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Tech and market capitalisation

Tech keeps its position as top market capitalisation

After layoffs followed by a Q1 rally, the technology sector keeps its top position in a survey of the Top 100 companies’ market capitalisation. Tech fell 8% overall – its first decline since 2016. The sector anyway grew its share as a percentage of the Global Top 100 – from 27% in 2022 to 28% in 2023 – maintaining its top position in the Global Top 100, the survey by consultancy PwC shows.

Market capitalisation of the global Top 100 declined by 11% in 2023 – equivalent to almost US$3.8 trillion – representing the first yearly decline since 2016 and the greatest drop since the global financial crisis of 2009 (-39%).


  • – Europe grew 9.5% – the only region reporting growth
  • – No direct entrants were made to the list as a result of a subdued global IPO market
  • – Even with an 11% decline, the Global Top 100 has generated a CAGR (compound annual growth rate) of 9% over ten years

A challenging macroeconomic environment caused by ongoing tightening of fiscal policy, high inflation, and uncertainty surrounding the United States and European banking sector have weighed on equity markets globally”, the report says. 

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“The US, the largest contributor to the Global Top 100, was the main driver of this decrease – dropping US$2.9 trillion in value – however retained its number one spot as a share of the list, ahead of Saudi Arabia and China.” 

“Europe outperformed all other regions, increasing its share of the Global Top 100 from 10% in 2022 to 13% in 2023, moving up to second spot on the regional list.”

Challenging market conditions over the last year have clearly impacted the world’s biggest companies. However, rebounds for most sectors in the first quarter of 2023 and the growth of companies in Europe are cause for cautious optimism”, says Stuart Newman, Global IPO Centre Leader at PwC UK.

The report says US companies maintained their dominant share of the Global Top 100 – accounting for 70% of the list – but suffered a 12% fall – equivalent to US$3 trillion – settling at US$21.7 trillion. 

Europe was the only region to grow – up 9.5% – while China and its regions fell 7.3% and the rest of the world fell 26.3%.

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“Few jurisdictions in the Global Top 100 managed to increase market capitalisation over the year. The only jurisdictions to record an increase were those in Europe due to a combination of new entrants and growth in like-for-like market capitalisation.” 

France entered the top five at number four in 2023 (US$980bn), replacing Switzerland (US$765bn) and climbing ahead of the UK at fifth place (US$852bn). 

“Despite double digit declines, the US (-12%), Saudi Arabia (-18%) and Mainland China (-11%) retained their position in the top three and were the only jurisdictions with combined market capitalisations of over US$1 trillion.”

At the industry level, all key sectors declined in market capitalisation, led by consumer discretionary (-23%), communication services (-18%), financials (-11%), and energy (-10%), the report says. 

Financials and Consumer Discretionary accounted for 56% of the total fall in market capitalisation. 

The top three companies reporting the biggest growth in market capitalisation are two healthcare companies Novo Nordisk A/S, Denmark, up 40% and Merck & Co., Inc. United States up  30% followed by  Deutsche Telekom AG, Germany, up  29%.

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