Forbes Global 2000 Companies: 61 from Korea... New Entry Rate Below Average

Over the past decade, the proportion of Korean companies newly entering the list of the world's top 2000 companies was found to be lower than the overall average.

On the 22nd, the Korea Chamber of Commerce and Industry analyzed the '2024 Global 2000 Companies List' published by the US economic magazine Forbes, and found that 61 Korean companies were listed.

High-rise buildings in Yeouido. Photo by Younghan Heo younghan@

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Among the 61 companies, 16 were newly entered companies that were not on the list 10 years ago in 2014. The ratio was 26.2%. Among the total 2000 companies, 676 companies, or 33.8%, were newly entered. In other words, the new entry rate of Korean companies was lower than the overall average. Among the top 10 countries by number of companies, China (59.3%), India (42.3%), and the United States (37.5%) had higher new entry rates in that order.

By industry, the new entry rate in IT software over the past 10 years was the highest at 61.6%. Business services (53.9%), financial investment (45.3%), healthcare (43.6%), distribution (40%), and pharmaceuticals (38.3%) followed. On the other hand, industries such as steel and materials (23.1%), oil and gas (17.7%), and telecommunications (12.5%) had low new entry rates.

Also, most Korean companies included in the top 2000 companies remained in the lower middle ranks. Among the 61 Korean companies, only 9 (14.7%) were ranked within the top 500. This is fewer not only than countries with many listed companies such as the United States (176), China (57), and Japan (45), but also fewer than Germany (18), which has fewer listed companies than Korea. The Korean companies within the top 500 are Samsung Electronics (21st), Hyundai Motor (93rd), Kia (234th), KB Financial Group (250th), Shinhan Financial Group (304th), Hana Financial Group (411th), POSCO (412th), Hyundai Mobis (465th), and Samsung C&T (493rd).

The net profit, an indicator of corporate profitability, was also found to be lower in Korea compared to major countries. Korea ranked 6th with 61 listed companies, but the total net profit of listed companies by country was $64.9 billion, ranking 12th. The average net profit per listed company in Korea was $1.06 billion, the lowest among the top 10 countries, and about half of the overall average of $2.25 billion.

Kim Hyun-soo, head of the Economic Policy Team at the Korea Chamber of Commerce and Industry, said, "In the current fierce competition in advanced industries, the number of global companies a country possesses is directly linked to national competitiveness," adding, "To enhance the dynamism of our economy and to see more global star companies emerge across various industrial sectors, efforts are needed to create an institutional environment that supports corporate growth."

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