World Investment Report 2023: The Top 100 Non-Financial MNEs from Developing and Transition Economies Ranked by Foreign Assets

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The United Nations Conference on Trade and Development (UNCTAD) based in Geneva, Switzerland publishes the World Investment Report each year. This report offers a comprehensive review of flow of funds between countries called Foreign Direct Investment (FDI), industries attracting major investments, developed vs emerging and transition economies, etc. One section of the report that I have posted in the past is the top 100 firms in the three types of economies. The following list is from the 2023 report.

The World’s Top 100 Non-Financial MNEs from Developing and Transition Economies based on Foreign Assets in 2021 are listed in the table below:

Ranking by Foreign assetsCorporationHome EconomyIndustry Foreign Assets in 2022 (Millions of dollars)Total Assets
1Toyota Motor CorporationJapanMotor Vehicles 383 413 557 928
2Shell plcUnited KingdomMining, quarrying and petroleum 335 577 366 226
3TotalEnergies SEFrancePetroleum Refining and Related Industries 274 337 302 827
4Deutsche Telekom AGGermanyTelecommunications 265 071 318 462
5Volkswagen GroupGermanyMotor Vehicles 255 155 602 359
6BP plcUnited KingdomPetroleum Refining and Related Industries 238 860 286 439
7Stellantis NVNetherlandsMotor Vehicles 179 910 198 545
8Anheuser-Busch InBev NVBelgiumFood & beverages 177 639 212 216
9British American Tobacco PLCUnited KingdomTobacco 176 504 184 661
10Exxon Mobil CorporationUnited StatesPetroleum Refining and Related Industries 176 225 369 067
11Enel SpAItalyElectricity, gas and water 163 295 234 234
12EDF SAFranceElectricity, gas and water 162 096 413 963
13Chevron CorporationUnited StatesPetroleum Refining and Related Industries 159 204 257 709
14Vodafone Group PlcUnited KingdomTelecommunications 154 647 169 136
15Sony Group CorpJapanConsumer electronics 154 218 240 591
16BMW AGGermanyMotor Vehicles 153 784 263 360
17Honda Motor Co LtdJapanMotor Vehicles 145 400 185 243
18China National Petroleum Corp (CNPC)ChinaMining, quarrying and petroleum 140 644 670 315
19CK Hutchison Holdings LimitedHong Kong, ChinaRetail Trade 136 917 147 292
20Microsoft CorporationUnited StatesComputer and Data Processing 131 442 364 840
21Siemens AGGermanyIndustrial and Commercial Machinery 129 795 147 677
22Mercedes-Benz GroupGermanyMotor Vehicles 128 010 277 320
23Sinochem HoldingsChinaChemicals and Allied Products 127 804 245 526
24Iberdrola SASpainElectricity, gas and water 123 485 164 961
25Johnson & JohnsonUnited StatesPharmaceuticals 121 095 187 378
26Eni SpAItalyPetroleum Refining and Related Industries 115 207 162 255
27Hon Hai Precision IndustriesTaiwan Province of ChinaElectronic components 115 110 134 508
28RWE AGGermanyElectricity, gas and water 114 284 147 769
29Nestlé SASwitzerlandFood & beverages 114 132 146 428
30Glencore PLCSwitzerlandMining, quarrying and petroleum 106 228 131 810
31Huawei Investment & Holding Co LtdChinaCommunications equipment 103 384 154 204
32Takeda Pharmaceutical Company LimitedJapanPharmaceuticals 100 542 104 806
33Rio Tinto PLCUnited KingdomMining, quarrying and petroleum 96 564 96 744
34Alphabet IncUnited StatesComputer and Data Processing 96 266 365 264
35Sinopec – China Petrochemical CorporationChinaPetroleum Refining and Related Industries 96 003 386 619
36EngieFranceElectricity, gas and water 92 427 251 163
37Apple IncUnited StatesComputer Equipment 92 115 352 755
38Mitsubishi CorporationJapanWholesale Petroleum and Fuels 90 971 166 342
39ArcelorMittalLuxembourgMetals and metal products 90 946 94 224
40Bayer AGGermanyPharmaceuticals 90 873 133 188
41Saudi AramcoSaudi ArabiaMining, quarrying and petroleum 89 333 664 780
42Amazon.com, IncUnited StatesE-Commerce 88 408 462 675
43Medtronic plcIrelandInstruments and related products 88 006 90 981
44Christian Dior SAFranceTextiles, clothing and leather 87 176 140 733
45Telefonica SASpainTelecommunications 87 164 116 939
46Pfizer IncUnited StatesPharmaceuticals 85 976 197 205
47Nippon Telegraph & Telephone CorporationJapanTelecommunications 84 378 190 039
48China COSCO Shipping Corp LtdChinaTransport and storage 83 687 156 073
49Roche GroupSwitzerlandPharmaceuticals 83 680 95 484
50Mitsui & Co LtdJapanWholesale Metals and Minerals 82 835 115 492
51Unilever PLCUnited KingdomFood & beverages 82 666 88 827
52Samsung Electronics Co., Ltd.Korea, Republic ofCommunications equipment 81 893 355 846
53Novartis AGSwitzerlandPharmaceuticals 79 662 117 606
54AstraZeneca PLCUnited KingdomPharmaceuticals 79 232 95 920
55SanofiFrancePharmaceuticals 79 184 135 156
56Linde PLCUnited KingdomChemicals and Allied Products 77 277 79 658
57Ford Motor CompanyUnited StatesMotor Vehicles 77 195 255 884
58Equinor ASANorwayPetroleum Refining and Related Industries 76 473 158 021
59Nissan Motor Co LtdJapanMotor Vehicles 76 250 132 144
60China National Offshore Oil Corp (CNOOC)ChinaMining, quarrying and petroleum 75 675 212 644
61Enbridge IncCanadaElectricity, gas and water 72 213 132 670
62Trafigura Group Pte LtdSingaporeWholesale Metals and Minerals 70 53098634
63AerCap HoldingsIrelandBusiness Services 69 727 69 727
64National Grid PLCUnited KingdomElectricity, gas and water 68 792 114 653
65Tencent Holdings LimitedChinaComputer and Data Processing 68 603 202 402
66Airbus SEFranceAircraft 68 045 123 660
67Veolia Environnement SAFranceElectricity, gas and water 67 304 78 183
68SAP SEGermanyComputer and Data Processing 67 080 76 961
69Robert Bosch GmbHGermanyMotor Vehicles 65 780 106 919
70Mundys SpaItalyConstruction 64 749 73 615
71Anglo American plcUnited KingdomMining, quarrying and petroleum 63 269 67 014
72BASF SEGermanyChemicals and Allied Products 63 115 90 094
73General Motors CoUnited StatesMotor Vehicles 62 116 264 037
74Orange SAFranceTelecommunications 61 943 116 948
75General Electric CoUnited StatesIndustrial and Commercial Machinery 61 783 187 788
76Intel CorporationUnited StatesElectronic components 61 209 182 103
77GlaxoSmithKline PLCUnited KingdomPharmaceuticals 60 419 72 334
78Lafargeholcim LtdSwitzerlandBuilding materials 60 342 62 395
79The Coca-Cola CompanyUnited StatesFood & beverages 59 828 92 763
80Procter & Gamble CoUnited StatesHousehold Products 58 051 117 208
81Schneider Electric SAFranceElectricity, gas and water 57 723 62 253
82Micron TechnologyUnited StatesElectronic components 57 572 66 283
83Mondelez International, Inc.United StatesFood & beverages 55 635 71 161
84Vinci SAFranceConstruction 55 086 119 444
85Hitachi LtdJapanConglomerate 54 939 93 871
86State Grid Corporation of ChinaChinaElectricity, gas and water 54 509 746 915
87Comcast CorpUnited StatesTelecommunications 52 378 257 275
88AP Moller – Maersk A/SDenmarkTransport and storage 52 167 93 337
89TC Energy CorpCanadaElectricity, gas and water 51 948 84 464
90Seven & i HoldingsJapanWholesale Trade 51 700 77 147
91Deutsche Post AGGermanyTransport and storage 51 694 72 822
92IBM CorpUnited StatesComputer and Data Processing 50 332 127 243
93Petronas – Petroliam Nasional BhdMalaysiaMining, quarrying and petroleum 49 026 161 310
94Legend Holdings CorporationChinaComputer Equipment 48 823 98 905
95Air Liquide SAFranceChemicals and Allied Products 48 684 52 814
96Renault SAFranceMotor Vehicles 48 316 126 193
97Walmart incUnited StatesRetail Trade 48 273 243 197
98Hanwha CorporationKorea, Republic ofConglomerate 48 254 167 578
99OMV AGAustriaPetroleum Refining and Related Industries 48 149 60 185
100Volvo ABSwedenMotor Vehicles 47 091 60 329

Source: World Investment Report 2023, UNCTAD

A few observations:

  • More than half of the companies listed above are from China (incl. Hong Kong)
  • Mexico has just 5 firms represented in this list and Brazil even lower with only 2 firms.
  • Taiwan is represented by 7 firms mostly from the tech hardware sector. Foxconn (Hon Hai Precision Industries) has significant assets in foreign countries and is ranked among the top five.
  • Oil and natural gas companies have major investments in neighboring and other countries and hence take up 15 spots in this list.

Download in Excel Format:

Disclosure: No Positions

Growth of MSCI All Country World Index Thru Market Crises from 1987 to 2023: Chart

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Equity markets have sustained multiple crises over the years and continue to go higher. Though equity markets tend to plunge dramatically when negative events occur they eventually tend to recover slowly. I have written in the past on how US markets have recovered after crises. Some of them can be found here and here and here. The following chart shows the growth of the MSCI All World Index from 1987 thru August, 2023:

Click to enlarge

Source: How I survived 23 market shocks in 35 years of investing by Steve Watson, Capital Group

As the chart shows, the index declined when a crisis hit only to regain the losses and go higher later. The Brexit vote panic in recent times was a great time to grab many quality names on the cheap. After years of drama, the British exist from the EU turned out to be a dud.

The key takeaway is that it is always better to deploy cash when markets fall due to some big global crisis.

Related ETFs:

  1. SPDR S&P 500 ETF (SPY)
  2. iShares Core S&P 500 ETF (IVV)
  3. Vanguard S&P 500 ETF (VOO)

Disclosure: No positions

The World’s Top 100 Non-Financial MNEs Ranked by Foreign Assets in 2022

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The World Investment Report 2023 was published by the UN’s UNCTAD agency a while ago. This report contains a wealth of information for anyone interested in the flow of funds between countries. One topic that I have wrote about from this report is the top non-financial companies. It is fascinating to analyze the these top firms as they are non-financial and any investment involves building of factories, hiring workers, etc.

With that said, the World’s Top 100 Non-Financial MNEs Ranked by Foreign Assets in 2022 are listed in the table below:

Ranking by Foreign assetsCorporationHome EconomyIndustry Foreign Assets in 2022 (Millions of dollars)Total Assets
1Toyota Motor CorporationJapanMotor Vehicles 383 413 557 928
2Shell plcUnited KingdomMining, quarrying and petroleum 335 577 366 226
3TotalEnergies SEFrancePetroleum Refining and Related Industries 274 337 302 827
4Deutsche Telekom AGGermanyTelecommunications 265 071 318 462
5Volkswagen GroupGermanyMotor Vehicles 255 155 602 359
6BP plcUnited KingdomPetroleum Refining and Related Industries 238 860 286 439
7Stellantis NVNetherlandsMotor Vehicles 179 910 198 545
8Anheuser-Busch InBev NVBelgiumFood & beverages 177 639 212 216
9British American Tobacco PLCUnited KingdomTobacco 176 504 184 661
10Exxon Mobil CorporationUnited StatesPetroleum Refining and Related Industries 176 225 369 067
11Enel SpAItalyElectricity, gas and water 163 295 234 234
12EDF SAFranceElectricity, gas and water 162 096 413 963
13Chevron CorporationUnited StatesPetroleum Refining and Related Industries 159 204 257 709
14Vodafone Group PlcUnited KingdomTelecommunications 154 647 169 136
15Sony Group CorpJapanConsumer electronics 154 218 240 591
16BMW AGGermanyMotor Vehicles 153 784 263 360
17Honda Motor Co LtdJapanMotor Vehicles 145 400 185 243
18China National Petroleum Corp (CNPC)ChinaMining, quarrying and petroleum 140 644 670 315
19CK Hutchison Holdings LimitedHong Kong, ChinaRetail Trade 136 917 147 292
20Microsoft CorporationUnited StatesComputer and Data Processing 131 442 364 840
21Siemens AGGermanyIndustrial and Commercial Machinery 129 795 147 677
22Mercedes-Benz GroupGermanyMotor Vehicles 128 010 277 320
23Sinochem HoldingsChinaChemicals and Allied Products 127 804 245 526
24Iberdrola SASpainElectricity, gas and water 123 485 164 961
25Johnson & JohnsonUnited StatesPharmaceuticals 121 095 187 378
26Eni SpAItalyPetroleum Refining and Related Industries 115 207 162 255
27Hon Hai Precision IndustriesTaiwan Province of ChinaElectronic components 115 110 134 508
28RWE AGGermanyElectricity, gas and water 114 284 147 769
29Nestlé SASwitzerlandFood & beverages 114 132 146 428
30Glencore PLCSwitzerlandMining, quarrying and petroleum 106 228 131 810
31Huawei Investment & Holding Co LtdChinaCommunications equipment 103 384 154 204
32Takeda Pharmaceutical Company LimitedJapanPharmaceuticals 100 542 104 806
33Rio Tinto PLCUnited KingdomMining, quarrying and petroleum 96 564 96 744
34Alphabet IncUnited StatesComputer and Data Processing 96 266 365 264
35Sinopec – China Petrochemical CorporationChinaPetroleum Refining and Related Industries 96 003 386 619
36EngieFranceElectricity, gas and water 92 427 251 163
37Apple IncUnited StatesComputer Equipment 92 115 352 755
38Mitsubishi CorporationJapanWholesale Petroleum and Fuels 90 971 166 342
39ArcelorMittalLuxembourgMetals and metal products 90 946 94 224
40Bayer AGGermanyPharmaceuticals 90 873 133 188
41Saudi AramcoSaudi ArabiaMining, quarrying and petroleum 89 333 664 780
42Amazon.com, IncUnited StatesE-Commerce 88 408 462 675
43Medtronic plcIrelandInstruments and related products 88 006 90 981
44Christian Dior SAFranceTextiles, clothing and leather 87 176 140 733
45Telefonica SASpainTelecommunications 87 164 116 939
46Pfizer IncUnited StatesPharmaceuticals 85 976 197 205
47Nippon Telegraph & Telephone CorporationJapanTelecommunications 84 378 190 039
48China COSCO Shipping Corp LtdChinaTransport and storage 83 687 156 073
49Roche GroupSwitzerlandPharmaceuticals 83 680 95 484
50Mitsui & Co LtdJapanWholesale Metals and Minerals 82 835 115 492
51Unilever PLCUnited KingdomFood & beverages 82 666 88 827
52Samsung Electronics Co., Ltd.Korea, Republic ofCommunications equipment 81 893 355 846
53Novartis AGSwitzerlandPharmaceuticals 79 662 117 606
54AstraZeneca PLCUnited KingdomPharmaceuticals 79 232 95 920
55SanofiFrancePharmaceuticals 79 184 135 156
56Linde PLCUnited KingdomChemicals and Allied Products 77 277 79 658
57Ford Motor CompanyUnited StatesMotor Vehicles 77 195 255 884
58Equinor ASANorwayPetroleum Refining and Related Industries 76 473 158 021
59Nissan Motor Co LtdJapanMotor Vehicles 76 250 132 144
60China National Offshore Oil Corp (CNOOC)ChinaMining, quarrying and petroleum 75 675 212 644
61Enbridge IncCanadaElectricity, gas and water 72 213 132 670
62Trafigura Group Pte LtdSingaporeWholesale Metals and Minerals 70 53098634
63AerCap HoldingsIrelandBusiness Services 69 727 69 727
64National Grid PLCUnited KingdomElectricity, gas and water 68 792 114 653
65Tencent Holdings LimitedChinaComputer and Data Processing 68 603 202 402
66Airbus SEFranceAircraft 68 045 123 660
67Veolia Environnement SAFranceElectricity, gas and water 67 304 78 183
68SAP SEGermanyComputer and Data Processing 67 080 76 961
69Robert Bosch GmbHGermanyMotor Vehicles 65 780 106 919
70Mundys SpaItalyConstruction 64 749 73 615
71Anglo American plcUnited KingdomMining, quarrying and petroleum 63 269 67 014
72BASF SEGermanyChemicals and Allied Products 63 115 90 094
73General Motors CoUnited StatesMotor Vehicles 62 116 264 037
74Orange SAFranceTelecommunications 61 943 116 948
75General Electric CoUnited StatesIndustrial and Commercial Machinery 61 783 187 788
76Intel CorporationUnited StatesElectronic components 61 209 182 103
77GlaxoSmithKline PLCUnited KingdomPharmaceuticals 60 419 72 334
78Lafargeholcim LtdSwitzerlandBuilding materials 60 342 62 395
79The Coca-Cola CompanyUnited StatesFood & beverages 59 828 92 763
80Procter & Gamble CoUnited StatesHousehold Products 58 051 117 208
81Schneider Electric SAFranceElectricity, gas and water 57 723 62 253
82Micron TechnologyUnited StatesElectronic components 57 572 66 283
83Mondelez International, Inc.United StatesFood & beverages 55 635 71 161
84Vinci SAFranceConstruction 55 086 119 444
85Hitachi LtdJapanConglomerate 54 939 93 871
86State Grid Corporation of ChinaChinaElectricity, gas and water 54 509 746 915
87Comcast CorpUnited StatesTelecommunications 52 378 257 275
88AP Moller – Maersk A/SDenmarkTransport and storage 52 167 93 337
89TC Energy CorpCanadaElectricity, gas and water 51 948 84 464
90Seven & i HoldingsJapanWholesale Trade 51 700 77 147
91Deutsche Post AGGermanyTransport and storage 51 694 72 822
92IBM CorpUnited StatesComputer and Data Processing 50 332 127 243
93Petronas – Petroliam Nasional BhdMalaysiaMining, quarrying and petroleum 49 026 161 310
94Legend Holdings CorporationChinaComputer Equipment 48 823 98 905
95Air Liquide SAFranceChemicals and Allied Products 48 684 52 814
96Renault SAFranceMotor Vehicles 48 316 126 193
97Walmart incUnited StatesRetail Trade 48 273 243 197
98Hanwha CorporationKorea, Republic ofConglomerate 48 254 167 578
99OMV AGAustriaPetroleum Refining and Related Industries 48 149 60 185
100Volvo ABSwedenMotor Vehicles 47 091 60 329

Source: World Investment Report 2023, UNCTAD

A few observations:

  • Of the 100 firms, nearly a fifth are from the US with all well-knows represented including Exxon Mobil(XOM), Apple(AAPL), Microsoft(MSFT), Johnson & Johnson(JNJ), etc.
  • China (incl. Hong Kong) has 10 firms in this list.
  • Of the two major aircraft manufacturers, Airbus SE(EADSY) was ranked at 66.
  • Oil firms are well represented in this global top 100. Malaysia’s Petronas and world’s biggest oil major Saudi Aramco are also in the list.
  • Europe’s economic powerhouse Germany has 11 firms appearing in this ranking.

Download in Excel Format:

The World’s Top 100 Non-Financial MNEs Ranked by Foreign Assets in 2022

Disclosure: No Positions

Key Suppliers of Apple’s iPhone 15: Infographic

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Apple’s (AAPL) iPhone 15 is made up hundreds of components. Apple does not make all those components. Instead suppliers around the world supply those parts and Apple sells the final product to the public. In the past I have written about the costs involved for the various components that go into an iPhone. Recently I came across the infographic below that shows the various chip makers that supply chips for the iPhone15:

Click to enlarge

Source: Quartr via Market Index

Referenced Companies:

  • Broadcom (AVGO)
  • Qualcomm (QCOM)
  • Cirrus Logic (CRUS)
  • NXP Semiconductors NV(NXP)
  • Texas Instruments (TXN)
  • Skyworks Solutions Inc (SKWS)
  • Qorvo Inc(QRVO)

Update – 10/6/24:

1.Apple’s Europe-based suppliers:

Source: S&P

2.Apple iphone15: A breakdown of the supply chain:

Source: Reddit

3.iPhone – Versions Comparison:

Click to enlarge

Source: iphonelife.com

4.Supply Chain for Apple:

Source: Here are 3 key players in Apple’s massive supply chain, Yahoo Finance

Related links:

Disclosure: No positions

On the Correlation between Recessions and U.S. Equity Market Performance

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Equity markets tend to perform well when the economy is in expansion mode. Similarly when the economy is in recessions markets decline. While in the long-term stocks have gone up that is not the case in the short term as measured by a few months or years. For instance, US equity markets plunged substantially over many months during the great recession of the Global Financial Crisis of 2008-2009. The following chart shows that equity markets in bear market mode is highly to economic recessions:

Click to enlarge

Source: What is a recession? Are we in one?, RBC Global Asset Management

The S&P 500 is up over 10% YTD. However it has fallen in the past few months as fears of a recession continue to linger over investors’ minds. Should recession occur later this year or next year, equity markets can be expected to fall accordingly.

Related ETFs:

  • SPDR S&P 500 ETF (SPY)
  • Vanguard S&P 500 ETF (VOO)

Disclosure: No positions