Germany has Europe’s largest economy and ranks number four globally after the United States, China and Japan. Yet German firms do not make it into the top 50 of the world’s most valuable listed companies, a Handelsblatt ranking shows.
Measured by market capitalization, the first German firm in Handelsblatt’s list of 100 companies is drugs and pesticide maker Bayer at post 66, valued at €96 billion, or $105 billion.
Business software maker SAP, carmaker Daimler and industrial conglomerate Siemens follow lower in the ranking with market caps between €79 billion and €90 billion.
Volkswagen, the world’s second-largest carmaker after Toyota, has dropped from the list altogether. Following revelation of the diesel emissions scandal in September, the maker of VW, Audi and Porsche cars has lost a fifth of its market value and is now valued at around €70 billion, €17 billion less than last year.