Saudi Aramco briefly became the world’s most valuable public company in 2022 before losing the position to Apple.
In May 2022, rising energy prices and a strong oil market pushed Saudi Aramco’s market capitalization above Apple’s for a short period. Apple later regained the lead as technology shares strengthened and energy-market conditions changed.
Saudi Aramco’s valuation is closely connected to petroleum production, oil prices, refining, chemicals, and investor expectations for global energy demand. It is one of the world’s most important oil companies and remains majority-owned by Saudi Arabia.
The episode shows why “richest company” usually means largest by market capitalization rather than highest profit or largest sales. Commodity prices can rapidly alter the expected earnings of energy producers, while technology valuations respond to growth forecasts, interest rates, and demand for digital products.