Apple overtakes Saudi Arabia's GDP… 18 more nations to go
Technology these days is a part and parcel of our lives thanks to the increased introduction of services through apps by the government and private sectors.
Our dependence on gadgets has transformed consumer technology firms into giants, and their comparison with the smaller countries now seems like David and Goliath.
Several corporates have traditionally been bigger than some of the smaller African and Asian nations, but this trend seems to be gathering pace with the advancement of the technology. The growing global consumer base is pushing the boundaries of corporates to larger-than-life size.
Barring 18 countries, US consumer technology giant Apple is now larger than most, with the latest being the Kingdom of Saudi Arabia – the largest country in the GCC region in terms of population, area and GDP.
According to Bank of America-Merrill Lynch (BofA-ML) statistics, the revolutionary US technology giant Apple has now grown – literally – bigger than Saudi Arabia, thanks to its revolutionary consumer technology products iPod, iPad and iPhone.
According to Bofa-ML, the market capitalisation of Apple has now touched $752 billion as compared to Kingdom’s GDP of $748 billion.
The 18 countries that remain bigger than Apple are the US, China, Japan, Germany, France, UK, Brazil, Italy, Russia, India, Canada, Australia, Spain, South Korea, Mexico, Indonesia, Netherlands and Turkey.
On February 10, 2015, shares of Apple reached a new all-time high closing at $122.02 per share, with a record breaking market capitalisation level of $710.74 billion — the largest closing value ever for any US company.
With a market cap of $710.74 billion, Apple is worth more than twice that of the market valuation of Microsoft ($349.48 billion), and nearly twice that of Google ($365.21 billion) on the day.
US-based investor Carl Icahn said Apple’s stock should be trading at $216, far above its record high of $124.92 hit last month. At $216 per share, Apple would be valued at about $1.3 trillion. Icahn owns about 53m Apple shares worth $6.5 billion.
Assuming that Icahn’s prediction comes true, then the Apple pie will be bigger than Turkey, Netherlands, Indonesia and Mexico.
In a new development, the iPhone maker – which is already the largest listed company – will be added to blue-chip Dow Jones Industrial Average index on March 19, 2015.
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