Top 150 Non-Publicly listed companies
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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