Ranking the world's 100 biggest companies of 2017 by market capitalisation provides an interesting snapshot of China's ascendancy, says Handelsblatt. The German business newspaper points out that 51 of them are from the US, down from 58 in 2016. These include the top five: Apple, Alphabet (Google's parent company), Microsoft, Amazon and Facebook. The tech giants are collectively worth almost $3.6trn, around double the value of the entire German blue-chip index, the DAX-30.
But China's internet giants Tencent and Alibaba, worth a joint $850bn, have jumped into the top ten. The latter is China's Amazon-equivalent, while Tencent resembles Facebook, producing the WeChat messaging service in a country where Facebook, Twitter, WhatsApp and Snapchat are banned. Alibaba has hitherto defied US protectionist rhetoric and is expanding abroad, says Handelsblatt. Meanwhile, China's ICBC bank has become number 12.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
