Saudi Aramco overtook Apple as the world’s most valuable company in September 2020.
Saudi Aramco briefly held the top market-cap position after its listing in December 2019 and again became the world’s most valuable listed company in September 2020. Its ranking reflected both its enormous valuation and a period when technology-share prices moved sharply during the COVID-19 market upheaval.
Saudi Aramco is one of the world’s largest oil producers and controls extensive petroleum reserves. Its dividend policy and the strategic importance of energy to Saudi Arabia also made it a distinctive company in global equity markets.
The title of world’s most valuable company can change quickly because it is based on share price. It does not mean that one company has the greatest revenue, profit, workforce, or physical assets. Different measures can produce different rankings.