Fortune Global 500, each year list paints a vivid picture of the global economic landscape, highlighting the most influential players across industries. The 2024 edition was no different. While some companies experienced meteoric rises, others endured sharp declines, driven by a blend of macroeconomic shifts, sector-specific trends, and strategic decisions. In this blog, we break down the most significant risers and fallers in the 2024 Fortune Global 500 and provide context behind these dramatic movements.
In a world reshaped by the lingering effects of the pandemic, inflationary pressures, and interest rate hikes, financial institutions and consumer-facing companies in emerging markets have seen renewed growth. Here are the ten biggest risers in the 2024 Fortune Global 500:
Company | 2023 Rank | 2024 Rank | Change | Context |
---|---|---|---|---|
UBS Group | 347 | 182 | +165 | UBS saw a dramatic climb following its acquisition of Credit Suisse in a historic government-brokered deal in 2023. The integration of Credit Suisse significantly boosted UBS’s asset base and global footprint, leading to higher revenues and improved market confidence. |
Deutsche Bank | 354 | 205 | +149 | Germany’s largest lender benefited from rising interest rates across Europe, which contributed to higher net interest margins. Additionally, the bank’s restructuring efforts and focus on profitability bore fruit, making it one of the standout performers in global banking. |
Bank of Montreal | 433 | 294 | +139 | The Canadian banking giant surged ahead due to strong loan growth, successful integration of U.S.-based acquisitions, and a resilient North American economy. Its performance also reflects Canada’s broader financial sector stability. |
Zurich Insurance Group | 358 | 224 | +134 | Zurich’s rise in the ranks can be attributed to its diversified global insurance operations and disciplined underwriting. As insurers adapted to rising premiums and inflation, Zurich emerged as a consistent performer in the sector. |
Bank of Nova Scotia | 415 | 281 | +134 | Another Canadian bank on the rise, Bank of Nova Scotia strengthened its Latin American operations and focused on digital transformation. Its international presence, especially in the Pacific Alliance countries, supported its earnings growth. |
Mizuho Financial Group | 350 | 226 | +124 | Japanese banks like Mizuho capitalized on global credit market shifts and increased demand for corporate lending. The group’s focus on innovation and cost controls helped it expand margins. |
BBVA (Banco Bilbao Vizcaya) | 318 | 200 | +118 | BBVA’s strong showing came from solid performances in Latin American markets, particularly Mexico. Its early investment in digital banking platforms paid off as customer acquisition and retention improved. |
Sumitomo Mitsui Financial Group | 321 | 208 | +113 | Sumitomo Mitsui, another major Japanese lender, reaped benefits from global M&A advisory services and investment banking growth. The company also expanded its sustainability-linked financing options. |
Barclays | 325 | 212 | +113 | Barclays made gains as it doubled down on its investment banking division and diversified into more resilient segments. Despite economic uncertainty in the UK, the bank maintained solid returns. |
FEMSA | 454 | 349 | +105 | FEMSA, a conglomerate involved in retail and Coca-Cola bottling, benefited from strong consumer spending in Mexico and Latin America. Expansion in convenience stores and strategic investments also drove its revenue increase. |
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As some companies thrived, others struggled to maintain momentum in a volatile market. Below are the ten companies that experienced the sharpest drops in the 2024 Fortune Global 500:
Company | 2023 Rank | 2024 Rank | Change | Context |
---|---|---|---|---|
COSCO Shipping | 115 | 267 | -152 | The Chinese shipping behemoth fell significantly as freight rates normalized following the pandemic-driven boom. With global supply chains stabilizing, COSCO’s revenues and profits shrank considerably. |
China Pacific Insurance | 192 | 331 | -139 | This insurer struggled with a slowdown in the Chinese economy and declining policy sales. Additionally, investment income dipped due to volatile equity markets in China. |
Maersk Group | 151 | 289 | -138 | Maersk, like COSCO, faced the reality of a post-COVID world. Container rates plummeted, and excess shipping capacity weighed on earnings. The company is now investing more heavily in logistics and integrated services. |
Pfizer | 102 | 236 | -134 | After peaking during the COVID-19 vaccine boom, Pfizer’s revenue declined sharply as demand waned. Its pipeline of new drugs is still strong, but 2023 saw a natural correction in earnings and valuation. |
Enbridge | 365 | 497 | -132 | This Canadian pipeline operator was affected by slowdowns in energy infrastructure investment and environmental regulations. While still profitable, growth has stagnated. |
Shanxi Coking Coal Group | 359 | 471 | -112 | The Chinese coal producer was hit by weaker demand and policy shifts toward clean energy. Although coal remains important in China, pricing pressures and competition are squeezing margins. |
Rajesh Exports | 353 | 463 | -110 | The Indian gold exporter saw reduced global demand and rising operational costs. Currency fluctuations and tighter regulations on bullion trading also contributed to its fall. |
Assicurazioni Generali | 137 | 245 | -108 | Europe’s third-largest insurer faced headwinds from inflation and a competitive pricing environment. Despite stable operations, its profits were affected by market volatility. |
Marubeni | 190 | 298 | -108 | This Japanese trading company experienced a pullback due to lower commodity prices and a slowdown in industrial demand. Diversification helped limit the damage, but earnings still dropped. |
Quanta Computer | 345 | 444 | -99 | Taiwanese electronics manufacturer Quanta saw reduced demand for PCs and cloud servers. The post-pandemic dip in hardware spending hit revenues, although AI-related hardware may provide a future lift. |
Taiwanese electronics manufacturer Quanta saw reduced demand for PCs and cloud servers. The post-pandemic dip in hardware spending hit revenues, although AI-related hardware may provide a future lift.
📉 Insight: Many of these declines reflect broader economic corrections—particularly in logistics, energy, and healthcare—where pandemic-driven booms were unsustainable.
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1. Banking Bounces Back: Higher interest rates globally created a favorable environment for banks. Institutions that streamlined operations and embraced digital growth outperformed.
2. Logistics Normalization: Shipping companies that thrived during the pandemic’s supply chain crisis are seeing revenues fall to pre-COVID levels. The market correction is significant but expected.
3. Vaccine Boom Wanes: Pharma giants like Pfizer and Moderna are experiencing a decline in pandemic-driven sales. They are now pivoting toward R&D to sustain growth.
4. Emerging Markets Resurgence: Companies in Mexico, India, and Southeast Asia are climbing up the ranks due to population growth, expanding middle classes, and digitization.
5. Energy and Environment: Traditional energy players face pressure from environmental shifts. Firms lagging in the clean transition are losing ground.
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The 2024 Fortune Global 500 ranking reveals a dynamic global economy where adaptability, strategic foresight, and sectoral trends play defining roles. Financial institutions leveraged favorable conditions, while shipping and pharma recalibrated after pandemic peaks. As we move forward, it’s clear that agility in strategy and a strong global footprint will continue to determine corporate success on the world stage.
Stay tuned as we continue to monitor how these trends evolve heading into 2025.
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