In addition to Saudi Aramco, there are a number of resource companies on the list, including Shell, PetroChina, Reliance Industries, and nevertheless, the average price-to-earnings ratio for this entire group is 15 times, which is half what investors are willing to pay for TSMC and ASML chips.
The strong cyclical nature of resource extraction industries, decarbonization trends, and shareholder concerns about "contaminated assets" place a low premium on business valuation and investor attention.
China leads among the world's most highly valued companies outside the United States with 12 in the top 50 (13 if you count China Mobile in Hong Kong).
Luxury and technology firms earn premium marks for their sales, while resource giants lag behind despite huge revenues.
Europe is thriving in sectors such as luxury and pharmaceuticals, while Asia is driving innovation in technical equipment.
