Fortune Global List, which ranks 500 top companies based on their annual revenues every year, has just released their recent rankings. Walmart got placed at the Numero Uno position, with the company revenue of 524 Billion dollars, followed by the Chinese giant Grind at 384 Billion dollars, and Amazon got placed at third position with 280 Billion dollars.
In the pandemic, when customers were moving online rather than going to retail stores. Walmart started putting online strategies to action and enhanced its omnichannel features such as curbside and in-store pickup. Amazon faced some challenges during the initial days of the pandemic, the company stopped the services of non-essential items and focussed on items that were of daily needs.
Reliance Industries in this global list has slipped to 155 rank from 55 in 2021 with a revenue of 63 Billion dollars. Reliance’s income dropped by 25.3% as the second wave of the COVID decreased the demand for oil in the country.
State Bank of India’s (SBI) rank improved by 16 places and moved to 205, but Indian Oil Corporation (IOC) dropped 61 places to rank 212. Oil and Natural Gas Corporation(ONGC) rank improved by 53 places and stands at 243 rank. Another firm, Rajesh Exports also made a drastic improvement by making 114 posting jumps standing at rank 348.
Fortune made a statement after releasing the list “Walmart claimed the top spot for the eighth consecutive year, and for the 16th time since 1995”. The company added, Fortune Global 500 companies generated revenues totaling more than one-third of the world’s GDP. They generated USD 31.7 trillion in revenues (down 5%), USD 1.6 trillion in profits (down 20%), and employ 69.7 million people worldwide.
Mainland China ( Hong Kong) has made a major contribution by adding 135 companies to the list. Greater China contributed 143 companies, the US contributed 133 companies, and Japan contributed 53 firms to the list.