Which company was the first to exceed a US$1 trillion market capitalization in the financial sector?

Berkshire Hathaway was the first company in the financial sector to exceed a US$1 trillion market capitalization.

Berkshire Hathaway passed the US$1 trillion mark in August 2024, becoming the first non-technology American company to do so. The conglomerate is widely identified with Warren Buffett, who began building his investment in the company in the 1960s and transformed it into a diversified holding company.

Berkshire owns or invests in businesses across insurance, railroads, utilities, manufacturing, retail, and finance. Its insurance operations, especially the reinsurance business, generate investable funds known as “float,” which has helped support the company’s long-term investment strategy.

The market-cap milestone was based on the value of Berkshire’s publicly traded shares. It should not be confused with the value of every company Berkshire owns individually. The company also has an unusual two-class share structure, with Class A shares carrying far more voting power and a much higher price than Class B shares.