World's Best Companies 2009

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32), and oil giant ExxonMobil (XOM) (No. 38). Indeed, some of the most successful enterprises are relatively small. Miami-based World Fuel Services (INT), which markets marine, aviation, and land fuel products in 23 countries, is the smallest on the list with a market cap of $1.1 billion, but comes in at No. 13. German construction company Bilfinger Berger (GBFG.DE) (No. 33) had a market cap of $1.7 billion but has won impressive contracts such as the world's longest rail tunnel, a 30-mile-plus link under the Alps straddling the French-Italian border.

In the developing world, South Africa put in a strong showing with three companies in the Global Top 40. MTN, one of the pioneers in bringing mobile service to emerging markets, has proven that poor countries can be lucrative markets. Nigeria is its largest with some 28 million subscribers, and the company continues to expand in the Middle East. "Driven by a large entrepreneurial spirit, MTN had the will and appetite to take on that risk and the ability to turn risk into success," says Dobek Pater, partner at Africa Analysis, a consulting firm for tech companies in developing markets. And conglomerate Bidvest Group (No. 37) has placed an emphasis on food service but also has holdings in logistics and retailing. Both are examples of emerging-market companies poised to become global players: Bidvest has made acquisitions around the world, including in Australia and Central Europe, and MTN is currently in talks with India's Bharti Airtel (BRTI.BO) over a $24 billion merger.

This year's ranking of the World's Best Companies shows that even when stock markets are down, smart companies can be on the way up. A.T. Kearney Chairman Laudicina sees two important factors that are most likely to drive global economic performance in coming years: leveraging technology and innovation to enhance productivity, and demographic shifts such as graying populations. "Those companies who understand them best—and I think you see many of them on this list," will prosper, he says. "Those that don't are likely to be outside the bakery window looking in."

Deprez is a reporter for BusinessWeek.

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