WASHINGTON (AFP)--The number of U.S. businesses featured in the
annual Fortune 500 list of top global companies fell to lowest
level ever, the business magazine said, while more Chinese entries
appeared than ever before.
Signaling the effects of the devastating financial crisis on the
U.S. economy, a non-U.S. firm topped the list for the first time in
over a decade, with Anglo-Dutch energy giant Royal Dutch Shell PLC
(RDSA) coming in first.
The company brought in $15 billion more in sales than
second-place oil rival Exxon Mobil Corp. (XOM) of the U.S.
China's fortunes rose across the board, with a Chinese company -
oil giant Sinopec, or China Petroleum & Chemical Corp. (SNP) -
appearing in the top 10 for the first time, the magazine
reported.
Sinopec supplies about 80% of China's fuel.
Overall, China had an unprecedented total of 37 companies
featured on the list, with nine new entries and the others climbing
in the rankings.
The business publication said U.S.-based Wal-Mart Stores Inc.
(WMT) slid from last year's top spot to third, with revenues of
more than $405 billion.
The number of U.S. companies in the top 500 fell to 140, the
lowest since Fortune began the list 1995.
Japan was second with 68 companies, while France and Germany
narrowly edged out China with 40 and 39 entries respectively.
No. 1 Shell had $458 billion in revenue, and Exxon Mobil had
$442.8 billion.
In fourth place came U.K. oil giant BP PLC (BP) (367 billion
dollars), followed by U.S. oil company Chevron Corp. (CVX) ($263
billion).
Seven of the top 10 were oil companies, and only one was an
automobile company.
Of the U.S. companies to disappear from the list entirely were
household names slammed by the global economic crisis - among them
American International Group Inc. (AIG) - while the rising U.S.
entries were Google Inc. (GOOG), Amazon.com Inc. (AMZN) and Nike
Inc. (NKE).
In announcing the rankings, Fortune noted a U.S. National
Intelligence Council report called Global Trends 2025 that said if
the current trends continue, "by 2025 China will have the world's
second largest economy."
According to a 2008 study by the U.S. research organization
Carnegie Endowment for International Peace, China's economy would
overtake that of the U.S. by 2035 and be twice its size by
mid-century.
The Fortune ranking is based only on revenues, while other
rankings use profits or other factors.
Among the biggest losers was the Detroit, Mich. auto stalwart
General Motors Corp. (GMGMQ) - currently undergoing mammoth
bankruptcy proceedings after reporting a net loss of more than $30
billion in 2008.