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Fortune global 500: China deflates the US dominance in annual rankings

File photo: A Chinese national flag is seen at a port in Beihai, Guangxi province, China June 17, 2017. Photograph:( Reuters )

WION Web Team NEW DELHI Jul 24, 2019, 11.06 AM (IST)

Fortune magazine revealed its annual ranking about the top 500 companies in the world with a list of interesting new entrants in it. 

For the first time in world history, US companies are outnumbered by business houses from China. If there was ever a doubt China's economic might, then the Fortune 500 rankings dispel the doubt. 

Also read: China eyes high-tech army, says US undermines global stability

As the world balance of power shifts, Chinese companies took 129 spots in the yearly list, including 10 Taiwanese companies, while the US came second with 121 American businesses included.

Watch: Fortune 500 rankings — It's China's world after all

US giant Walmart continues to top the Fortune 500 list followed by Chinese state-owned oil and gas company Sinopec Group, which moved one rank up. Dutch company Royal Dutch Shell was ranked third followed by China National Petroleum and State Grid.

Saudi oil giant Saudi Aramco appeared for the first time in top 10 at sixth position, while BP, Exxon Mobil, Volkswagen, and Toyota Motor are ranked 7th, 8th, 9th and 10th position respectively.

The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune magazine.