Hurun Global 500 List Has 66% More Indian Firms This Year; Reliance Still India's Biggest Company!


Rohit Kulkarni

Rohit Kulkarni

Dec 19, 2022


As per the 2022 Hurun Global 500 released on Friday, 21 Indian companies are there in the 500 most-valued firms in the world.

As compared to the last year 3 companies, this is an addition of 8 new companies in the list.

Hurun Global 500 List Has 66% More Indian Firms This Year; Reliance Still India's Biggest Company!

With a valuation of $202 billion, Reliance Industries was the most valuable Indian company on the list with 34th rank globally.

RIL Tops the Chart in Indian Companies, Followed by TCS & HDFC Bank

Next to RIL was Tata Consultancy Services with a market capitalisation of $139 billion and HDFC Bank with the total valuation of $97 billion.

With seven companies on the list, financial services led the way when it comes to the sector. This was followed by software & services and energy with three companies each, among others.

For the first time, 4 companies controlled by billionaire Gautam Adani made the Hurun Global 500, these are Adani Enterprises (worth $63 billion), Adani Transmission ($44 billion), Adani Total Gas ($43 billion), and Adani Green Energy ($40 billion).

As per the report by The Hurun Research Institute, a total of 250 or 50 per cent of the non-India Hurun Global 500 have a regional presence in India, spread across 10 cities, led by Mumbai with 86, and followed by Bengaluru with 52, Gurugram 32, New Delhi 30 and Pune with 13.

It said that “India rose from 9th rank to 5th rank with 20 companies — 11 in Mumbai, four in Ahmedabad and one in each of Noida, New Delhi, Bengaluru and Kolkata”.

The Flipside – Value Lost by Global 500 Companies

Hoogewerf added that this year, the Hurun Global 500 lost $11 trillion of value, losing all the value created last year but still $7 billion ahead of where the Hurun Global 500 were two years ago. The only sector that enjoyed strong growth was energy, especially the oil & gas companies. Other sectors that managed to grow a little or stay flat included confectionary, drinks and fast-food restaurants.

“The hardest hit sector was retail, especially e-commerce, on the back of soaring inflation, which in turn dragged down payments and delivery companies,” Hoogewerf said.

Speaking about the lost money, the report said that 80 per cent of the losses in value came from four countries: the US lost $5 trillion, China $2.9 trillion and Germany and Japan $600 billion each.

Speaking of the sectors, $8 trillion of losses came from media & entertainment, retail, financial services, software & services, and consumer goods.

Major organizations that were dropped out of top 500 list this year include Zoom, Snap, and Adidas.

Anas Rahman Junaid, MD and chief researcher at Hurun India said, “Global markets have had a bad year, with the exception of India, where the benchmark Sensex was up 12per cent. Hong Kong’s Hang Seng and Russia’s MOEX were both down by half, Korea’s KOSPI was down 31 per cent, Shenzhen Component Index was down 29 per cent, Nasdaq was down 21 per cent, Shanghai Composite Index was down 16 per cent, South Germany’s DAX down 15 per cent and the UK’s FTSE was flat.”

The world’s most valuable listed state-controlled company, Saudi Aramco has a value of $2.03 trillion.

The two biggest state-owned Indian companies were State Bank of India (SBI), at $62 billion, and the Life Insurance Corporation of India (LIC), at $45 billion.

The Hurun Research Institute said on Friday said “2022 Hurun Global 500, a list of the 500 most valuable non-state-controlled companies in the world. Companies were ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. The cut-off date used was October 26, 2022″.


Rohit Kulkarni
Rohit Kulkarni
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