The data comes as the debate surrounding migrants escalates, fueling right-wing gains in elections in many countries. Experts argue that the rhetorical arguments often overlook how cross-border movements contribute to economic expansion and job creation. Immigrants also played a crucial role in helping rich nations recover more swiftly from the inflationary pressures caused by Covid-19.

Legal migration is seen as both “an engine of economic growth and as a driver of political division,” says Andrew Geddes, professor of Migration Studies and Director of the Migration Policy Centre at the European University Institute. “Down the road, the rise of anti-immigration political forces in key destination countries, including most obviously the United States, is likely to mean narrower paths for legal migration, sparking more friction both within and between nations.” The US led in 2023 with 1.2 million new legal immigrants, followed by the UK, with 750,000. Around a third of OECD nations also experienced their highest-ever immigration figures.

For decades, immigration to OECD member countries has followed a steadily upward trend, says Hein de Haas, professor of sociology at the University of Amsterdam, founding member of the International Migration Institute, and author of How Migration Really Works.

Apart from refugee influxes, surges have been mainly driven by labor shortages for low- and higher-skilled workers, de Haas argues. In the post-Covid “labor crunch,” such shortages reached new highs, and so did immigration levels. “The main dilemma governments therefore face is that it is impossible to reconcile the growing demand for labor, the need for business lobbies to open more legal migrant channels, and to turn a blind eye towards the widespread employment and exploitation of undocumented migrants, while at the same time satisfying public demands for less, or more controlled, immigration.” In other words, de Haas says, “governments can’t have their cake and eat it too.”

Starting in February, the 32-year-old heir will work alongside LVMH’s longtime CFO, Jean-Jacques Guiony, who will also join Moët Hennessy as its new CEO. With all five of Bernard Arnault’s children having operational roles within the group, the appointment has reignited speculation over who might one day take the helm of the conglomerate.

Alexandre has held various executive positions at LVMH, including a four-year stint as CEO of German luggage maker Rimowa and as vice president of product, communications, and industrial affairs at Tiffany & Co., which LVMH bought for $15.8 billion in 2021. Under his leadership, sales increased, making the New York-based jeweler the largest contributor to the group’s growth.

“Having proven himself by helping Rimowa’s expansion, one of LVMH’s newly acquired brands, as well as by strategically repositioning Tiffany’s, the only American legacy brand owned by his family’s conglomerate, the young Arnault has now been assigned his toughest task yet,” observes Thomaï Serdari, professor of marketing at NYU’s Stern School of Business. “It seems that his challenges intensify with each appointment.”

The challenges have indeed intensified. Due largely to weak demand in China and the US, the wine and spirits division’s sales fell 8% in the first nine months of 2024, with revenue down 7%, a steep drop compared to the group’s overall 3% decline.

“As the deputy CEO, Alexandre needs to reference his own playbook of how to grow individual brands under the Moët Hennessy umbrella and generate cultural relevance around wines and spirits, a category that has a diminished appeal for GenZers,” Serdari says. “Most importantly, he is asked to dust off his corporate finance skills and help the portfolio navigate a tax regulatory landscape that is veiled in uncertainty.” If he succeeds, Serdari argues, Alexandre will be well positioned for the top job in the family business.

The BDP suffered a crushing blow, winning just four of 61 National Assembly seats. Analysts cite mounting economic frustrations, especially among the young, as key to the party’s downfall.

Despite the political upheaval, Botswana—a nation the size of France but with a population of just over 2.4 million—remains a model of stability in Africa. Known for efficient governance, a well-functioning civil service, and prudent economic management, the country achieved upper-middle-income status in 2005, showcasing its resilience and progress.

Significant challenges persist. Poverty remains high, unemployment reached a staggering 27.6% in the first quarter of this year, and inequality levels are among the world’s worst. GDP growth is forecast at just 1% for 2024, down from 2.7% in 2023 and 5.5% in 2022. Driving the downturn is the contraction of the global diamond market, precipitated by reduced production and weakened demand, since diamonds account for 90% of Botswana’s foreign exchange earnings.

Fiscal expansion through government-backed construction projects is expected to cushion the downturn. Economically, Botswana ranked as Africa’s 28th-largest economy in 2023, with a GDP of approximately $21.4 billion. While modest compared to giants like Nigeria or South Africa, it stands out for its sound fiscal policies, strong governance, and strategic reliance on diamond exports.

Botswana’s eligibility for benefits under the African Growth and Opportunity Act (AGOA) has further bolstered its competitiveness, granting duty-free access to the US market for most locally manufactured goods, including diamonds. This has spurred business reforms, improved the investment climate, and strengthened bilateral trade ties. Botswana’s ability to navigate the current economic and social storms will determine its future stability and growth trajectory as it embarks on a new chapter in its politics under Boko’s leadership.

Hyundai’s appointment grabbed headlines as it is “the exception that proves the rule,” according to Chris Rowley, professor at the University of Oxford’s Kellogg College and at the Bayes Business School of City St George’s, University of London. 

Stark differences in national cultures can often explain a reluctance to embrace change, Rowley observes: “This can be seen across [social psychologist Geert] Hofstede’s famous 6 Dimensions Model, on a spectrum of high to low of not only Individualism-Collectivism, Masculinity-Femininity, and Power Distance, but also Uncertainty Avoidance, Long-Short term Orientation, and Indulgence-Restraint.” 

In the case of South Korea, the modest rise in female CEO representation provides further evidence, says Rowley: “Over two decades, it barely inched up, from 34% in 2000 to 37% in 2021.” Famous failures in Japan, he notes, including the former “superstar leader” Carlos Ghosn, who was partly brought down by Nissan’s corporate culture, also come to mind.

Yet, it was precisely at Nissan, where Muñoz was an executive for 15 years before joining Hyundai in 2019, that he rose through the car industry ranks, proving so adept at navigating the Japanese workplace culture that he was considered a potential CEO candidate following Ghosn’s departure. A Spanish native and a US citizen, Muñoz earned a Ph.D. in nuclear engineering from Polytechnic University of Madrid and an executive MBA from IE Business School. His appointment appears aimed at strengthening the company against geopolitical and economic uncertainties. In particular, policies proposed by US President-elect Donald Trump, such as increasing tariffs on imports and reducing subsidies for electric vehicles, could significantly impact Hyundai and Kia. Muñoz will assume his new role on January 1.

Buoyed by signs of an uptick in public offerings activity, US bankers and investors who were gearing up for a blockbuster second half of the year had their hopes dashed. India, Japan, and China took the spotlight in the third quarter instead, launching some of biggest listings in years.

Hyundai Motor India, Asia’s largest IPO of 2024—and India’s biggest ever—raised $3.3 billion. It was exceeded only by warehouse operator Lineage’s $4.4 billion US debut in July.

With Hyundai’s proceeds, according to Bloomberg, Indian IPOs have raised over $12 billion so far this year, surpassing the previous two years’ totals. With more than 100 IPOs, India has tallied the highest level of public offerings in more than 20 years.

Meanwhile, in Japan, subway operator Tokyo Metro raised $2.3 billion in the country’s largest IPO since 2018. X-Ray technology company Rigaku closed an $863 million IPO. Together, the deals more than doubled the value of IPOs launched in Japan in 2024 up to then. They also reassured investors after recession fears and an unexpected rate hike shook stock markets this summer.

After years of sluggish growth and lackluster market performance, cautious optimism is taking hold in China, too. Bottled-water maker China Resources Beverage Holdings and autonomous-driving firm Horizon Robotics, which counts Alibaba and Baidu among its largest investors, debuted in Hong Kong and raised collectively more than $1.3 billion.

In a similar fashion, listing activity has seen a surge in Indonesia, Malaysia, South Korea, and across most of the entire Asia-Pacific region, contributing overall—according to EY—to an 11% quarter-over-quarter rise in global IPO figures in the Q3.

Successful offerings, experts say, are likely to generate positive reinforcement and encourage more companies to go public. Then again, the experts also warn that the road ahead remains fraught with challenges, including central bank policies, geopolitical uncertainties, and upcoming elections in the US and elsewhere.

The $16 billion-plus deal comes at a sensitive time for Germany. Facing its worst economic crisis in a decade, the sale of Covestro represents the loss of another jewel in the industrial base of Europe’s largest economy after a spate of foreign acquisitions. Talks of further takeovers are ongoing.

By buying Covestro, ADNOC—whose daily oil production of 4.85 million barrels per day far exceeds that of rivals such as Shell, ExxonMobil, and Chevron—aims to accelerate its diversification into higher-value oil-based products such as plastics, with plans to help the German company become a top-five global chemical products maker. Established in 2015 as a spinoff from Bayer, Covestro is a leader in the production of polyurethane foam, which is essential in products ranging from household appliances to mattresses and footwear, as well as polycarbonate, a lightweight yet durable plastic often used as a metal replacement in the automotive and electronics industries.

ADNOC’s bid for Covestro was well timed. According to the European Chemical Industry Council, the EU chemical industry suffered the third-largest drop in production last year, down 10.6%. The decline comes as the sector is undergoing a costly effort to become climate-neutral and provide safe and sustainable chemicals, on top of which production has been hit by slow economic growth in China and factors such as pressure on the automotive industry. However, demand is expected to recover and grow in the medium to long term. Meanwhile, ADNOC has been working to boost its oil and gas production capacity and acquire clean energy assets around the world as the energy transition saps demand for fossil fuels. Persian Gulf companies looking to enter Western markets have faced a number of challenges, from regulatory setbacks to pushback from local governments. ADNOC’s deal for Covestro, experts say, offers a counternarrative and bolsters Abu Dhabi’s credibility in handling difficult cross-border deals while encouraging more transactions between Gulf states and Europe down the road.

The island’s Financial Supervisory Commission (FSC) rejected the hostile takeover, stating that the plan lacked details, would lead to volatility in the firms’ share prices and, ultimately, shareholders of the two companies would not be adequately protected.

Still, Shin Kong, Taiwan’s fifth-largest financial conglomerate, faces no shortage of committed suitors. On August 22, just a day before CTBC announced its tender offer for a 51% stake in the company, Shin Kong had agreed on a 100% share swap deal valued at approximately $7 billion with Taishin Holdings, a financial empire with businesses in investment banking, brokerage and underwriting. With CTBC’s withdrawal, Taishin faces no significant hurdles in pursuing Shin Kong.

The merger talks between the two companies have intensified recently, as Shin Kong has shown signs of recovery and returned to profitability under a new executive team after facing a series of crises due to poor management. The proposed merger also comes amid efforts by Taiwanese regulators to bolster the island’s financial sector and diversify its economy beyond its traditional technology focus. Furthermore, the industry faces increasing competition from overseas players, and demand is growing for more complex investment vehicles. Shin Kong’s shareholders are set to vote on the Taishin merger proposal on October 9. Following their decision, the FSC and the Fair Trade Commission will evaluate market consolidation concerns related to the horizontal combination, including potential negative impacts on the companies’ clients and the risk of anticompetitive pricing. The review of the merger application will take up to 90 days. If the regulators approve, the combined entity will become Taiwan’s fourth-largest financial holding company, with assets exceeding $250 billion.          

“This is historic, a milestone few saw coming 10 years ago,” says OFV director Øyvind Solberg Thorsen. It also puts Norway on track to meet its target of selling only zero-emission cars by 2025, a decade ahead of the EU’s target. As part of its effort to take fossil-fuel vehicles off the road, Norway provides generous tax incentives for EVs, bringing their price in line with gasoline, diesel and hybrid cars.

Yet, the decarbonization push also highlights the difficult balancing act between Norway’s pro-climate policies and its status as a major oil and gas producer.

“When it comes to our petroleum exports, it is important to point out that natural gas in particular plays a major role for European energy security over the next 15 to 20 years,” says Asgeir Tomasgard, director of the Energy Transition Initiative at the Norwegian University of Science and Technology. “At the same time, natural-gas value chains, too, need to go close to zero emission by using carbon capture and storage technologies.”

This is another area where Norway wants to take a leading position, Tomasgard notes: “For instance, the just-opened Northern Lights facility in Øygarden can transport and permanently store 1.5 million tons of CO2 per year in its first stage.”

The sole effective approach to climate mitigation, he argues, is a comprehensive one: “Our national power system is already close to 100% renewable. In the same vein, in reducing emissions in sectors like transport and industry, electrification necessarily plays a major role.” The next step, he adds, would be to get EV technology into light and heavy-duty freight transport and bring it up to the same market share achieved for private cars: “The objective is zero-emission transport.”         

You heard the news: propelled by the AI frenzy, the chipmaker Nvidia passed the $3 trillion market cap and became the most valuable company in the world by market capitalization—for a few days last June, that is. Since then, things have returned more or less to what they used to be: as of September 3, 2024, when the market closed, Apple was still the king of the stock exchanges, closely followed by Microsoft. Incidentally, that was also the day when, amid a stock selloff, Nvidia lost $279 billion in market value, the largest wipeout in U.S. history (while still managing to retain the third spot).

Then again, Apple’s dominance is not to be taken for granted. After all, over the years, it lost the title of the world’s largest many times—more frequently, and very recently too, to Microsoft, but also to Amazon, Google, and even Saudi Arabia’s state oil giant Aramco. Market capitalization can change quickly, and in recent years the rankings of the world’s largest companies have seen some significant shifts.

How these companies get to the top, and how they get to stay there, has changed too. For years, Apple has often seen its market cap fall victim to its sales success. While the popularity of products such as the iPhone, Mac and iPads propelled Apple to new heights, whenever sales appeared to slow its market capitalization suffered.

By contrast, Microsoft built itself into one of the world’s largest companies with a focus on steady recurring revenue streams. You might not need a new smartphone or laptop every year, but a software license, cloud-computing package or video game subscription means ongoing payments—and client stickiness.

Then Apple started borrowing from Microsoft’s playbook: it launched news and games subscriptions, a video streaming service, and even its own credit card. Once Apple moved beyond hardware to software and services, its revenue growth became unstoppable. On January 3, 2022, Apple became the first company ever to surpass $3 trillion in market value, and it is still the world’s largest today.

Today, most of the top 10 companies by market capitalization are technology firms. Until a decade ago, many of the most valuable firms were traditional long-standing blue-chip industrial behemoths like Exxon, Chevron, General Electric or AT&T.

This is not to say that traditional sectors have lost all their appeal. Saudi Aramco continues to rank in the top 10, and Exxon, another oil giant, is hanging on in the top 20. Finance and healthcare are also represented. Berkshire Hathaway leads with a market value of over $1 trillion; Visa and Mastercard make the top 20 with a market cap of about $500 billion. Meanwhile, U.S. healthcare companies UnitedHealth Group and Eli Lilly, and Denmark’s Novo Nordisk are also in the top 20.

Yet, more often than not, the biggest companies by stock market valuation tend to be tech firms, even if they make things (Tesla) or sell things (Amazon)—not only that, rather than being a one-time purchase, these physical objects can often continue to generate steady and predictable revenue streams over long periods of time. Tesla, for example, has monthly fees for its autopilot and self-driving features, as well as for its premium connectivity package; Amazon offers all kinds of subscriptions and premium subscriptions linked to its Alexa, Fire TV, and Kindle devices.

Successful strategy (and product, and timing, and management) aside, the total dollar value of a company’s outstanding shares can be affected by a myriad of other unpredictable factors. It was not too long ago that a controversial tweet by former US President Donald Trump could send the stock markets spiraling downward or soaring to new highs without much rationale to support the move.

Then, there are even unforeseeable events like the Covid-19 pandemic. So-called stay-at-home stocks, particularly digital platforms and those in e-commerce, saw significant gains as shutdowns and remote working drove demand for new technologies. Conversely, tourism stocks and live entertainment services plummeted. When vaccines became available and the global economy slowly began to reopen, the landscape shifted once more: companies that had thrived during the shutdowns saw their values drop, while those poised to benefit from the reopening experienced a resurgence.

Focusing too closely on ever-changing share prices, investor sentiment, and world events rather than on underlying fundamentals can be misleading. Warren Buffett, the chairman of Berkshire Hathaway (the 8^th largest company as of Sept. 3), famously said that the stock market is a device for transferring money from the impatient to the patient.

Fear often drives decisions when it comes to buying and selling stocks, but even in these tumultuous times, amid lingering high inflation rates, the U.S. election, the war in Ukraine and Gaza, and a myriad of other geopolitical tensions and uncertainties, many businesses have experienced relatively little change in terms of assets, market share, revenues, cash flow, headcount, guidance and R&D.

This is why, to determine which is the largest, Fortune’s annual Global 500 list ranks the world’s top corporations by revenue instead of market capitalization. Where does Apple, the most capitalized company in the world, stand in Fortune’s ranking? By using the revenue metric, Apple—which made it into the top 10 for the first time only a few years ago—ranks just 7th globally and, along with Amazon, is the only big American tech company making the top 10. Meanwhile, supermarket juggernaut Walmart takes the top spot. When ranking companies by revenue, technology stocks do not fare as well as when they are ranked by their market value.

Why, then, do stock investors often prefer to pour money into startups that generate significant buzz but minimal or no revenue? Precisely because they hope to discover the next Apple or Amazon and turn hundreds into millions. Both Steve Jobs and Jeff Bezos, after all, always maintained that investing in future profitability through new products and services takes priority over hitting earnings estimates.

There is just no simple way to fully ascertain the size, influence and outlook of a company. To that end, the annual Forbes Global 2000 list takes yet a different approach—a multi-dimensional one. It ranks the world’s largest companies by using a composite score achieved by weighing revenues, profits, assets, and market value equally. Once again, different metrics will yield very different results: in this ranking, financial holding company JPMorgan Chase takes the top spot, while Apple is only twelfth, and Walmart barely makes it into the top 20.

In conclusion, while it is relatively straightforward—using economic, technical, and organizational criteria—to tell a large company from a small one, determining which is truly the largest is far more complicated. Is it Apple, with its massive market capitalization; Walmart, with revenues through the roof and over 10,000 stores across 19 countries; or JPMorgan Chase, with its huge assets and soaring profits?

Size, like many things in life, is in the eye of the beholder.

EDITOR’S NOTE: The annual Forbes Global 2000 ranks the world’s largest companies, listing the “best” based on Forbes’ composite score of revenues, profits, assets, and market value.

Named head of the new interim government, Yunus, 84, was awarded the Nobel Peace Prize in 2006 for pioneering the use of microcredit as a tool to help impoverished individuals fund small businesses. Over four decades, his organization, Grameen Bank, has allocated almost $40 billion in collateral-free loans to more than 10 million people globally, particularly women, and inspired similar initiatives in over 60 countries.

On paper, the Bangladeshi economy remains one of the world’s fastest growing. Yet, not only has the accuracy of those statistics been questioned, but the government’s extensive borrowing and high cost of debt servicing have depleted the country’s foreign reserves, says Ali Riaz, distinguished professor in the department of Politics and Government at Illinois State University: “Furthermore, a combination of unbridled corruption, spending on unsustainable large infrastructure projects, defaulting bank loans by politically connected individuals, and siphoning off money to other countries by the cronies of the Hasina regime have hollowed out the economy.”

No magic wand can swiftly and painlessly resolve these issues, Riaz points out.

“However, fixing the banking sector and recovering the money which has been laundered are key issues the interim government will have to address,” he adds. “Controlling the price of essentials to help people is also necessary.”

Additionally, Riaz says, the government will have to identify wasteful spending, “For example, huge subsidies to the energy sector were pocketed by a small group of people; renegotiating the conditions of some external loans, whether received bilaterally or from multilateral organizations, may be an option that the government can consider.”