Companies richer than countries in UN list

A MASSIVE 29 of the world’s 100 biggest economic entities represent shareholders rather than voters, according to a United Nations report released yesterday, with oil giant ExxonMobil gaining a higher ranking than nuclear power Pakistan.

The report shows that some multinational behemoths have more financial clout than many large countries, with the energy giant 45th on the list, two places ahead of General Motors, which in turn is one place ahead of Peru and three spots ahead of New Zealand.

The UN Conference on Trade and Development ranked countries according to gross domestic product (GDP), while the corporations are ranked based on "value added" - the sum of pre-tax profits, salaries, amortisation and depreciation for the year 2000.

Hide Ad
Hide Ad

The data was released just days ahead of the start of the World Summit in South Africa, where world leaders are due to discuss the issue of sustainable development.

The US tops the list with a GDP of 6.4 trillion, more than double that of second-placed Japan. Britain is fourth, behind Germany, with 927.5 billion.

China, which is one of the world’s fastest growing economic superpowers, comes in 6th, with a GDP of 702 billion, ahead of both Italy and Canada.

Scotland, although not included in the list, would sit between Egypt and Iran in 39th place, with a total GDP of about 64 billion.

Oil giant Royal Dutch/Shell comes in at 62nd place, with a total of 23.4 billion, only two places behind Kuwait, which is one of the world’s largest oil producing countries, with 24.7 billion.

Rival BP is just a few rungs further down the ladder in 68th place.

Other economic entities running neck and neck include tobacco giant Philip Morris in 85th place and the Dominican Republic - one of the largest cigar producing nations - in 83rd.

Argentina, despite its recent economic woes, comes in at 17th, with a GDP of 185.3 billion.

Hide Ad
Hide Ad

UNCTAD said the top 100 multinational corporations accounted for 4.3 per cent of the world’s gross domestic product in 2000, up from 3.5 per cent in 1990.

Other corporations on the list include car makers Ford, Toyota and Volkswagen, tobacco company Philip Morris, pharmaceutical manufacturer GlaxoSmithKline and US retailer Wal-Mart.

British telecommunications firm BT props up the index at 100th with a value of 11.1 billion, just one place behind GSK.