Fortune has released its 2024 Fortune 500 Europe ranking, revealing Volkswagen as the region’s largest company by revenue. The German automotive giant reported revenues of $348 billion, marking a 19% rise, allowing it to overtake last year’s leader, Shell, which saw a 16% revenue drop. The ranking, seen as the most authoritative of its kind, features Europe’s top companies, with firms from 24 different countries represented.
Germany holds the largest share of the Fortune 500 Europe list, with 79 companies, followed by the UK with 77, France with 67, and Switzerland with 36. However, nearly half of the 500 companies come from these four nations.
Despite Germany’s dominant representation, the most profitable companies are increasingly found in smaller countries such as Belgium, Switzerland, Norway, and Ireland. Even in southern Europe, companies from Spain and Italy have shown marginally better profitability than the regional average.
Fortune 500 Europe Top 10 Companies:
- Volkswagen (Germany)
- Shell (UK)
- TotalEnergies (France)
- Glencore (Switzerland)
- BP (UK)
- Stellantis (Netherlands)
- BMW Group (Germany)
- Mercedes-Benz Group (Germany)
- Electricité de France (France)
- Banco Santander (Spain)
Grethe Schepers, Lists Director for Europe at Fortune, commented on the pressures facing European companies, saying: “The 2024 Fortune 500 Europe list highlights the good and the bad, illustrating the challenges around innovation and competitiveness. While profits are up 7.6%, the decline in female leadership is worrying, with just 6.2% of companies now led by women, down from 7% last year. The technology sector, which accounts for only 2% of the total list revenue, continues to shrink in terms of profits and employment. In contrast, the financial sector has seen a significant boost, thanks to higher interest rates.”
Alex Wood Morton, Executive Editor for Europe, echoed these concerns, noting that the list mirrors trends seen in the US 20 years ago. “Europe is at a crossroads. This year’s ranking shows a strong presence of oil, gas, and car manufacturers—similar to the Fortune 500 in America two decades ago. The challenge for European companies now is to innovate at scale. Those that can adapt and embrace new technologies will thrive in an increasingly competitive global market.”
The release of the Fortune 500 Europe list coincides with the Fortune CEO Forum 2024, held in London today. This exclusive, invitation-only event will bring together 40 CEOs to discuss key business issues. Topics on the agenda include the responsible use of AI, improving European competitiveness, the transition to green energy, and navigating the changing landscape for consumers and workers.
The Fortune 500 Europe ranking is based on total revenues from the latest available fiscal year. Companies must disclose financial data and report to a government agency to qualify for inclusion. Revenue figures are presented as reported, with no adjustments made for changes in accounting practices.