German rank drops
January 8, 2010
Of the 100 most valuable companies in the world stock market, only four are German.
The data comes from a new study by accounting firm Ernst & Young, which showed Germany fell to sixth from second place in the world rankings. The United States beat out China, Britain, France and Japan for first place.
"Germany has been particularly hard hit by the global recession, due to the typical German mix of industries and the importance of industry - especially the automotive industry," said Hendrik Hollweg, executive director of Ernst & Young.
At the close of 2008, German automaker Volkswagen was the most valuable German company and tied for 26th place on the list. At the end of 2009, Volkswagen had fallen to 155th place.
In 2009, the highest grossing German corporation was Siemens, ranked 62nd. German energy group E.ON, pharmaceutical company Bayer and the telecommunications giant Deutsche Telekom were also among the first 100.
While the majority of top German companies are increasing in value, the recovery in other equity markets - particularly in emerging economies - has been even greater, hence the German slip in ranking, the study said.
smh/AFP/AP
Editor: Nancy Isenson