The Financial Times FT500 list of the world's most important companies, published today, sees companies from China, Russia and India represented in larger numbers than before. India ranks fifteenth on the list, with 13 companies that have a total market value of $420,749 million.

The companies from these fast growing economies, FT said, have already broken into the top 10 and number 50 strong in the top 500. This, said FT, compares against a meagre, or even negligible, presence just a decade ago.

The US tops the list with169 companies, with a market value of $169 9,617,111 million, while China comes in third with 25 companies having a market value of $1,962,048.4 million. Other BRIC majors, Russia and Brazil are positioned ninth and 11th on the list respectively.

While Exxon Mobil is the top ranked company on the list, Berkshire Hathaway comes in at 13 and Arcelor Mittal is placed at 44.

The companies that have registered the largest falls over their 2007 rankings are US financial services provider, Lehmann Brothers, which has slipped to 476 from 219 last year. Indian IT giant, Tata Consultancy Services, has slipped to 481 from 318 in 2007, while Infosys slips 121 positions - from 344 to 465.  

The FT500 survey is based on market values at the end of March each year. (See: Global 500)

The list also reveals that the dominance of US companies has weakened, even as the presence of those from neighbouring country, Canada, has risen. The number of Canadian companies in the FT500 has risen from 10 to 24 since 1996. The rise in numbers has taken place alongside a shift in the dominance of industries from the financial, manufacturing and transportation sectors to those that are resource-based. 

A company, such as Barrick Gold, has become the world's top gold producer through several large acquisitions. Some entrepreneurial businesses, FT said, have also made a mark, notably Research In Motion, which manufactures the BlackBerry.

In the European sector, the list shows a fall in the number of British and Dutch companies, while those from Germany and Switzerland have remained broadly the same.

Surprisingly, French and Spanish companies have nearly doubled their representation on the list since 1996, when the first Global 500 list was published. The French have sought growth overseas through the M&A route, trying to beat stagnation at home.

Spanish companies are represented in larger numbers than before, with 14 companies on the list now as compared to just six before.

Mergers and takeovers have provided some companies, such as ArcelorMittal or EADS, sufficient size to make their presence felt on the rankings.