What did Walmart-Stores, Exxon Mobil, General Motors, Chevron, ConocoPhillips, General Electrics, Ford Motor, Citigroup, Bank of America Corp and American International Group, the top 10 companies in the 2007 US Fortune 500 have in common?
Based on the 2006 International Monetary Fund’s World GDP Ranking:
(i) With revenues totalling USD1.98 trillion, the top ten corporations were stronger than the combined GDPs of two of the largest countries in the world namely Brazil and Russia or even a consortium of three strong emerging economies like India, Mexico and South Africa.
(ii) Close to home comparison, the giants’ total revenue was 13.15 times richer than Malaysian’s GDP. On individual basis, each of the top seven companies’ revenue (Walmart-Stores, Exxon Mobil, General Motors, Chevron, ConocoPhillips, General Electrics and Ford Motor) was higher than our country’s GDP. In fact the no 8th, (Citigroup), was just USD4 billion short of passing the threshold.
(iii) Assuming that these companies could ‘buy’ any countries, priced on the values of their GDPs, then a superpower company like Walmart-Stores could straightforwardly get hold of 81 countries, including Samoa, Solomon Island, Zimbabwe, Haiti, Mauritius, Madagascar, Namibia and Papua New Guinea, and still have USD2.07 billion left to spend
That is how powerful these corporations have become and how weedy the poor countries are now.