PwC Global Top100 Survey: Market value of the world’s 100 largest companies hits new high

By: Trademagazin Date: 2025. 06. 11. 12:43

The market value of the world’s 100 largest companies grew by 7% to a total of US$2.8 trillion as of March 31, 2025, according to PwC’s latest Global Top 100 companies by market capitalisation report. However, the rate of growth slowed significantly compared to the previous year’s 27% (US$8.3 trillion). With the new record amount, the top 100 companies have achieved five consecutive years of continuous growth, with a compound annual growth rate (CAGR) of 15%. The expansion was led primarily by the United States, ahead of China and Saudi Arabia.

The growth engine this year was the financial sector, which increased its market capitalisation by 39% compared to the previous year. In contrast, the technology sector, while remaining the largest sector by value, grew by just 5.3% to $0.7 trillion, compared to 50% in 2024.

Key trends in 2025

Developments in global capital markets in recent months have resulted in significant volatility, with a significant impact on share prices and therefore market capitalizations.

PwC’s methodology is based on the situation as of March 31, 2025, but developments in April (e.g. the announcement of tariff measures) have led to short-term price movements.

The CBOE VIX volatility index reached 52.3, while the S&P 500 and FTSE 100 also experienced significant lows.
However, following the 90-day tariff suspension announced at the end of April, markets have gradually recovered: by April 30, the market capitalization of the Top 100 was only 0.2% lower (USD 42.552 billion) than on March 31.

The geopolitical and macroeconomic environment continues to pose uncertainty for companies and investors, especially as the 90-day tariff-free period approaches its end.

The Magnificent Seven is gaining weight, but momentum may be fading

The market capitalization of the “Magnificent Seven,” the group of US technology giants, has grown by 10% over the past year to USD 15 trillion, but this is significantly below the 50% growth of the previous year. While six of the seven companies were able to increase their value, two players have done less – in part because they continue to make significant investments in the field of artificial intelligence, while competition is intensifying.

However, over the past five years, the “Magnificent Seven” have played a decisive role in the development of the overall value of the Top 100:

These seven companies currently account for 35% of the total market capitalization of the Top 100.

This group alone has generated 47% of the growth of the Top 100.

Their compound annual growth rate (CAGR) over the past five years has been 25%.

Several factors are behind the slowdown: declining investor interest in technology and AI, the emergence of new competitors, and economic policy uncertainty in the United States.

Trillion-dollar club – a new era in technology?

A US technology company first entered the “Trillion-dollar club” in 2018, and later successfully crossed the two and three trillion dollar milestones. Since then, this club has grown, with eight companies now valued at over $1 trillion. The club’s total value as of March 31, 2025, was $17 trillion.