A New Framework for Global Power: The G20 Economic Titans
During the recent annual meeting of the World Economic Forum in Davos, political and business leaders acknowledged the breakdown of the international order, now being reshaped by the primacy of power over established rules. Understanding and preparing for the implications of the deep transformations currently redefining the global landscape is essential.
In this context, we define geopolitical statecraft as the actions of states, using a wide range of instruments, to defend what they consider their national interests in an increasingly fragmented world, with the U.S. and China competing for leadership while major digital and tech corporations play an ever more prominent role.
At the center of this new reality, we update our global power map: “G20 Economic Titans”—a unique perspective that combines the 20 largest economies in the world, including both nations (by GDP) and corporations (by market capitalization). This framework highlights the primary forces shaping the global order.
This represents a re-conceptualization of the G20 from a business perspective. In 2026, the G20 presidency is held by the United States under Donald Trump’s administration, and it is expected to be less institutional and more political than in previous years, as the U.S. has opted to reduce financial meetings and concentrate the agenda’s weight on the final leaders’ summit in December.
It is also worth noting that while major Chinese companies often rank among the top globally in terms of revenue, they lag behind their American counterparts in market capitalization. This gap is largely due to limited access for global investors, regulatory uncertainties, and transparency concerns.
Explore the interactive chart below: hover over each country or company to see its GDP or market capitalization (in billions of U.S. dollars).
Director, Economic analysis and International affairs
Senior Analyst I Economic analysis and International affairs
Analyst I Economic analysis and International affairs
