Industrial & Commercial Bank of China is ranked No. 1 for the fifth consecutive year. China Construction Bank remains in the No. 2 spot. The other two of China’s “Big Four” banks – Agricultural Bank of China and Bank of China – dropped down on the list, but remained in the top ten. Berkshire Hathaway, the largest company in the United States, moves up one spot to No. 3 on this year’s list.

Rounding out the top ten are JPMorgan Chase (No. 4), Wells Fargo (No. 5), Agricultural Bank of China (No. 6), Bank of America (No. 7), Bank of China (No. 8), Apple (No. 9) and Toyota Motor (No. 10).

Despite a slowing of the global IPO market, there are several newcomers to the list. Asia leads with 13 companies joining the Global 2000 ranks. The highest debut at No. 55 is Postal Savings Bank of China. The September 2016 IPO was the year’s largest, worth $8.1 billion. In the U.S., the most high-profile company to enter the list was Snap Inc. The company’s $24 billion market cap helped it earn a spot at No. 1,693.

“Forbes’ 2017 Global 2000 list faces much pressure amid unsteady geopolitical climates and slowing economies. Yet, in aggregate, these 2,000 companies have managed to come out stronger than last year, with increased sales, profits, assets and market values.

Despite slowing GDP figures, China and the U.S., whose companies make up more than 40% of the list, continue to dominate the top 10 list with financial giants,” said Halah Touryalai, Deputy Editor, Investing, Forbes Media. “This list illustrates that in spite of headwinds, the world’s dominant companies remain a steady force in an unpredictable and challenging environment.”

M&A activity decreased year over year, with several deals being withdrawn. Most notable, Pfizer (No. 47) and Allergan (No. 149) ended merger talks in April 2017 after the U.S. government proposed regulations that would stop corporate inversions.

Successful deals included Anheuser-Bush InBev (No. 126), which completed its merger with SAB Miller in October 2016. European supermarket companies Royal Ahold and Delhaize combined to form Royal Ahold Delhaize in July 2016. The new company is ranked No. 330.

The top ten companies on Forbes’ 2017 Global 2000 list are:
1. Industrial & Commercial Bank of China (ICBC), China – banking
2. China Construction Bank, China – banking
3. Berkshire Hathaway, United States – conglomerate
4. JPMorgan Chase, United States – diversified financials
5. Wells Fargo, United States – diversified financials
6. Agricultural Bank of China, China – banking
7. Bank of America, United States – banking
8. Bank of China, China – banking
9. Apple, United States – technology hardware and equipment
10. Toyota Motor, Japan – auto and truck manufactures

Highlights include:

Low oil prices continued to put pressure on the oil and gas companies. PetroChina fell out of the top 10 last year and is down 85 spots to No. 102 this year.

PetroChina isn’t alone: Exxon Mobile dropped 4 spots to No. 13 and Chevron tumbled to No. 359 from No. 28 in 2016.