Saudi Aramco became the world’s most valuable public company by market capitalization in May 2022.
Rising oil prices helped Saudi Aramco’s shares and pushed its market value above Apple’s in May 2022. It was the first time Saudi Aramco had taken the top position since its 2019 public listing.
The company’s valuation is closely connected to the global energy market. Higher crude prices can increase expectations for revenue and profits at major oil producers, although production limits, government policy, and changing demand also matter.
Saudi Aramco’s brief lead illustrates why “world’s richest company” rankings are time-sensitive. Apple, Microsoft, Nvidia, and other firms have each held the top market-cap position at different points. Market capitalization measures the value investors assign to shares, not a company’s total physical assets or annual cash earnings.