Monaco leads world in bn-USD firms per capita

Monaco tops the global ranking for bn-USD companies per capita, according to a new report from BestBrokers, highlighting how capital, corporate scale, and innovation often concentrate in small or highly developed economies. The report analyzed over 5.5k listed companies worldwide with a market cap of at least USD 1 bn, using data from CompaniesMarketCap.

It’s all about corporate density: While the US hosts the largest number of these firms (approximately 1.9k), the report’s per capita lens shifts focus to corporate concentration rather than sheer volume. The US ranks 16th with 5.5 bn-USD companies per mn residents, while other major economies rank even lower: Japan (3.2), the U.K. (3.2), Germany (1.7), Brazil (0.3), India (0.2), and China (0.15).

Monaco has just three such firms, all in maritime transport, but its small population of under 40k gives it the highest corporate density: 77 bn-USD companies per mn residents. Luxembourg follows with 31.6, while Iceland ranks third with 18.1.These countries are usually popular choices for talent, and good places for innovation and economic growth.

Several Gulf and Asian economies appear high on the list, including Singapore (8.8), Israel (8.6), Qatar (8.4), and the UAE (5.8), which ties with Canada and edges out the US. Other high-income economies featuring prominently include Switzerland (13.8), and Sweden (10.5), reflecting their capacity to support large-cap firms, while Australia trails slightly at 5.4. Investment-oriented states dominate not only in per capita terms but also in corporate density per sq km, with Monaco, Singapore, Bahrain, and Luxembourg at the helm.

Meanwhile, in Switzerland, Saudi Arabia, Taiwan, and the US, the combined market capitalization of bn-USD firms exceeds 200% of GDP — a level that, according to the report, reflects deep financialization and outsized dependence on asset growth.

When big money becomes a big risk: The report warns that in highly financialized economies, market activity may outpace real economic growth, creating structural imbalances. Some economists link such imbalances to financial crises, such as the 2007-08 crash. When a handful of large corporations dominate national output, employment, and valuations, economies may become more vulnerable to asset price volatility, sector-specific shocks, and broader financial disruptions.

MARKETS THIS MORNING-

Asian markets are in the red, tracking declines on Wall Street yesterday following US President Donald Trump‘s decision to follow through on tariffs on automakers, with Japan’s Nikkei leading losses. Wall Street futures point to another lower open after the S&P 500, Nasdaq, and Dow Jones all suffered losses yesterday.

THE CLOSING BELL-

The DFM remained flat yesterday on turnover of AED 418.3 mn. The index is down 0.9% YTD.

In the green: Dubai Refreshment Company (+15.0%), National International Holding Company (+14.0%) and Emirates Investment Bank (+10.7%).

In the red: Al Mazaya Holding Company (-10.0%), Air Arabia (-8.9%) and Dubai Islamic Ins. and Reinsurance Company (-6.7%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.2 bn. Nasdaq Dubai was up 0.8%, and up 1.4% YTD.

CORPORATE ACTIONS-

Adnoc Distribution’s shareholders approved USD 700 mn (AED 2.6 bn) in total dividends for 2024, according to an ADX disclosure (pdf). A final dividend payment of USD 350 mn (AED 1.3 bn) will be distributed in April. The payouts align with the company’s policy of maintaining annual dividends of USD 700 mn (AED 2.57 bn) or at least 75% of net profit, whichever is higher.

Al Khaleej Investment’s general assembly has approved increasing the share capital of the company to AED 505 mn, up AED 400 mn, according to an ADX disclosure (pdf). The company will issue new shares at a nominal value of AED 1 to existing shareholders on a pro-rata basis.

Sukoon Ins.’ subsidiary, Sukoon Workplace Savings Solutions, plans to double its authorized share capital to USD 4 mn by issuing 2 mn ordinary shares at USD 1 each, according to a DFM disclosure (pdf). The company also intends to increase the subsidiary’s paid-up share capital by USD 500k to USD 2.5 mn through the issuance of 500k ordinary shares at USD 1 each. The board is set to sign off on the changes via circulation on 28 March.

Talabat Holding’s board approved distributing USD 110 mn in dividends for 4Q 2024, according to a disclosure (pdf) to the DFM. The decision is subject to shareholder approval.

Umm Al Qaiwain General Investments’ general assembly approved distributing AED 21.8 mn in dividends for 2024, equivalent to 6% of the firm’s paid up capital, according to a disclosure (pdf) to the ADX.

MBME Group’s general assembly has approved the issuance of 275 mn bonus shares to shareholders, representing 10% of the company’s share capital in 2024, according to an ADX disclosure (pdf).