Time Inc.'s Fortune magazine released its annual World's largest corporations ranked by revenue that appeared in its annual Fortune Global 500 list.

In this year's list, U.S. companies made up the majority with 133 companies followed by 68 Japanese companies and 61 Chinese companies.

The U.S. still dominates the list, with 133 companies, but that number is down from 185 a decade ago. China continues its march, with 61 companies, versus just 12 in 2001. Companies from India, Russia, Brazil, and other growth economies are moving up in the rankings, Fortune said in a statement.

Three Chinese companies -- Sinopec Group, China National Petroleum and State Grid -- rank in this year's top 10. European companies also held a strong presence on this year's list, with 35 French companies and 34 German companies. The combined profits of the Fortune Global 500 increased 59 percent.

For the second year in a row, Wal-Mart holds the number one spot with revenues of more than $421 billion. Wal-Mart appears eighth time in the list's history. Royal Dutch Shell, Exxon Mobil, General Motors and Mitsubishi are the only other companies to ever top the Global 500.

The top-ten World's largest corporations ranked by revenue in order are: Wal-Mart Stores (U.S.), Royal Dutch Shell (Netherlands), ExxonMobil (U.S.), BP Plc (United Kingdom), Sinopec Group (China), China National Petroleum (China), State Grid Corporation of China (China), Toyota Motor (Japan), Japan Post Holdings (Japan), and Chevron (U.S.).

Take a look at the slideshow: