How America’s Biggest Companies Have Changed In 30 Years

Over the past three decades, the landscape of America’s top corporate companies has shifted from the once-dominant automotive and tobacco giants of 1994 to the tech and retail companies of 2023.

Virtual Capitalist recently compared the top 10 U.S. companies by revenue and highlighted the evolution of America’s business landscape taking into consideration the effect of inflation.

FROM AUTO & TOBACCO TO RETAIL & TECH

Prior to Big Tech, America’s corporate giants were known as the Big Three automakers: General Motors Company, Stellantis (formerly known as Fiat Chrysler), and Ford Motor Company. At the head of the tobacco industry was Philip Morris, the company is now known as Altria following a major 2003 rebranding.

Three decades ago, the leading company in America was General Motors, which brought in an annual revenue of $319 billion (adjusted for inflation). Ford followed closely in second with a revenue of $263 billion. Philip Morris brought in the 10th-highest revenue at $111 billion.

Fast forward to 2023 and the leading companies have shifted to tech and retail giants. Even after adjusting for inflation, the revenue of 1994’s top companies pales in comparison to those of 2023. Walmart brought in a revenue of $611 billion (adjusted for inflation) in 2023 alone—almost double the revenue of General Motors. Experts predict that Walmart will bring in revenues of $670 billion in 2025. Amazon had an annual revenue of $514 billion. Based on U.S. CPI data, the inflation rate from 1994 to 2023 is approximately 105.6%.

Sources: Virtual Capitalist, Simply Wall Street, U.S. CPI

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