Sometimes stepping back from the present reveals just how much the world has changed. Each year, Fortune publishes its Fortune 500 list, focusing on U.S. companies, followed by the Global 500 list. These lists often mirror each other, with American companies like Walmart consistently leading both.
However, shifts do occur, making each year’s list unique. In 1990, when the Global 500 debuted, the world was different—Germany was divided, and China wasn’t a major player. The 1990 list had 167 U.S. companies, 111 Japanese, and just 43 British.
Since then, the Global 500 has evolved, reflecting the shifting economic power dynamics globally. A look back at the 1990 and 1995 lists reveals the fascinating changes over time, including Fortune’s decision in 1995 to merge industrial and service corporations on both lists.