South Korea’s Samsung Group has shrugged off business and political scandals to be ranked Asia’s most valuable brand in the latest global survey by Brand Finance. But the leader of the innovation race may still be Japan, which rules the roost in patenting new inventions, according to a separate study.
U. S. technology powerhouses Google, Apple, Amazon, AT&T, and Microsoft took the top five places in the “ Global 500 2017 ,” the 2017 survey of the world’s most valuable brands by London-based consultancy Brand Finance.
However, Samsung gained a place from last year’s survey to rank sixth with an estimated brand value of $66.2 billion, up 13 percent from 2016. This came despite the disastrous recall of its Galaxy Note 7 smartphone and a corruption scandal linked to the Korean president. The South Korean conglomerate still expects profit growth in 2017 despite its recent woes, with record earnings from its memory chip business helping its shares hit a series of record highs in January.
No other South Korean companies placed in the top 50, although conglomerate Hyundai Group ranked 60th with an estimated brand value of $19.9 billion, while rival SK Group placed 62nd with $19.3 billion in value.
China’s largest bank, ICBC, ranked as Asia’s second-most valuable brand and the world’s most valuable banking brand, taking the 10th spot with an estimated brand value of $47.8 billion. It was followed by telecommunications firm China Mobile in 11th place with an estimated value of $46.7 billion, while China Construction Bank ranked 14th with an estimated brand value of $41.3 billion.
Other Chinese companies to make the top 50 comprised e-commerce giant Alibaba (ranked 23rd with $34.8 billion); Bank of China (29th with $31.2 billion); oil and gas companies Sinopec (32nd with $29.5 billion) and PetroChina (33rd with $29 billion); Agricultural Bank of China (34th with $28.5 billion); and telecommunications firms Huawei (40th with $25.2 billion) and Tencent (47th with $22.2 billion).
According to Brand Finance, Chinese banks’ brand value growth has been rapidly outpacing European and North American competitors.
“The nation’s vast population, organic expansion, foreign M&A [merger and acquisition] activity and positive relationships with Chinese consumers are a few common attributes Chinese banks share which serve to explain the immense growth of this industry. Not only has China’s ICBC claimed the title as the most powerful banking brand, it also dethrones Wells Fargo as the most valuable financial brand in the world,” the report said.
Japanese companies were also represented in the top 50, led by 12th-ranked automaker Toyota with an estimated brand value of $46.
