The Genesis of Power in ‘Fortune’
From its inception in 1929, power has been a key component of Fortune’s ethos. Our founder, Henry Luce, contemplated naming his new luxury business publication after ‘Tycoon’ or ‘Power‘.
Documenting Power in Business: Then and Now
While the publication ultimately received a different name, the concept of “power” continued to hold a significant place in our coverage. We’ve consistently documented the most influential people and corporations, praising the judicious use of power and demanding accountability from those who misused it. In 1998, we introduced the Most Powerful Women in Business list as a measure of how the fight against gender discrimination was reshaping authority within Fortune 500 companies.
Power Rankings in the Corporate World
Our mission, however, extends beyond gender. We aim to track the most powerful global companies and their leaders. This year, we decided to introduce a worldwide power ranking for the corporate sector, intending for it to be authoritative, current, and data-driven.
Defining Power
Our editors grappled with a seemingly straightforward yet complex question: What constitutes power? Is it determined by the profit figures of your company? An impressive job title? Or perhaps by the extent of your influence over others?
We narrowed our focus to several factors. Some were quantitative: the size of a leader’s business, and its overall health. Others were more personal, yet quantifiable: the innovativeness of a leader’s work, their career trajectory, and the impact they have on others.
The Power Holder of the Year: Elon Musk
After thorough deliberation, it became clear that Elon Musk was the undeniable top contender. As the leader of Tesla, X, and SpaceX, Musk’s influence in the forthcoming Trump administration is unparalleled. His role will include overseeing efficiency, significantly impacting AI, and potentially ensuring substantial benefits for all his businesses.
Discover the full list here and share your thoughts on our rankings at feedback@fortune.com. For insights into alternative business leaders, read about Jensen Huang’s journey at Nvidia and Mark Zuckerberg’s AI-driven transformation of Meta.
Implications of Trump’s Second Term and Musk’s Influence
What will the implications of a second Trump presidency be, especially with Musk and a new cabinet at the helm? For insights, we sought the expertise of Ian Bremmer, founder of political risk consulting firm Eurasia Group. Bremmer offers a comprehensive analysis in our digital cover story, “What global business leaders need to know about Trump 2.0”.
Tectonic Shifts in Global Relationships
One key takeaway is that the relationships between America and the rest of the world, including China, Europe, and the Middle East, will become increasingly important as more powerful companies go global. Anticipate dramatic and rapid shifts in these relationships, whether for better or worse.
This feature appears in the December 2024/January 2025 issue of Fortune under the title “What is Power?”
Want to know how closely connected you are to the world’s most influential business leaders? Explore our freshly compiled list of the 100 Most Powerful People in Business and learn about the metrics we used to determine the ranking.
Read More US Economic News