In his latest annual letter, Warren Buffett reflected on the unique position of Berkshire Hathaway, stating, “Berkshire would not have achieved its results in any locale except America.” This sentiment underscores the ongoing narrative of the United States as a land of opportunity, even amid rising polarization and inequality.
While globalization has benefitted economies worldwide for decades, the U.S. continues to dominate the Forbes Global 2000 list, which ranks the largest public companies globally. The latest figures show that there are 612 U.S.-based companies on this prestigious list, far surpassing China’s 317 firms.
A comparison to the inaugural list in 2003 reveals a significant shift. The U.S. boasted 776 companies at that time, but the number fell to a low of 536 in 2010, leading some to question America’s status as an economic superpower. However, consistent growth over the past 15 years has reversed this trend, with the U.S. experiencing a robust bull market, interrupted only by brief fluctuations.
JPMorgan Chase has once again topped the Global 2000 as the largest company, marking its third consecutive year in this position. The bank has recorded annual sales of $285 billion, profits of $59 billion, total assets of $4.4 trillion, and a market capitalization of $678 billion, all attaining new highs since the previous year.
The methodology for the Global 2000 ranks companies using a combination of four metrics: sales, profits, assets, and market capitalization, all weighted equally based on the most recent data.
Notably, six out of the top ten companies on the Global 2000 are American, including Berkshire Hathaway, Amazon, Bank of America, Microsoft, and Alphabet, alongside JPMorgan. Furthermore, the U.S. hosts 15 of the top 25 companies overall, illustrating the concentration of economic power in American firms.
Such success can be attributed in part to a thriving stock market, especially as many international markets face ongoing challenges. Among the world’s eight trillion-dollar companies, seven are based in the U.S., with only Saudi Aramco from the energy sector standing as an exception.
Collectively, the 612 American companies represented on the Global 2000 boast a total market value of $50 trillion, which constitutes a significant portion of the total $91 trillion reflected across all 2,000 companies, despite the U.S. firms comprising less than one-third of the list.
However, the concentration of wealth among these top-ranked companies raises concerns over the widening gap between the affluent and those less fortunate. Economic policies enacted under President Donald Trump, particularly regarding tariffs, could introduce further volatility and uncertainty in the coming year. Many business leaders, including JPMorgan’s Jamie Dimon, have criticized these tariffs, suggesting they could exacerbate inflation and hinder economic growth.
Walmart’s Doug McMillon echoed these sentiments during a recent earnings call, warning that increased tariffs would likely translate to higher consumer prices. Buffett himself reiterated this belief at Berkshire Hathaway’s annual meeting, stating, “trade should not be a weapon.”
Despite the economic advancements of many U.S.-based companies, there is rising concern among executives who anticipated an era focused on tax reductions and deregulation. Instead, Trump’s emphasis on economic populism and protectionism has taken precedent.
Additionally, this climate of uncertainty has stifled the initial public offering (IPO) market over the past year. The highest-ranked new American company on the list is Arlington, Virginia’s Venture Global, a natural gas exporter that debuted at 870th and has seen its stock fall up to 70% post-IPO, now trading 32% below its initial offering price.
In March, AI cloud computing firm CoreWeave went public as well, ranking 1,799th. However, this ranking may have been affected by the April 25 cutoff for the list, as the company has since seen its stock surge by 250%, leading to a current market capitalization of $70 billion.
The landscape painted by the Global 2000 clearly illustrates America’s enduring strength in the corporate world, yet it also raises pertinent questions regarding economic growth and the challenges that lie ahead.
image source from：https://www.forbes.com/sites/hanktucker/2025/06/12/the-united-states-largest-companies-2025-jpmorgan-leads-the-way-as-us-remains-worlds-dominant-country/
