Ten years ago, when oil was over $100 a barrel, oil companies dominated the top ten lists. Coincidentally, it was a Chinese oil giant (PetroChina) in 2008 which was the first ever to cross the $1trn-mark in market value. Financial fortunes highly favoured the black gold with five out of the top ten companies operating in the oil and gas industry.
But then followed a spell of misfortunes, like large-scale spills (e.g. Deepwater Horizon), rising climate consciousness and resistance to fossil fuels accompanied with a pioneering revolution in the electric mobility industry. With the exception of Saudi Aramco (and its deep-pocketed benefactors), oil and gas companies have begun to steer away from the top global lists as their ability to maintain steady and predictable revenue streams becomes uncertain.
Tech companies, on the other hand, registered a 71% increase in their value YoY (March 2021). 20 tech companies alone account for a total market cap of 33%. Large tech companies benefit from globalisation and emerging new markets, thereby catapulting their influence to reach even bigger markets.
Read here for more details: https://transfin.in/how-the-list-of-top-global-companies-has-changed-over-time
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