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| Company | Country | Sector | Estimated Market Value as of Dec 2005 ($bn) | Type | Type (1) | |
|---|---|---|---|---|---|---|
| 1 | Saudi Aramco | Saudi Arabia | Oil gas | 781 | S | State owned |
| 2 | Petróleos Mexicanos (Pemex) | Mexico | Oil gas | 415 | S | State owned |
| 3 | Petróleos de Venezuela SA | Venezuela | Oil gas | 388 | S | State owned |
| 4 | Kuwait Petroleum Corporation | Kuwait | Oil gas | 378 | S | State owned |
| 5 | Petroliam Nasional Berhad (Petronas) | Malaysia | Oil gas | 232 | S | State owned |
| 6 | Sonatrach | Algeria | Oil gas | 224 | S | State owned |
| 7 | National Iranian Oil Company | Iran | Oil gas | 220 | S | State owned |
| 8 | Japan Post | Japan | Postal services | 156 | S | State owned |
| 9 | Pertamina | Indonesia | Oil gas | 140 | S | State owned |
| 10 | Nigerian National Petroleum Corporation | Nigeria | Oil gas | 120 | S | State owned |
| 11 | Abu Dhabi National Oil Company (ADNOC) | UAE | Oil gas | 103 | S | State owned |
| 12 | INOC | Iraq | Oil gas | 102 | S | State owned |
| 13 | Libya National Oil Company | Libya | Oil gas | 99 | S | State owned |
| 14 | Sparkassen-Finanzgruppe* | Germany | Banking | 98 | P | Association |
| 15 | State Grid Corporation of China | China | Electric utilities | 87 | S | State owned |
| 16 | Nippon Life Insurance Company | Japan | Insurance | 87 | P | Mutual |
| 17 | Kohlberg Kravis Roberts Co | United States | Private equity | 83 | P | Partnership |
| 18 | Qatar Petroleum | Qatar | Oil gas | 78 | S | State owned |
| 19 | State Farm Mutual Automobile Insurance Company | United States | Insurance | 76 | P | Mutual |
| 20 | European Investment Bank | Luxembourg | Banking | 73 | S | State owned |
| 21 | United States Postal Service | United States | Postal services | 72 | S | State owned |
| 22 | Carlyle Group | United States | Private equity | 71 | P | Partnership |
| 23 | Norinchukin Bank | Japan | Banking | 66 | P | Co-operative |
| 24 | Rabobank | Netherlands | Banking | 62 | P | Co-operative |
| 25 | Blackstone Group | United States | Private equity | 60 | P | Partnership |
| 26 | Texas Pacific Group | United States | Private equity | 59 | P | Partnership |
| 27 | Permira Advisers LLP | United Kingdom | Private equity | 54 | P | Partnership |
| 28 | Koch Industries | United States | Conglomerates | 52 | P | Family owned |
| 29 | Bain Capital, LLC | United States | Private equity | 49 | P | Partnership |
| 30 | Cargill, Inc. | United States | Conglomerates | 48 | P | Family owned |
| 31 | CVC Capital Partners Limited | United Kingdom | Private equity | 46 | P | Partnership |
| 32 | Apollo Advisors, LP | United States | Private equity | 45 | P | Partnership |
| 33 | FMR Corp | United States | Asset management | 42 | P | Family owned |
| 34 | Warburg Pincus LLC | United States | Private equity | 42 | P | Partnership |
| 35 | Boehringer Ingelheim GmbH | Germany | Pharmaceuticals | 41 | P | Family owned |
| 36 | Meiji Yasuda Life Insurance Company | Japan | Insurance | 41 | P | Mutual |
| 37 | Dai-ichi Mutual Life Insurance Company | Japan | Insurance | 41 | P | Mutual |
| 38 | Caja de Ahorros y Pensiones de Barcelona (”la Caixa”) | Spain | Banking | 37 | P | Nonprofit |
| 39 | Kaiser Permanente | United States | Healthcare | 36 | P | Nonprofit |
| 40 | Crédit Mutuel | France | Banking | 35 | P | Mutual |
| 41 | The Capital Group Companies | United States | Asset management | 35 | P | Partnership |
| 42 | Bertelsmann AG | Germany | Media | 34 | P | Family owned |
| 43 | Groupe Caisse d’Epargne | France | Banking | 34 | P | Mutual |
| 44 | BC Partners Limited | United Kingdom | Private equity | 34 | P | Partnership |
| 45 | Apax Partners | United Kingdom | Private equity | 33 | P | Partnership |
| 46 | Egyptian General Petroleum Corporation | Egypt | Oil gas | 33 | S | State owned |
| 47 | China Development Bank | China | Banking | 33 | S | State owned |
| 48 | Cinven | United Kingdom | Private equity | 32 | P | Partnership |
| 49 | Japan Racing Association | Japan | Entertainment | 32 | S | State owned |
| 50 | Caisse des Dépôts et Consignations | France | Banking | 32 | S | State owned |
| 51 | Mars Inc | United States | Food & beverages | 32 | P | Family owned |
| 52 | Deutsche Bahn AG | Germany | Railroads | 31 | S | State owned |
| 53 | Silver Lake Partners | United States | Private equity | 31 | P | Partnership |
| 54 | Hellman Friedman Capital | United States | Private equity | 31 | P | Partnership |
| 55 | National Football League | United States | Entertainment | 29 | P | Association |
| 56 | Vanguard Group | United States | Asset management | 29 | P | Mutual |
| 57 | Madison Dearborn Partners | United States | Private equity | 28 | P | Partnership |
| 58 | Deloitte Touche Tohmatsu | United States | Professional services | 27 | P | Partnership |
| 59 | First Reserve Corporation | United States | Private equity | 27 | P | Partnership |
| 60 | Thomas H. Lee Equity Partners | United States | Private equity | 27 | P | Partnership |
| 61 | General Atlantic Partners | United States | Private equity | 27 | P | Partnership |
| 62 | China Railways | China | Railroads | 25 | S | State owned |
| 63 | Groupe Banque Populaire | France | Banking | 25 | P | Mutual |
| 64 | Trump Organization | United States | Real estate | 25 | P | Family owned |
| 65 | PriceWaterhouseCoopers | United States | Professional services | 25 | P | Other |
| 66 | Empresa Colombiana de Petróleos (Ecopetrol) | Colombia | Oil gas | 24 | S | State owned |
| 67 | China Southern Power Grid | China | Electric utilities | 23 | S | State owned |
| 68 | Loterias y Apuestas del Estado (LAE) | Spain | Entertainment | 23 | S | State owned |
| 69 | IKEA International A/S | Sweden | Retailers | 22 | P | Other |
| 70 | Corporación Nacional del Cobre de Chile (Codelco) | Chile | Metals mining | 22 | S | State owned |
| 71 | La Française des Jeux | France | Entertainment | 22 | S | State owned |
| 72 | Cox Enterprises | United States | Media | 21 | P | Family owned |
| 73 | MassMutual Financial Group | United States | Insurance | 21 | P | Mutual |
| 74 | Suntory Group | Japan | Food & beverages | 21 | P | Family owned |
| 75 | Caja de Ahorros y Monte de Piedad de Madrid | Spain | Banking | 21 | P | Nonprofit |
| 76 | Ernst Young International | United States | Professional services | 21 | P | Partnership |
| 77 | KPMG International | Netherlands | Professional services | 21 | P | Co-operative |
| 78 | State Oil Company of Azerbaijan (SOCAR) | Azerbaijan | Oil gas | 20 | S | State owned |
| 79 | Otto GmbH Co KG | Germany | Retailers | 20 | P | Family owned |
| 80 | Providence Equity Partners | United States | Private equity | 20 | P | Partnership |
| 81 | Agricultural Bank of China | China | Banking | 20 | S | State owned |
| 82 | Nationwide Building Society | United Kingdom | Banking | 20 | P | Mutual |
| 83 | Votorantim Group | Brazil | Conglomerates | 20 | P | Family owned |
| 84 | Clayton, Dubilier Rice, Inc. | United States | Private equity | 20 | P | Partnership |
| 85 | Welsh, Carson, Anderson Stowe | United States | Private equity | 20 | P | Partnership |
| 86 | Vattenfall AB | Sweden | Electric utilities | 19 | S | State owned |
| 87 | Nationwide Mutual Insurance Company | United States | Insurance | 18 | P | Mutual |
| 88 | Maruhan Corporation | Japan | Entertainment | 18 | P | Family owned |
| 89 | Tchibo Holding AG | Germany | Food & beverages | 18 | P | Family owned |
| 90 | Ferrero S.p.A. | Italy | Food & beverages | 18 | P | Family owned |
| 91 | Comisión Federal de Electricidad | Mexico | Electric utilities | 18 | S | State owned |
| 92 | Landesbank Baden-Württemberg | Germany | Banking | 18 | S | State owned |
| 93 | JSC Russian Railways | Russia | Railroads | 18 | S | State owned |
| 94 | Camelot Group plc | United Kingdom | Entertainment | 17 | P | Other |
| 95 | USAA | United States | Insurance | 17 | P | Mutual |
| 96 | Citic Group | China | Conglomerates | 16 | S | State owned |
| 97 | Bayerische Landesbank | Germany | Banking | 16 | S | State owned |
| 98 | Health Care Service Corporation | United States | Healthcare | 16 | P | Mutual |
| 99 | Sumitomo Life Insurance Company | Japan | Insurance | 16 | P | Mutual |
| 100 | SC Johnson Son, Inc | United States | Consumer goods | 15 | P | Family owned |
| 101 | La Poste | France | Postal services | 15 | S | State owned |
| 102 | REWE Group | Germany | Grocery retailers | 15 | P | Co-operative |
| 103 | KfW Bankengruppe | Germany | Banking | 14 | S | State owned |
| 104 | B. Braun Melsungen AG | Germany | Healthcare | 14 | P | Family owned |
| 105 | De Beers Consolidated Mines Limited | South Africa | Metals mining | 14 | P | Family owned |
| 106 | Liberty Mutual Holding Company Inc. | United States | Insurance | 13 | P | Mutual |
| 107 | British Broadcasting Corp | United Kingdom | Media | 13 | S | State owned |
| 108 | Glencore International | Switzerland | Trading | 13 | P | Other |
| 109 | Edeka Group | Germany | Grocery retailers | 13 | P | Co-operative |
| 110 | New York State Lottery | United States | Entertainment | 13 | S | State owned |
| 111 | Louis Dreyfus Group | France | Conglomerates | 13 | P | Family owned |
| 112 | Poste Italiane SpA | Italy | Postal services | 13 | S | State owned |
| 113 | Société Nationale des Chemins de Fer Français | France | Railroads | 13 | S | State owned |
| 114 | Hydro-Québec | Canada | Electric utilities | 13 | S | State owned |
| 115 | Schwarz Group | Germany | Grocery retailers | 13 | P | Family owned |
| 116 | El Corte Inglés SA | Spain | Retailers | 13 | P | Family owned |
| 117 | Carlson Companies | United States | Hospitality | 12 | P | Family owned |
| 118 | ALDI Group | Germany | Grocery retailers | 12 | P | Family owned |
| 119 | Global Hyatt Corporation | United States | Hospitality | 12 | P | Family owned |
| 120 | Dr August Oetker KG | Germany | Food & beverages | 12 | P | Family owned |
| 121 | Vitol Holding BV | Netherlands | Trading | 12 | P | Other |
| 122 | Deutsche Zentral-Genossenschaftsbank | Germany | Banking | 12 | P | Co-operative |
| 123 | Nascar | United States | Entertainment | 12 | P | Family owned |
| 124 | Shanghai Automotive Industry Corporation | China | Automobiles parts | 12 | S | State owned |
| 125 | Gie Pari Mutuel Urbain | France | Entertainment | 12 | S | State owned |
| 126 | Auchan SA | France | Grocery retailers | 12 | P | Family owned |
| 127 | Northwestern Mutual Life | United States | Insurance | 12 | P | Mutual |
| 128 | China FAW Group Corporation | China | Automobiles parts | 12 | S | State owned |
| 129 | EWE AG | Germany | Electric utilities | 11 | S | State owned |
| 130 | Highmark Inc | United States | Healthcare | 11 | P | Nonprofit |
| 131 | Taiwan Power Company | Taiwan | Electric utilities | 11 | S | State owned |
| 132 | Tennessee Valley Authority | United States | Electric utilities | 11 | S | State owned |
| 133 | Dongfeng Motor Corporation | China | Automobiles parts | 11 | S | State owned |
| 134 | TIAA-CREF | United States | Asset management | 11 | P | Other |
| 135 | Independence Blue Cross | United States | Healthcare | 11 | P | Nonprofit |
| 136 | TC Ziraat Bankasi AS | Turkey | Banking | 11 | S | State owned |
| 137 | HSH Nordbank AG | Germany | Banking | 11 | S | State owned |
| 138 | New York Life | United States | Insurance | 11 | P | Mutual |
| 139 | Major League Baseball | United States | Entertainment | 11 | P | Association |
| 140 | Société Civile des Mousquetaires | France | Grocery retailers | 11 | P | Other |
| 141 | Norddeutsche Landesbank Girozentrale (Nord/LB) | Germany | Banking | 10 | S | State owned |
| 142 | Association des Centres Distributeurs E. Leclerc | France | Grocery retailers | 10 | P | Co-operative |
| 143 | National Basketball Association | United States | Entertainment | 10 | P | Association |
| 144 | Groupama SA | France | Insurance | 9 | P | Mutual |
| 145 | Würth Gruppe | Germany | Industrial supplies | 9 | P | Other |
| 146 | Ascension Health | United States | Healthcare | 9 | P | Nonprofit |
| 147 | Caixa Geral de Depósitos SA | Portugal | Banking | 9 | S | State owned |
| 148 | WestLB AG | Germany | Banking | 9 | S | Other |
| 149 | Blue Shield of California | United States | Insurance | 9 | P | Nonprofit |
| 150 | Indian Railways | India | Railroads | 9 | S | State owned |
Source: McKinsey
* Sparkassen-Finanzgruppe excludes landesbanken, which are listed separately
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