Emerging Asian Companies Take A Larger Cut In Fortune 500 Rankings

While U.S. companies still dominate Fortune magazines most recently released annual ranking of the worlds 500 largest companies by revenue, Chinese and Indian companies have significantly expanded their presence and influence. A total of 61 Chinese companies and 8 Indian companies now have their names on the list.

Energy companies from emerging Asia continue to stand out on the list. Among the top 10 companies, Chinas energy giants Sinopec Group and China National Petroleum are ranked fifth and sixth respectively, with each companys annual revenue surpassing US$240 billion. Another Chinese energy-related enterprise State Grid which is the countrys largest electric power transmission and distribution company is ranked seventh.

Half of the eight Indian companies that have seen their names in the list are the countrys state-owned oil and gas companies. Indian Oil which reports last years revenue at US$68.8 billion has stepped into the top 100 list this time, ranked 98th after rising from last years No.125. The other three oil company names are Bharat Petroleum, Hindustan Petroleum and Oil and Natural Gas, which occupy 272nd, 336th and 361st on the list, respectively.

Companies from the emerging Asian countries of Malaysia and Thailand also found their places in the list, thanks to the massive income from oil and gas sales. The two countries state-owned oil and gas companies Petronas (Malaysia) and PTT (Thailand) stand at 86th and 128th respectively in the rankings.

As the main driver of emerging Asias economic development, the number of Chinese companies in the list has increased rapidly from last years 46 companies to this years 61. The number of Chinese companies in the Global Fortune 500 rankings were only a dozen 10 years ago according to a report in WNYC News.

However, Chinas domestic privately-owned companies still only take a very small portion of the list. This time, Chinas largest networking and telecommunications equipment supplier Huawei Technologies (ranked 352nd) and one of the countrys largest steel manufacturing companies Jiangsu Shagang Group (ranked 367th) are the only two Chinese privately-owned companies with a place on the list.

While companies within developing nations have seen incredible expansion, U.S. companies have seen their dominance slowly diminish in recent years. Although an impressive 133 U.S. companies made the list this year, it is a considerable step backwards when compared to the record 197 companies that were listed in 2002. However, U.S. retail giant Wal-Mart still holds the first position as it did last year, recording annual revenue of US$421.8 billion. The No.2 to No.4 positions have not changed either, with the Dutch company Royal Dutch Shell, the U.S. company Exxon Mobil, and the British company BP continuing to hold sway.

Stephanie Mehta, executive editor of Fortune, says the rankings are made purely by companies revenue.

About the Author:
To read the rest of this article about business in China, at the China business news site, China-Briefing.com.

The articles are contributed by Dezan Shira & Associates who help MNC's with accounting China.

Article Originally Published On: http://www.articlesnatch.com

Tags: business

, fortune 500

, investment

, finance

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