US corporations dominate global stock markets: 12 Swiss companies in the top 500

Despite the persistently difficult political and economic situation, the world's most important companies continued to increase massively in value over the course of 2025. The stock market value of the 100 most valuable listed companies has risen by 23% since the end of last year, or by more than ten trillion US dollars, to a new record of 54.4 trillion US dollars. The strongest growth in value was recorded by Asian companies, whose stock market value rose by almost 27 percent. US companies increased their value by 23% and European companies by 20%.

This means that the cumulative market capitalization of the top 100 is even 55% higher than at the end of 2023, when it amounted to around 35 trillion US dollars. These results come from an analysis by the auditing and consulting firm EY, which examines the market capitalization of the world's most highly valued companies every six months. The cut-off date for this analysis is December 31, 2025.

US companies continue to dominate the rankings

The USA is currently represented in the top 100 with 60 companies, which is two fewer than at the end of 2024. China, in second place, currently has eleven companies, which is one more than a year ago. In third place is the UK, which currently has four companies. Switzerland is represented by three companies - Roche, Novartis and Nestlé - and shares fourth place with Germany and France, which also have three companies each.

Eight of the ten most expensive companies in the world are currently based in the United States. The most expensive company is currently Nvidia (4531.7 billion US dollars), followed by Apple (4017.1 billion US dollars), Alphabet (3781.3 billion US dollars) and Microsoft (3594.4 billion US dollars). In addition to the USA, Saudi Arabia with Saudi Aramco (USD 1536.8 billion) and Taiwan with Taiwan Semiconductor Manufacturing Company (USD 1280.0 billion) are also represented in the top 10. The most valuable European company is now the Dutch technology group ASML (24th place), which manufactures EUV lithography machines for the production of computer chips.

The AI boom is driving the markets - Europe remains a spectator

As a year ago, the sector ranking is led by the technology sector, which is represented in the top 100 with 27 companies. This is three more than at the end of 2024. Second place is shared by the consumer goods sector and the financial sector, each with 20 companies in the top 100. The industrial sector (up 44%) and the technology sector (up 34%) have made the most significant gains compared to the end of 2024, while the energy sector has lost the most ground with a decline of 2%.

"The year 2025 was dominated by artificial intelligence on the world's stock markets," says Stefan Rösch-Rütsche, Country Managing Partner of EY in Switzerland. "The fact that no other Swiss companies are among the world's top 100 in this segment is less a sign of a lack of quality than an expression of the global market strength of US technology companies. Stock market valuations are increasingly based on technological scaling, while Switzerland has traditionally impressed with substance, resilience and long-term value creation," explains Stefan Rösch-Rütsche.

Swiss companies with a stable presence in the global ranking

Swiss companies show a consistent position in the global ranking and in some cases have even been able to move up significantly. Roche, for example, is now the front-runner from Switzerland in 31st place (previous year 46th) with a market capitalization of 353.4 billion US dollars, an increase of over 50% compared to the previous year. Novartis rose from 66th to 53rd place with a market capitalization of USD 265.2 billion, making it the new Swiss number two, as Nestlé fell from 51st to 57th place with a market capitalization of USD 255.5 billion.

Some Swiss companies outside the top 100 were also able to improve their position compared to the start of the year. There are a total of eight Swiss companies in the top 300. The following five companies were added to the groups mentioned above: UBS now leads the chasing pack with a market capitalization of 147.7 billion US dollars in 128th place (previous year 170), followed by ABB in 142nd place with 135.9 billion US dollars (previous year 166). Richemont has also gained places and is now ranked 155th with a market capitalization of USD 127.6 billion (previous year: 186th). Chubb Limited fell back slightly and is now ranked 166th (previous year 147th) with a market capitalization of 122.8 billion US dollars. Zurich Insurance Group has moved up three places to 190 and has a market capitalization of USD 108 billion.

A total of 12 (previous year: 14) Swiss companies are still among the top 500: Glencore in 345th place with USD 64.2 billion (previous year: 355th), Holcim in 441st place with USD 52.8 billion (previous year: 353rd), Swiss Re in 466th place with USD 49.4 billion (previous year: 455th) and Lonza in 484th place with USD 47.6 billion (previous year: 451st). The companies Givaudan (rank 626) and Sika (rank 702) no longer appear in the top 500 compared to the previous year.

Stefan Rösch-Rütsche, Country Managing Partner of EY in Switzerland (Source: zvg)

Europe's importance on the global stock markets is declining

"In addition to the continued dominance of US technology companies, the valuation of Swiss companies is strongly influenced by individual industry and company factors. In addition, there are geopolitical influences and the current US customs policy," says Stefan Rösch-Rütsche, Country Managing Partner of EY in Switzerland.

Europe's importance on the world's stock exchanges has continued to decline in recent years. While there are currently 17 European companies (one less than at the end of 2024) in the top 100, ten years ago there were 26 and in 2007 as many as 46. At that time, the USA only had 32 companies in the top 100. Today, with 60 companies, it has almost twice as many as 18 years ago.