Global Top 100 companies by market capitalisation: March 2025

Key highlights 2025

Recent developments in the global capital markets have brought volatility to valuations across the Top 100 companies worldwide.

• Our methodology references a 31 March cut-off for data collection. Recent market developments have caused volitivity to spike and significantly impacted share prices. Tariff announcements at the beginning of April led to the CBOE VIX reaching a high of 52.3 and the S&P 500 and FTSE 100 hitting lows of 4,982.7 and 7,679.4 respectively.
• However, the subsequent announcement of a 90 day pause on tariffs led to a steady recovery in valuations throughout April. The market capitalisation of the Top 100 recovered to be just 0.2% lower at $42,552bn as of 30 April 2025 compared to $42,636bn as of 31 March 2025.
• As the countdown towards the end of the 90-day tariff pause continues, companies and investors face continued uncertainty as to the outcomes. Market capitalisations are therefore expected to continue to fluctuate until a greater level stability returns to the global geo-political and macroeconomic environment. 

The Top 100 companies hit a new high of $42,636bn as global markets continued to grow, whilst at a slower pace.

• The market capitalisation of the Top 100 companies increased by 7% ($2,768bn) compared to 31 March 2024, a slower growth rate compared to prior period gains ($8,348bn).
• This new high of $42,636bn means that the Top 100 companies have shown consistent growth in the past five years, producing a CAGR of 15% over that period. 

The growth of the Magnificent Seven stocks has decelerated — could big tech be losing its appeal?

• The market capitalisation of the Magnificent Seven grew 10%, a significantly slower pace compared to the 50% growth in the prior year. Factors including slowing economic growth in the US, policy uncertainty, cooler sentiment towards tech and AI stocks and the emergence of new competitors have led investors to reassess growth potential.
• The Magnificent Seven still accounts for 35% in market capitalisation of the Top 100.

Financials was the best performing sector with growth of 39% in market capitalisation, while Technology sector sentiment wavered. 

• Tech sector continues to have the highest number of companies in the Top 100 (22 companies), but had no change in 2025 with Two new entrants and Two exits. 
• The Financials sector performed the strongest with 39% YoY growth. Banks continued to benefit from a higher interest rate environment, with recent geopolitical events and uncertainty putting a pause on central bank rates cuts in the US and UK
• Communication Services and Consumer Staples sectors enjoyed double digit growth, 20% and 13% respectively.

^{Source: S&P Global Market Intelligence LLC with PwC analysis}

The growth of Magnificent Seven stocks has started to decelerate, but they continue to represent a significant share within the Top 100

The Magnificent Seven continue to feature prominently in the Top 100 largest companies this year, contributing to 51% of the Top 100’s YoY growth. These seven companies now comprise 35% of the Top 100 as of 31 March 2025 compared to 34% of the Top 100 as of 31 March 2024. However, could AI enthusiasm be cooling down?

Magnificent Seven - Could big tech be losing its appeal?

• The performance of the “Magnificent Seven”, over the last five years has resulted in an increased concentration of the Top 100 aggregate value, with these seven companies now comprising 35% of the Top 100 in market capitalisation.
  
• Over the last five years, the Magnificent Seven accounted for 47% of growth in the value of the Top 100, achieving a 25% CAGR.
  
• Six of the seven grew in value over the year, with one exception, while two also experienced slower growth as they continue investing and scaling up their AI capabilities amid increasing competition.
  
• The remaining four all recorded significant double-digit gains.

The ‘Trillion-dollar club’ – A new phenomenon?

• A US tech company is considered to be the first company to join the 'Trillion-dollar Club,' initially reaching this impressive milestone in 2018, and subsequently surpassing the two- and three-trillion-dollar milestones.
• The ‘Trillion-dollar club’ is growing in numbers as eight companies now carry this impressive valuation in excess of $1 trillion.
• The total market capitalisation of this group reached $17.0 trillion as of 31 March 2025 and despite the recent market volatility in April, market capitalisation remained close to this level ($16.9 trillion) as of 30 April 2025.

^{Source: S&P Global Market Intelligence LLC with PwC analysis}

The US continued to dominate the Top 100

The US maintained its dominance in the Top 100 with a marginal increase in the Top 100 representing 73% ($31.1tn) as at 31 March 2025, compared to 72% ($28.8tn) as at 31 March 2024. The US and China/Hong Kong SAR were the only two regions to experience growth, with Europe struggling to keep up displaying declines of 13.6%.

• Market capitalisation of the US companies in the Top 100 was up 8.3%, despite losing four companies in the Top 100. Five new US companies entered the Top 100 while nine US companies dropped out of the Top 100. Within the US region, Consumer Staples and Financials sectors had the best sector growth YoY.
• Europe saw a 13.6% decrease in valuation, losing two companies in the Top 100, with a Danish pharmaceutical company suffering a 47% YoY decline which makes up 7.3% of the aggregate European market capitalisation.
• China/Hong Kong SAR saw a significant increase with 51% growth YoY, gaining three companies in the Top 100. Two companies achieved 60% and 65% YoY growth respectively, making up 28.7% of China/Hong Kong SAR’s aggregate market capitalization in the Top 100. While two new entrants to the Top 100, achieved 233% and 96% YoY growth respectively.
• Elsewhere in the world outside the US, Europe and China/Hong Kong SAR, growth remained flat YoY. The largest company, a Middle Eastern Energy company, which represented 40% of the Rest of the World’s aggregate market capitalisation suffered a 13% YoY decline.

^{Source: S&P Global Market Intelligence LLC with PwC analysis}

Financials and Communication Services dominated the largest four sectors with double digit growth

• While technology remained the largest sector within the Top 100, the pace of growth has slowed, experiencing only a $0.7tn (5.3%) increase compared to $4.3tn (50%) increase in 2024.
• Within Communication Services, telecom businesses were notable standouts all achieving growth in excess of 50% YoY. One of China’s notable movers among Communication Services, climbed 10 places in the Top 100 rankings to 16th overall. This contributed to the overall 23% YoY growth within the Communication Services sector.
• The Financials sector saw a 39% increase in market capitalisation, with all companies achieving at least 10% YoY growth, outperforming the S&P 500 which returned 7% YoY growth. Financials companies continued to benefit from a higher interest rate environment. Most notably, a large US company achieved a 26% YoY increase in market capitalisation, surpassing the trillion-dollar threshold to become one of eight companies, and the only financials company, in the Top 100 worth more than one trillion dollars
• Outside of the largest four sectors, there were notable moves in the Materials and Energy sectors. A large mining company fell outside the Top 100 as of 31 March 2025 which led to a 40% decline in the Materials sector as the number of companies halved. The Energy sector saw two companies drop out of the Top 100, which led to a 16% YoY decline in aggregate sector market capitalisation.

^{Source: S&P Global Market Intelligence LLC with PwC analysis}