With a Gross Domestic Product of approximately $2.9 trillion, the United Kingdom ranks as one of the nations with the strongest economies. It is home to over five million private sector businesses, some of which have grown into billion dollar empires. Read on to gain more insight on some of the largest companies in the UK.
See Also: Top 10 Best Workplaces in the UK
1. HSBC Holdings
With a market value of $167.7 billion and $2.6 trillion in assets, HSBC Holdings is the largest company in the UK, and the third-largest banking and financial services provider in the world. The company has its corporate headquarters in London, and operates in over 80 countries worldwide. HSBC’s origins can be traced back to Hong Kong. In fact, HSBC stands for Hongkong and Shanghai Banking Corporation. It had 257,603 employees as of May 2015.
Headquartered in London, Vodafone is the leading telecommunications provider in the UK. It has a market value of $88 billion, and assets worth over $200 billion. The company has a market presence in over 60 countries across the world, and 89,146 employees to support its operations.
BP, also known as British Petroleum, provides its customers with fuel for transportation, lubricants to keep their engines well-oiled and energy to light their homes and offices. BP has a market value of $120.8 billion, an asset portfolio worth 284.3 billion and 84,500 employees. It has its headquarters in London.
4. Prudential Plc.
Headquartered in London, Prudential Plc., offers insurance on products and services, including annuities, mutual funds, life insurance, and pension and retirement schemes. It has over 7 million customers, 23,915 employees, a market value of $64.5 billion and an asset base worth $564.5 billion. The company also owns business in America, Africa and Asia.
5. Lloyds Banking Group
With a market value of $84.4 billion and an asset base worth over $1 trillion, Lloyds Banking Group ranks as one of the largest UK companies. Operating mainly from its London headquarters, the company offers retail and commercial banking, investment management and insurance services in England, Wales and Scotland. Lloyd has 95,088 employees.
6. Rio Tinto
Rio Tinto operates in the mining industry, where it extracts, refines and produces metals such as aluminum, iron, diamonds and copper. The company has a market value of $76.5 billion, 59,775 workers, and assets worth $107.8 billion. Although the company is London-based, it has management offices in Melbourne, Australia.
GlaxoSmithKline (GSK) is a leading pharmaceutical company with corporate headquarters in Brentford, London. It researches, develops and manufactures a wide range of medicines, which are sold globally. GSK has a market value of $114.1 billion, an asset base of $63.4 billion and 97,921 employees.
8. Standard Chartered
Unlike Lloyds Banking Group, which only operates within the UK, Standard Chartered has branches in over 70 countries. With headquarters in London, Standard Chartered has a market value of $39.8 billion and assets worth $725.9 billion. The bank employs 90,940 people.
Aviva offers a range of insurance services, including general, life, health, travel and motor insurance. Although it is based in London, it operates in 16 countries, mainly across Europe and Asia. The market value and asset base of Aviva currently stands at $24.5 billion and $463.9 billion, respectively. It has a workforce of 26,364 employees.
10. Legal and General
On the surface, one would think Legal and General Group offers legal services. In the actual sense, the company offers insurance services and products. Its name derives from the fact that it used to offer insurance services exclusively to legal professionals, before opening its doors to the general public. Legal and General has 13,980 employees, a market value of $25 billion, and assets worth $618.5 billion.
So, these are the UK’s largest companies in terms of employees, asset base and market values. It is interesting to note that they are all based in London, which is the UK’s economic hub and financial center. Other companies that may break into this list in the future include National Grid, British American Tobacco and BT Group.
Do you know of any other companies you believe should be on this list? If so, let us know in the comments section below.