Decade of iPhone Pushes Tech Past Big Oil
Ten years ago when Apple first unveiled its iPhone, energy and big oil corporations represented half of the world’s Top 10 companies. Back then, Apple was ranked significantly lower.
Today, the Californian-based company is worth more than $800 billion and considered the world’s most valuable listed company.
Compiled by Bloomberg, the below graph shows where the world’s largest companies (by market cap), were at the beginning of the smartphone era in 2007, and where they are now.
The GFC was a notable event in the interim, in addition to China’s climb as the second largest global economy on the back of growth from Alibaba Group and Tencent Holdings.
Since the inception of the iPhone, the majority of energy based and fossil fuel providers have been displaced of their Top 10 or Top 15 ranking, with the exception of Exxon Mobil Corp.