If companies today are positioned as central actors in the global economy, then they can – and must – play an active role in responding to the environmental, social, and ethical challenges of our time.
Common sense usually tells us that countries run the world. And indeed, that is true when we are mentioning “soft power”. That is, political or legislative power. However, when we speak in economic terms, whether financial, human, or technological resources, the reality is quite different.
A powerful and symbolic way to illustrate the economic weight of large companies in the global landscape is to compare countries and companies bases on their annual revenues. In 2016, according to a study by the NGO Global Justice Now, 69 out of the world’s 100 largest “economies” were companies and only 31 were countries. In a more recent evaluation, conducted in March 2025 by the Center for Responsible Business and Leadership (CRBL), a similar pattern was identified. Interestingly, the numbers were even more striking: among the 100 entities with the highest annual revenue in the world, 74 are companies and only 26 are countries.
This numerical evolution reveals a clear trend: over the past decade, the economic power of companies has not only consolidated but also surpassed that of most states in terms of generating annual revenue. Companies such as Walmart, Amazon, or Saudi Aramco generate more revenue than the annual income of countries such as Spain, Brazil, Australia, or even Canada and the Netherlands. This positions large corporations with significant power to transform the world, as they hold the necessary resources to promote sustainable development and the prosperity of our societies.
Even when considering a different metric – market capitalization – the data reinforce this corporate power. According to PwC’s “Global Top 100 Companies by Marketing Capitalization“ report (May 2025), Apple reached a market value of over USD 3.3 trillion, far surpassing the GDPs of countries such as France (USD 2.0 trillion) or the United Kingdom (USD 3.3 trillion). Although this comparison uses different measures – market value versus annual output – it still highlights the valuation and future influence the markets attribute to large companies.
A particularly revealing example is Saudi Aramco, which in 2025 achieved a market capitalisation of USD 1.73 trillion, exceeding the GDP of Saudi Arabia, estimated at around USD 1.1 trillion. In other words, the market assigns the company a value higher than the country’s total annual economic output. As a giant in the energy sector, Aramco plays a crucial role in the challenges of the energy transition. Its decisions can accelerate—or slow down—the shift from fossil fuels to renewable energy. Being one of the companies with the greatest environmental impact in the world, its climate responsibility is undeniable on the path to global sustainable development.
Another locally relevant example is Portugal’s GDP: in 2023, Portuguese GDP was approximately USD 289 billion, while Apple’s market value exceeded USD 3.3 trillion – more than eleven times greater. This comparison illustrates how the valuation awarded by the markets to a single multinational company can overwhelmingly surpass the annual economic output of a country such as ours.
In the retail sector, Walmart also deserves a special mention. With annual revenues of USD 648 billion, the company exceeds the government revenues of dozens of countries, including Brazil, Russia, Austria, and Israel. Walmart’s business volume not only makes it the world’s largest retailer but also an economic actor on the scale of developed nations. Its business model affects millions of workers, suppliers, and consumers, influencing consumption patterns, labour rights, and emissions across its supply chains. Therefore, how retail companies incorporate environmental and social criteria into their operations is decisive for promoting fairer and more resilient value chains and, consequently, a more balanced society.
This growing influence of companies in the economy implies a proportional responsibility regarding sustainable development. If companies today are positioned as central actors in the global economy, then they can—and must—play an active role in responding to the environmental, social, and ethical challenges of our time. This means integrating the Sustainable Development Goals (SDGs) into their business strategies, adopting fair practices throughout the value chain, respecting human rights, and contributing to a just energy transition. The SDGs are a global action plan, adopted by 193 countries, which offers a common language to address complex issues such as climate change, poverty, inequality, and exclusion. They are currently under discussion and review, with a view to building the next sustainable development agenda up to 2050. By incorporating these goals, and those that succeed them, into their strategies, companies not only mitigate risks and strengthen their reputation but also create opportunities for innovation, efficiency, and positive impact in the regions where they operate.
There is no doubt that countries continue to be the main guarantors of the common good, with the responsibility to regulate markets, define public policies, and create incentives for a fairer and more sustainable economy. Indeed, governments have the legislative, fiscal, and diplomatic powers necessary to frame business activity and ensure that economic progress does not come at the expense of people or the planet. Moreover, it is up to countries to ensure alignment between national policies and global sustainable development objectives, promoting multisector partnerships and mobilising the resources required to turn commitments into measurable results. Without effective public governance guided by a global agenda such as the SDGs, even the most ambitious corporate efforts will have limited impact.
In summary, the comparison between companies and countries reveals more than a statistical curiosity. It shows a world in which the private sector has ceased to be just “one of the actors” and has become, in many cases, one of the central protagonists, with immense power to drive the change the world needs. That corporate prominence necessarily comes with responsibility. The success of the 2030 Agenda—and that which follows it—will depend on the capacity to build strategic alignment between companies and governments, where both adopt global objectives as a common compass for human prosperity. Only then will it be possible to ensure that the creation of economic value goes hand in hand with the creation of social, environmental, and democratic value—the inseparable elements of truly sustainable development.
Filipa Pires de Almeida - Executive Director – Center for Responsible Business and Leadership | Adriana Zani - Investigadora Center for Responsible Business & Leadership da CATÓLICA-LISBON