2022 Jiaxing EDZ · Hurun Global 500

The Hurun Research Institute today, in association with Jiaxing City in East China, released the 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 26 October 2022.

The cut-off to the Hurun Global 500 was down 23% from US$36.6bn to US$28bn. Total value was down 19% or US$11tn to US$47tn. 160 companies saw their values rise, of which 68 were new to the list. 340 saw their values drop or stay the same, and there were 68 drop-offs. 55% sell direct to consumers, whilst 45% are B2B. 54% sell physical products, with 46% sell software and services. By value, five industries make up half the Hurun Global 500, led by Financial Services, and followed by Healthcare, Consumer Goods, Energy and Software & Services.

Among them, four Chinese healthcare companies are on the list, they are Mindray, Hengrui, WuXi AppTec and Aier.

Compared with last year, the ranking of above four companies has dropped.

Mindray slipped 60 places to rank 236.

Hengrui slipped 132 places to rank 413.

CXO leader WuXi AppTec declined the most, dropping 264 places to rank 470.

Aier fell 179 places, becoming a "gatekeeper", ranking 495.

In addition, the old foreign healthcare companies are still strong, occupying the top of the list. Among them, Johnson & Johnson ranked 8th with a value of US$444bn taking the top spot in the healthcare industry. CVS Health, AstraZeneca, Novo Nordisk, Eli Lilly, Bristol-Myers Squibb, and Merck improved their rankings by more than 25 places.

Rupert Hoogewerf, chairman and chief researcher of Hurun Report, said: “Hurun has been promoting entrepreneurship through its lists and research since 1999. Hurun started out by telling the story of the Chinese economy through the China Rich List, the stories of China’s most successful entrepreneurs, and then expanding these stories to India and the rest of the world. Since then Hurun has gone on to tell the story of the world’s startup ecosystems, by ranking unicorns, before moving on to telling the story of the world economy by the 500 most valuable companies.”