A new report by consulting firm EY has revealed that Switzerland is home to a large number of the world's top 100 most valuable international companies. While Switzerland retained its place near the top of the ranking, other areas of Europe have struggled to keep up with the United States and Asia.

Switzerland home to three of the 100 richest companies

According to the ranking - which uses market value data from December 27, 2022 - the alpine nation is home to three of the 100 most valuable companies in the world. This places Switzerland fifth in the official country ranking, behind the United States (61), China / Hong Kong (15), France (5) and the United Kingdom (4).

Nestlé, the food and beverage giant based in Canton Vaud, was the most valuable company in Switzerland with a market value of 297 billion Swiss francs, placing it 23rd in the top 100. Next, the two pharmaceutical giants based in Basel, Roche and Novartis, came in 32nd and 45th respectively. While they didn’t feature in the top 100, six more companies, ranging from banks to watchmakers, made it into the top 300. In all, the Swiss companies on the list were ranked as follows:

1. Nestlé (23rd)
2. Roche (32nd)
3. Novartis (45th)
4. Chubb Limited (144th)
5. Glencore (153rd)
6. Richemont (182nd)
7. Zurich Insurance (190th)
8. UBS (238th)
9. ABB (246th)

Top four richest companies all worth more than a trillion US dollars

Globally, Apple is still the most valuable company in the world, with a market value of 2,1 trillion US dollars. Saudi Aramco, the only top 10 company based outside the US, came in second with a value of 1,9 trillion dollars. Microsoft (1,8 trillion), Google parent company Alphabet (1,1 trillion) and Amazon (847 billion) rounded out the top five.

The report concluded that 2022 was not a great year for the world’s top companies, with the top 100 losing around 7,2 trillion dollars in market value over the course of the year. Companies that produce consumer goods and technology were the most affected, with EY blaming energy price rises, cost of living increases and global supply chain problems for the disruption.

"The sharp rise in interest rates, inflation, the war in Ukraine, supply chain problems and rising energy prices worldwide - all of these developments have left their mark on world exchanges,” noted EY managing partner for Switzerland, Stefan Rösch-Rütsche. “Many technology companies had gained massively in value during the pandemic, and are now facing a significantly more challenging economic environment."

2022 saw European companies struggle the most

This decline is most clear in Europe; at the end of 2007, 46 of the top 100 most valuable companies came from Europe, but today only 15 of the world's top businesses call the continent home. In addition, EY noted that Germany has fallen out of the ranking completely, with the most valuable company in the federal republic, software provider SAP, ranking only 106th.

For more information about the latest ranking, check out the official press release.