As a land well-known for its banks, insurance firms and other international companies, Switzerland is no stranger to rich clients and businesses. Now, data from Ernst & Young (EY) has revealed that of the 50 most valuable companies in the world, three come from the alpine nation.
As of June 30, 2023, Apple is the most valuable company in the world with a stock valuation of just over 3 trillion US dollars, according to a new study by EY which was given exclusively to the Swiss media. Microsoft placed second overall with a market value of just 2,5 trillion dollars, with the Saudi Arabian Oil Company (Aramco) rounding out the podium with 2 trillion. Aramco proved the outlier, as the rest of the top 10 are all based in the US.
The high valuation of Silicon Valley firms topped off what has been an astounding 12 months for tech companies, with four new tech firms joining the top 100. Some companies like chip manufacturer Nvidia have seen their valuations rise by 200 percent compared to the same time last year.
US firms’ dominance has been blamed on the boom in artificial intelligence technology. EY CEO Henrik Ahlers told 20 Minuten that "once again, it is primarily US companies that are benefiting from the new megatrend on the stock exchanges."
Despite its relatively small size, 16 companies with headquarters in Swiss cities and cantons made it into the top 500, while three featured in the top 50. The food giant based on the banks of Lake Geneva, Nestlé, was named as the most valuable Swiss company as of June 30, 2023, placing 26th globally with a market valuation of 320.823,3 million US dollars.
In what will be seen as a win for Basel, the two pharmaceutical companies based in the city, Roche and Novartis, came 35th and 46th with valuations of 246.653,5 and 210.944,3 million dollars respectively.
In all here are the top 10 most valuable companies in the world as of June 2023 (in millions of US dollars):
Here are the 10 most valuable companies based in Switzerland:
For more information about other trends impacting the wealth of companies, check out the EY website.
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