Unimpressed by the global escalation of geopolitical tensions and the increasing number of wars, the hundred most valuable companies in the world are becoming even more expensive. Their cumulative stock market value increased by 6.1 percent in the first half of the year to a new record value of around 47.4 trillion dollars. This is the result of EY’s semi-annual analysis of the market capitalization of the world’s most expensive companies. The cut-off date for the analysis was June 30, 2025.
The interim turbulence on the world’s stock markets –, which was primarily triggered by massive uncertainty due to the chaotic customs policy of the US government, does not appear to be permanent. Apparently, investors are now speculating on the situation calming down and a return to growth.
AI drives the markets
The AI issue continues to have a significant influence on the ranking. Nvidia and Microsoft are literally the first beneficiaries. While Nvidia’s valuation was still well below the 3 trillion mark a quarter ago, three months later the AI processor manufacturer’s market capitalization of 3.85 trillion dollars puts it within striking distance of a 4 trillion valuation. Hardly less impressive is the development of Microsoft’s book value, which is now estimated at 3.7 trillion dollars. Apple – was still number 1 in the ranking at the end of March, but is lagging with its unclear AI strategy and a valuation of around three trillion dollars.
With their market capitalization, the world’s three most expensive companies are of course in a league of their own. In general, US companies continue to dominate the rankings. Of the 100 most valuable companies in the world, 60 are based in the USA. Unlike in previous years, however, they did not prove to be growth champions. While the 19 Asian and European companies in the ranking increased their value by 6.5 percent and 8.8 percent respectively, the market capitalization of the 60 US companies only rose by 5.8 percent.
SAP continues to rise
For the first time since the start of the semi-annual EY analysis in 2007, a German company, SAP, was listed as the most valuable European company. With a market capitalization of 354 billion dollars, the software group is ranked 27th (previous year: 47th). In addition to SAP, Siemens is ranked 74th (market capitalization: 199 billion dollars) and Deutsche Telekom 88th (177 billion dollars).
Beyond the top 100, Rheinmetall and Siemens Energy are two other German companies making rapid progress. The market capitalization of the armaments group more than tripled in the first half of the year and currently stands at 96 billion dollars. Within six months, the company has improved by more than 500 places from 719th to its current position of 204th.
(mki)