Fortune magazine has published its Fortune Global 500 list, an annual ranking of the world's largest corporations by revenue.
US companies dominate the list, with 126 in the top 500, followed by 111 Chinese companies and 52 from Japan, reports the Daily Telegraph.
While China added two new companies from the previous year, and Japan added one, the US lost six.
More than half of the top 10 list consists of Chinese and American firms – just four are from different countries: Germany, Japan, the Netherlands, and the UK, with oil giant BP ranking at number eight.
Clifton Leaf, Fortune's editor-in-chief, said: "US companies face more competition today than ever. A decade ago, America was home to nearly a third (153) of the world's 500 largest companies by revenue, which together account for a stunning US$30 trillion ($44t) in revenue or 38 per cent of global GDP.
"Our share is now a quarter (126). Over the same 10 years, meanwhile, China boosted its own representation on this venerable list from 29 companies to 111."
Number one on the top 10 list, retailer WalMart – which owns Asda in the UK – has topped the Fortune Global 500 for the past five consecutive years, and has claimed the top spot a total of 13 times since 1995.
While Apple dropped two places to 11th on the list, having ranked ninth in 2017, other tech firms including Facebook, Alibaba and Tencent all jumped more than 100 places from a year ago.
German sportswear maker Adidas made its debut on the list at number 480, while the world's largest fast food company, McDonald's, fell off entirely.
There was a drop in the number of female chief executives in the Fortune Global 500 list, with 12 women represented, down from 14 in 2017.
Companies were ranked by total revenues for their respective fiscal years ending on or before March 31, 2018.
The Fortune Global 500 top 10 list by annual revenue ($USD):
1. Walmart (USA) - $500.3b
2. State Grid (China) - $348.9b
3. Sinopec (China) - $326.9b
4. China Natural Petroleum (China) - $326b
5. Royal Dutch Shell (Netherlands) - $311.8b
6. Toyota Motor (Japan) - $265.1b
7. Volkswagen (Germany) - $260b
8. BP (UK) - $244.5b
9. ExxonMobil (USA) - $244.3b
10. Berkshire Hathaway (USA) - $242.1b