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Why Are There No Trillion-Dollar Companies in Europe?

Why Are There No Trillion-Dollar Companies in Europe?
The seat of the European Parliament in Brussels, in a file photo. Fabrizio Maffei/Shutterstock
David Hebert
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Commentary
Europe is a wonderfully diverse continent, with 44 countries, each with its own rich (and long) history and unique constellation of policies. Despite this, there are no trillion-dollar companies in all of Europe. Of the 11 companies worldwide to reach this level, nine are in the United States, with the other two being in Taiwan and Saudi Arabia. If we look at the top 11 companies in Europe, their combined market capitalization amounts to just $2.2 trillion, which is $1 trillion less than the market capitalization of Apple alone.
David Hebert
David Hebert
Author
Dave Hebert, Ph.D., is a senior research fellow at the American Institute for Economic Research (AIER). He was formerly a professor at Aquinas College, Troy University, and Ferris State University. He has also been a fellow with the U.S. Senate Committee on the Budget and has worked for the U.S. Joint Economic Committee. Dr. Hebert’s research has been published in academic journals such as Public Choice, Constitutional Political Economy, and The Journal of Public Finance and Public Choice and popular outlets such as The Wall Street Journal, Investor’s Business Daily, RealClearPolicy, RealClearMarkets, The Hill, and The Daily Caller. He also serves as an associate director of The Entangled Political Economy Research Network.