Not all stock exchanges are included, so data may be incomplete for some countries. But for major economies, like US, China, Japan, UK, Germany, France,…, the data is fairly complete. US is the no 1, followed by China, Japan, ...

Bar-chart shows a clearer picture. Although publicly traded companies only, proportions are quite consistent to their overall economies. US: $21.3 trillion, China: $12.8 trillion, Japan: $7 trillion, Germany: $3 trillion, ... Note: the nominal value is shown here assuming currencies can be exchanged freely

Net income: US $1.8 trillion, China $0.95 trillion, Japan $0.41 trillion, etc. 

Liabilities and risks: China has higher liabilities than US despite its lower total revenue and net income. Other major economies have proportionally less liabilities.

China has is enormous inventory! Twice as much as the US. Far above any other major economies. Inventory can be an asset if sellable, or a liability if not. Regardless, too much inventory means operating efficiency too low – can be a significant issue.

Note: Market cap data is incomplete for Japan and India. Leading countries in market cap: US, China, India, .... US far outweigh other countries.

Country level analysis, all industries combined, total. US is constantly better than other countries by far on revenue, net income, and market cap. US is slightly better than China on liabilities. US was clearly hit hard by the pandemic on net income. Post pandemic, the gap between US and China is widened in total revenue and market cap. 

Country level analysis, all industries combined, median. Net margin: US and Germany medians were clearly hit hard by the pandemic on net margin. China median is consistently going down while India median is moving up. Revenue: Germany has the largest median revenue implying larger firms, India the smallest. Liabilities: US firms have the higher median liability asset ratio, Chinese firms the lowest. Stock market performance: US and Chinese medians are about the same, Germany is lower despite a higher revenue. Indian median soared in 2023.

Excluding countries with few companies (data), Sweden, Estonia, India, Netherlands are among the countries with the highest revenue growth in 2023.

Excluding countries with few companies (data), Greece, Estonia, Brazil, Taiwan, Cayman Islands, Sweden, United States and Denmark are among the countries with the highest market cap growth in 2023.

Healthcare: US is no 1 by far, more than 5x China, the no. 2.

IT: US is no 1 but its leading edge over other countries is smaller than health care. It is notable that Taiwan ranked no 3 ahead of Japan, South Korea, India and Germany.

Consumer discretionary: US is no 1. Japan no 2,  China no 3, and Germany no. 4.

Industrials, China is no 1, US 2nd, Japan 3rd.

(1) US is far greater than China and Japan in total revenue and profits, and the gap is getting wider, except for the proportion of profitable enterprises, only 20% of US health care firms is profitable because US is conducting far more R&D (thus more risky) than other countries. (2) COVID-19 had a positive impact on the US health care industry in profits. 

IT: we plot the same pictures for US, China, Taiwan. We observed a similar pattern to health care sector that IT benefited significantly from COVID-19 with a rapidly increasing revenue and profits during the pandemic. The gaps between US and China are getting wider.

US consumer discretionary experienced a significant decline especially in profits during the pandemic, post pandemic it had a V shape rebound. The impact of the pandemic on Japan and China is less obvious.

China is no 1 in revenue. Pandemic clearly had an impact on US industrials in terms of profits but less on China. Despite a larger revenue, China had about the same profits as US.

TX, CA, NY and WA are the economically most prosperous states in the US.

Beijing, Guangdong, Hong Kong, Shanghai, Zhejiang, Jiangsu are the economically most prosperous regions in China.

Tokyo, Osaka, Aichi are the economically most prosperous prefectures in Japan.

Seoul and its surroundings are economically most developed in South Korea.

London, South and East of English are the economically most prosperous regions in UK.

IIe-de-France is the economically most prosperous region in France.

West and south parts of Germany are more economically developed than east part of Germany.

Maharashtra is the most economically developed region in India.

Ontario is the most economically developed region in Canada.

New South Wales is the most economically developed region in Australia, followed by Victoria.

Most scalable and easy money industry in the US (highest net income per unit of cost) is IT. Followed by financials and telecom. Consumer Staple is the least scalable and hard money industry in the US, for one unit of additional profit, this industry has to spend the highest cost / effort.

Most scalable and easy money industry in China (highest net income per unit of cost) is financials, followed by telecom. Least scalable and hard money industry in the China:  health care, materials and real estate.

For Japan, the most scalable and easy money industry is financials and telecom. The least are energy.

For the US, IT is clearly the most valuable industry (although it does not have the highest revenue), followed by Consumer Discretionary, Health Care, and financials.

For China, Industrials, financials and IT are the most valuable industries, their total valuation are quite close. Consumer discretionary was the most valuable industry, but rapidly went down recently.

For Germany, Consumer Discretionary (Auto) and Industrials are the most valuable industries.

Let’s first look at health care, the largest 20 enterprises by revenue are mostly US companies, such as United Health, McKesson, Cencora, ... with a few companies coming from other countries like China and Germany.

Valuation of health care companies looks different. The most valuable health care companies are mostly drug-makers, such as Eli Lilly, JnJ, Merck, ... Most of them are based in the US. 

Most of the top 20 IT companies are US based, such as Apple, Alphabet and Microsoft. There are a few companies from other countries, such as Hon Hai, TSMC and Foxconn from Taiwan; Samsung Electronics from South Korea; Tencent, Lenovo and Xiaomi from China.

Top 20 most valuable IT companies look a bit different. The top 3 are the same: Apple, Microsoft and Alphabet. For the rest, the most notable difference is Nvidia, which is #4 although it didn't make to top 20 revenue list.

For Consumer Discretionary, the ranking of top 20 enterprises shows a mixed picture: the no 1 is Amazon from the US, it is followed by Volkswagen from Germany, and Toyota from Japan. We can also find some companies from China, such as JD.com and Alibaba group, etc. 

The most valuable companies in Consumer Discretionary look different from the largest top 20: Amazon is still #1, then it followed by Tesla, LVMH (luxury goods), HomeDepot, and many other smaller firms. Implying revenue is not necessarily correlated with valuation! 

Industrials are quite dominated by Chinese companies, which are followed by companies from Japan and US.

Top 20 industrials companies by market cap are completely different! It starts with Boeing, Caterpillar and UPC, followed by Siemens, Honeywell and GE, ..., the largest Chinese firms didn't make them into top 20 list. 

Strong positive correlation between net income and market cap for almost every industry group! So net income may be used to predict a company's stock market performance which can be much easier, see https://youtu.be/5tEMn1hODIA for more details.

Strong positive correlation between operating cash flow and market cap for almost every industry group! So operating cash flow can be used to predict a company's stock market performance which can be much easier, see https://youtu.be/5tEMn1hODIA for more details.

In semiconductors supply chain, the highest value-added segments are downstream, concentrated in the sub-industries of integrated telecom (55%), health care equipment (55%), renewable electricity and Internet & Direct Retail. Distribution and materials related sub-industries had the least value added.

Food supply chain shows a different picture: the highest value-added segments are on both ends of the supply chain. Upstream: Brewers, Distillers (42%), Soft Drinks and Tobacco. Downstream: Restaurants (47% median).

Pharmaceutical and Biotech supply chain looks again different: the highest value-added segments are in the middle of the supply chain: Pharmaceuticals (52% median)! Followed by Life Sciences (49%) in the upstream, and health care facilities (47%) and services in the downstream!