China now has the most companies on the Fortune 500 list

Walmart is the world's largest company by revenue for the ninth consecutive year, and for the 17th time since Fortune magazine began ranking companies by size in 1995. 

Fortune on Wednesday released its annual Fortune Global 500 list, a ranking of the largest and most profitable corporations worldwide. Saudi Aramco, the sixth-largest company in the world by revenue, is now the globe's most profitable company, with $105 billion in earnings, according to Fortune. 

In 2021, businesses of all sizes faced an uphill climb overcoming financial setbacks triggered by the COVID-19 pandemic. This year, they face new challenges, including inflation, looming fears of a recession and Russia's war in Ukraine.