California Tops Nation with 58 Fortune 500 Companies, Citing Strong Economic Growth Amid Tariff Impact
SACRAMENTO, June 4, 2025 (CALIFORNIA NEWS TODAY) — The California Office of the Governor has announced that California again ranks first among U.S. states in the number of Fortune 500 companies headquartered within its borders, according to the latest Fortune 500 list. The state is home to 58 companies on the list, followed by Texas with 54 and New York with 53, based on fiscal year 2024 revenue data.
The state recently surpassed Germany to become the world’s fourth-largest economy, with a nominal GDP of nearly $4.1 trillion. California also holds the second-highest per capita GDP among large economies.
“There’s nowhere better for innovation and growth than the 4th largest economy in the world that attracts and retains world-class dreamers and doers – as illustrated by the 58 Fortune 500 companies that call California home,” said Governor Gavin Newsom.
California also leads the country in several economic sectors, including technology, agriculture, manufacturing, and venture capital investment. The state is home to 33 of the world’s 50 leading artificial intelligence companies and a quarter of all global AI patents and conference publications.
Despite its growth, the state’s economy has faced challenges tied to international trade policy. The Office of the Governor stated that President Trump’s tariff actions are estimated to have resulted in $16 billion in lost revenue for California. In April, Newsom’s administration filed a lawsuit challenging the federal government’s authority to unilaterally impose tariffs.
For more information, visit www.gov.ca.gov.
Source: Office of Governor Gavin Newsom
