Chinese Firms Conquer Global 500 as Korea Stagnates

      July 26, 2013 11:56

      Chinese companies have made massive strides on Fortune's Global 500 list, which is measured based on revenue, but the number of Korean firms has been almost unchanged for years.

      Fourteen Korean companies including Samsung Electronics and Hyundai Motor made the annual ranking of the world's top 500 companies released early this month by Fortune magazine. In 2009, there were also 14, in 2010 10, the following year 14 again, and last year 13.

      But this year's list includes 89 Chinese companies, led by Sinopec Group and China National Petroleum, which ranked fourth and fifth. In 2009, there were only 37, and their number has grown almost 20 percent every year.

      The number of American companies dwindled to 132 this year from 140 in 2009, while the number of Japanese firms declined about 10 percent from 68 to 62 over the same period.

      Fortune expects that China will dominate the Global 500 around 2015.

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