Wondering what is the largest company in the world today?
Forbes has named HSBC as the world’s largest company for the year 2008, replacing Citibank, which has been topping the table for many years before, in the annually published Forbes 2000 list.
Citibank slumped to 24th this time around, the worst fall it experienced in decades. Citibank also lost its status as the world’s largest bank by market capitalization after it losing its top place and has to settle at the number 7 spot instead.
While other banks seem to lost their plot, HSBC is one of the few that continues to flourish, recording an average of 26% annual revenue growth and over 30% of net income for the last 5 years.
General Electric, GE trails in second place, followed by Bank of America in third.
In a similar ranking produced by Fortune this year, HSBC was ranked at 20th position, but the table merely considers revenues and does not take account other factors including composite profits, assets and market value. In Fortune’s ranking, Wal-Mart tops the table with revenues of $379 billion.
315 companies are included in the Forbes 2000 this year, accounting over $30 trillion in revenues, and offering employment to more than 70 million people worldwide. Most companies come from the United States, with China, Brazil and India making significant presence.