In the galaxy of cities that host corporate headquarters, Beijing is the biggest star. A stunning 15% of revenue generated by the Global 500 last year—$6.1 trillion—went to companies based in China’s capital. That enormous sum underscores how China’s growing corporate power is concentrated in just a few cities. Companies based in Beijing, Shanghai, and Shenzhen account for 69% of the revenue of mainland China’s Global 500 roster. By contrast, the top three U.S. metros—New York, San Jose, and Dallas—account for only 27% of revenue from America’s Global 500 ranks. Of course, the U.S. has practiced capitalism for much longer than China has; the geographic dispersal may signal the degree to which big-company culture has become the American norm.
