made it onto the list of the 100 most valuable companies in the world. The top three Swiss international companies are worth a combined 746 billion US dollars.

Majority of most valuable firms come from America

According to the EY report, the majority of the most valuable companies come from the United States, with American firms in the top 100 being valued at 26.000 billion US dollars. They were followed by Saudi Arabia (2.138 billion), China (1.882), France (1.206), the United Kingdom (775) and Switzerland (746).

The report explained that the recent boom in the tech sector has led to further dominance by the US, with 62 American companies now occupying spots in the top 100. Nine of the 10 most valuable companies on earth are based in the US. “This year, it was primarily the topic of artificial intelligence that fuelled investors’ imagination and thus stock market prices…Companies that are active in this area have become investor favourites”, EY management chair Henrik Ahlers told Swissinfo.

Europe continues its decline as home of rich companies

North America and Asia dominated the higher echelons, with Europe’s most valuable company, Danish pharmaceutical group Novo Nordisk, placing 16th. Ahlers explained that this reflects a nearly two-decade decline for Europe on the list, a market he said was “far too fragmented” to compete with other regions.

Like last year, Apple took the top spot with a valuation of more than 3 trillion US dollars - enough money to fund Swiss Federal Railways for 90 years. The tech giant was followed by Microsoft (2,8 trillion) and oil producer Saudi Aramco (2,1 trillion). Despite recent economic uncertainty, the top 100 companies have increased their wealth by 29 percent in the last year, up to over 36,5 trillion dollars.

Nestlé, Roche and Novartis reclaims spots in top 100

Switzerland is also home to some of the world’s most valuable international companies; three of the country’s firms occupied the top spots in 2023. The most valuable Swiss firm is Nestlé in 26th overall, with the Vaud-based company coming in with a valuation of 307 billion dollars. The pharmaceutical giants of Basel, Roche and Novartis, came in 43rd (233 billion) and 52nd (206) respectively.

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