The Top 175 Global Economic Entities, 2009

European Central BankAfter mentioning it in a blog a couple of days ago, I’ve received a number of inquiries regarding the list of the world’s largest economic entities (countries versus corporations) that I use in my lectures. The version that I’ve used in the past is from 2007 as compiled by Rhett A. Butler of mongabay.com. Using his list as the foundation, I’ve updated the table to reflect the most current data possible (2009 year end). The revised list below includes the world’s largest economic entities as measured by Gross Domestic Product (Source: World Bank, 1 July 2010) and Total Revenue (Source: Fortune Magazine, 26 July 2010).

Rank Entity $US Millions
1 United States $14,256,300
2 Eurozone $12,455,979
3 Japan $5,067,526
4 China $4,909,280
5 Germany $3,346,702
6 France $2,649,390
7 United Kingdom $2,174,530
8 Italy $2,112,780
9 Brazil $1,571,979
10 Spain $1,460,250
11 Canada $1,336,067
12 India $1,296,085
13 Russia $1,230,726
14 Australia $924,843
15 Mexico $874,902
16 South Korea $832,512
17 Netherlands $792,128
18 Turkey $617,099
19 Indonesia $540,277
20 Switzerland $500,260
21 Belgium $468,522
22 Poland $430,079
23 Wal-Mart $408,214
24 Sweden $406,072
25 Austria $384,908
26 Norway $381,766
27 Saudi Arabia $369,179
28 Iran $331,015
29 Greece $329,924
30 Venezuela $326,498
31 Denmark $309,596
32 Argentina $308,741
33 South Africa $285,983
34 Royal Dutch Shell $285,129
35 Exxon Mobil $284,650
36 Thailand $263,856
37 United Arab Emirates $261,348
38 British Petroleum $246,138
39 Finland $237,512
40 Columbia $230,844
41 Portugal $227,676
42 Ireland $227,193
43 Hong Kong $215,355
44 Toyota Motor $204,106
45 Japan Post Holdings $202,196
46 Israel $194,790
47 Malaysia $191,601
48 Czech Republic $190,274
49 Egypt $188,334
50 Sinopec $187,518
51 State Grid $184,496
52 Singapore $182,232
53 AXA $175,257
54 Nigeria $168,994
55 Pakistan $166,545
56 China National Petroleum $165,496
57 Chile $163,670
58 Chevron $163,527
59 ING Group $163,204
60 Romania $161,110
61 Philippines $160,476
62 General Electric $156,779
63 Total $155,877
64 Bank of America $150,450
65 Kuwait $148,024
66 Volkswagen $146,205
67 Algeria $140,577
68 ConocoPhillips $139,515
69 BNP Paribas $130,708
70 Hungary $128,964
71 Peru $126,734
72 Assicurazioni Generali $126,012
73 Allianz $125,160
74 New Zealand $125,160
75 AT&T $123,018
76 Carrefour $121,452
77 Ford Motor $118,308
78 ENI $117,235
79 J.P. Morgan Chase $115,632
80 Hewlett-Packard $114,552
81 E.ON $113,849
82 Ukraine $113,545
83 Berkshire Hathaway $112,493
84 GDF Suez $111,069
85 Daimler $109,700
86 Nippon Telegraph & Telephone $109,656
87 Kazakhstan $109,115
88 Samsung Electronics $108,927
89 Citigroup $108,785
90 McKesson $108,702
91 Verizon Communications $107,808
92 Crédit Agricole $106,538
93 Banco Santander $106,538
94 General Motors $104,589
95 HSBC Holdings $103,736
96 Siemens $103,605
97 American International Group $103,189
98 Lloyds Banking Group $102,967
99 Cardinal Health $99,613
100 Nestlé $99,114
101 CVS Caremark $98,729
102 Wells Fargo $98,636
103 Hitachi $96,593
104 International Business Machine $95,758
105 Dexia Group $95,144
106 Gazprom $94,472
107 Honda Motor $92,400
108 Électricité de France $92,204
109 Aviva $92,140
110 Petrobrás $91,869
111 Vietnam $91,854
112 Royal Bank of Scotland $91,767
113 PDVSA $91,182
114 Metro $91,152
115 Morocco $90,859
116 Tesco $90,234
117 Deutsche Telekom $89,794
118 Bangladesh $89,378
119 Enel $89,329
120 Slovakia $87,642
121 UnitedHealth Group $87,138
122 Société Générale $84,157
123 Nissan Motor $80,963
124 Pemex $80,722
126 Panasonic $79,893
125 Proter & Gamble $79,697
127 LG $78,892
128 Telefónica $78,853
129 Sony $77,696
130 Kroger $76,733
131 Groupe BPCE $76,464
132 Prudential $75,010
133 Munich Re Group $74,764
134 Statoil $74,000
135 Nippon Life Insurance $72,051
136 AmerisourceBergen $71,789
137 China Mobile Communications $71,749
138 Hyundai Motors $71,678
139 Costco Wholesale $71,422
140 Qatar $71,041
141 Vodafone $70,849
142 BASF $70,461
143 BMW $70,444
144 Zurich Financial Services $70,272
145 Valero Energy $70,035
146 Fiat $69,639
147 Deutsche Post $69,427
148 Ind. & Comm. Bank of China $69,295
149 Archer Daniels Midland $69,207
150 Angola $69,067
151 Toshiba $68,731
152 Legal & General Group $68,290
153 Boeing $68,281
154 U.S. Postal Service $68,090
155 Lukoil $68,025
156 Peugeot $67,297
157 CNP Assurances $66,556
158 Barclays $66,533
159 Home Depot $66,176
160 Iraq $65,837
161 Target $65,357
162 ArcelorMittal $65,110
163 WellPoint $65,028
164 RWE $64,795
165 UniCredit Group $64,709
166 Aegon $64,506
167 SK Holdings $64,396
168 France Télécom $63,860
169 Walgreen $63,335
170 Croatia $63,034
171 Petronas $62,577
172 Libya $62,360
173 Johnson & Johnson $61,897
174 State Farm Insurance Cos. $61,480
175 Oman $60,299

Seven of the top 50 economic entities are multinational corporations (14 percent). In the second tier of 50, 37 are corporations (74 percent) and in the third tier of 50, 88 percent are corporations (44). In total 62.3 percent (109) of the top 175 economic entities are corporations. Not listed are 129+ countries with levels of gross domestic product (GDP) lower than Oman’s.

The total revenue of Wal-Mart (23rd on the list) is 2.24 times larger than the GDP of Singapore (52nd on the list) and 6.77 times larger than the GDP of Oman (175th on the list). From a marketing and international business perspective, this illustrates the level of success achieved by multinational corporations. Those examining the list from other perspectives are encouraged to arrive at their own conclusion.

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2 thoughts on “The Top 175 Global Economic Entities, 2009”

  1. While I can understand the utility of such a measure, is it not double-counting the economic activity? Do Wal-mart’s operations, for example, not contribute to US GDP?

    Actually that leads me to a wider question, to what extent can a state be understood as a coherent economic entity rather than a territory in which companies operate?

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