20 Oldest Companies In The World
In this article, we will take a look at the 20 oldest companies in the world. If you would like to read about more companies, you can go to the 5 Oldest Companies In The World.
Business and commerce have been integral to human civilization for a very long time. While older civilizations may be perceived as less advanced, they progressed in ways suitable for their respective times. The term "Corporation" finds its roots in the Latin term "corpus," meaning a body of people. Records indicate that as early as the 4th century, Roman society recognized corporate entities with legal standing, allowing them to enter into contracts and seek legal remedies. Similar structures for businesses existed in other ancient civilizations, such as Europe, Japan, Britain, and India. Many cities had stock exchanges where investors could invest in shares and receive written proof of their ownership in specific companies.
In Western history, a few corporations stand out as particularly noteworthy, including the Dutch East India Company, the Hudson's Bay Company, and England's East India Company. The East India Company went on to rule the Indian Subcontinent for over a century. It was allegedly one of the largest companies in history, surpassing the scale of well-known contemporary corporations like Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Tesla Inc (NASDAQ:TSLA), and Meta Platforms, Inc. (NASDAQ:META).
Japan is known to have the highest number of oldest companies. It is reported that over 52,000 businesses in Japan are over 100 years old, making it the country with the highest number of 100-year-old companies in the world. Some well-known names in the country included Nintendo Co., Ltd (TYO:7974), founded in 1889; Suntory Beverage & Food Ltd (TYO: 2587), founded in 1899; and Kikkoman Corporation (TYO:2801), founded in 1917. Meanwhile, the oldest company in Europe is a winery. While these companies operate across various industries, their key to enduring challenges over time lies in their ability to adapt to changes over time.
This raises questions about the secrets to a business's longevity and how other enterprises can draw lessons from these entities. Understanding these lessons becomes important, especially considering the decline in the average lifespan of a business listed in the S&P 500 index - from 67 years in the 1920s to approximately a decade today. In recent years, economic upheavals and competition have brought about the downfall of many corporate giants, ranging from financial institutions like Silicon Valley Bank to renowned camera manufacturers such as Kodak.
A key determinant for long-term survival is a commitment to innovation and continuous reinvention. A popular example is Nokia, which evolved from being a pulp manufacturer to entering the field of electricity and, eventually, mobile phones. At one point, Nokia's brand extended even to galoshes. Another illustrative case is Berkshire Hathaway, which was initially established as a textile mill in Rhode Island and later diversified its operations into a number of industries.
Here's what Vltava Fund said about Berkshire Hathaway Inc. (NYSE:BRK-B) in its Q4 2023 investor letter:
“Entire books have been published on Berkshire Hathaway Inc. (NYSE:BRK-B) transactions. One of the best that I can highly recommend is Adam Mead’s 2021 book, The Complete Financial History of Berkshire Hathaway. The book is excellent and detailed, but it, too, will need updating over time. In fact, Berkshire Hathaway writes another interesting chapter in its history every year. A chapter describing 2023 would be quite extensive. At the turn of the year, Berkshire completed its $11.6 billion acquisition of the insurer Alleghany Corporation. A little later, Berkshire increased its stake in Pilot Flying J to 80% and its holdings in five Japanese “sogo shosha” conglomerates to 8.5% (a total investment at current prices of about $20 billion). Through the course of the year, Berkshire also steadily increased its stake in Occidental Petroleum to 37% (including warrants). Berkshire Hathaway continues to be a very unique type of conglomerate whose investments generate huge amounts of cash and which can successfully reinvest that cash again and again over the long term. It is an almost perfect case of a snowball in the markets. Here is one interesting fact: we estimate that the intrinsic value of a single Berkshire share is currently growing at a rate of about $178 per day. When we bought the shares 12 years ago, this was less than $50 a day. The rate of growth is accelerating gradually and with minimal fluctuations. Moreover, Berkshire has additional decades of similar growth still ahead of it.”
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Our Methodology
To shortlist the 20 oldest companies in the world, we conducted a comprehensive analysis using reports from reputable websites such as Bloomberg and the Visual Capitalist. We have cross-referenced our list across multiple sources to ensure reliability. All the companies in this list have been in continuous operation since their foundation. The oldest companies in the world have been ranked in descending order of their year of founding, with the most ancient businesses holding the top positions.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20 Oldest Companies In The World
20. Benediktinerstift Admont
Founding Year: 1074
Admont Abbey was built in 1074 by the Archbishop of Salzburg and is the oldest surviving monastery in Styria, Austria. Located in a wooded region, the Abbey initially engaged in small-scale woodworking activities. Over time, this evolved into a significant commercial enterprise with the establishment of the Timber processing operation Stift Admont, also known as Stia. The brand manufactures natural wood floors, panels, and staircases.
19. Affligem Brewery
Founding Year: 1074
The Abbey of Affligem was built around 1074, which makes it one of the oldest known breweries and businesses in Belgium. The beers are now manufactured under license from the Affligem monks by Heineken International.
18. Otterton Mill
Founding Year: 1068
The oldest record of the Otterton Mill dates back to 1068. The mill uses waterpower to produce traditional stoneground whole meal flour. While milling experienced a decline in 1959, restoration efforts in 1977, driven by a local family's investment, successfully transformed the mill into a tourist destination.
17. Weltenburg Abbey
Founding Year: 1050
Located in Germany, Weltenburg Abbey is one of the two oldest surviving monastery breweries to date. Established in 617, the Abbey's brewing tradition is well-documented, with the oldest proof of its brewery dating back to 1050. Barock Dunkel is one of the brewery’s famous offerings that has received the title of best dark beer at the World Beer Cup on three separate occasions.
16. Weihenstephan
Founding Year: 1040
Situated in Germany, Weihenstephan Abbey is also one of the two oldest surviving monastery breweries today. While the earliest reference to a brewery at the site dates back to 768, the officially licensed establishment of the brewery occurred in 1040, a date that Weihenstephan claims as its founding. The oldest documented evidence of its brewery, however, is from the year 1050.
15. Shumiya-Shinbutsuguten
Founding Year: 1024
Shumiya-Shinbutsuguten is the second oldest shrine and funeral goods maker. The company makes Buddhist altar equipment, vestments, temple fittings, funeral products, and tombstones. To keep up with changing times and declining demand for such products, the company is now adapting by offering traditional Japanese art goods to the global market. In this evolution, businesses of today, such as Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), and Meta Platforms, Inc. (NASDAQ:META), may find valuable insights from the resilience and adaptability of businesses like Shumiya-Shinbutsuguten.
14. Ichimonjiya Wasuke
Founding Year: 1000
Ichimonjiya Wasuke is a confectionery company in Kyoto, Japan. It sells Wagashi (a form of Japanese sweets). The 25th generation of the Hasegawa family runs the company. The family initially settled near the Imamiya Shrine around the year 1000, seeking refuge from a pandemic and aiming to cater to pilgrims visiting the shrine. To this day, the business continues to provide its treats to both shrine visitors and other tourists.
13. Marinelli Bell Foundry
Founding Year: 1000
The Marinelli family started their bell foundry slightly over a 1,000 years ago in Italy. Today, the site is located in the small village of Agnone, situated in Molise. In 1924, Pope Pius XI gave the foundry the title of "pontifical foundry" in recognition of its service to the Vatican. The Vatican remains the primary patron of this historic foundry.
12. Château de Goulaine
Founding Year: 1000
The Château de Goulaine is an ancient château in the Loire Valley wine region in France. It has been under the ownership of the Goulaine family for over a thousand years. While the precise timeline of the transition from producing wine solely for estate use to its commercial endeavors remains unclear, the winery itself has been actively contributing to the winemaking tradition for over a millennium.
11. Nakamura Shaji
Founding Year: 970
Nakamura Shaji is a construction company located in Aichi Prefecture, Japan. It specializes in building Buddhist temples, Shinto shrines, and other delicate woodwork items used in these shrines.
10. The Bingley Arms
Founding Year: 953
Located in the village of Bardsey, West Yorkshire, The Bingley Arms is the oldest pub in Britain. The pub claims to trace its roots back to a period ranging from 905 to 953. The Bingley Arms is at the tenth position on our list of the oldest companies in the world.
9. Sean's Bar
Founding Year: 900
Sean's Bar is an Irish pub famous for its establishment in AD 900. It claims to be the oldest existing bar in Ireland as well as Europe. The pub's claims are supported by archaeological surveys conducted on the building, revealing portions of an ancient wall that date back to the 900s.
8. Tanaka-Iga
Founding Year: 885
Tanaka-Iga Butsugu is a Japanese company that makes religious goods, like butsudan shrines, which are common in many Japanese homes. The company was founded in the ninth century and is one of the oldest manufacturers of religious items in the world.
7. Staffelter Hof
Founding Year: 862
The Staffelter Hof is a wine-producing abbey in Belgium that dates back to 862. The first documented evidence of the Staffelter Hof abbey is found in an original document presently housed in the city archives of Liège, Belgium. The Staffelter Hof is at the seventh position on our list of the oldest companies in the world.
6. Stiftskeller St. Peter
Founding Year: 803
St. Peter Stiftskulinarium is a restaurant inside St Peter's Abbey in Salzburg, Austria. It is assumed to have been operational before AD 803, officially making it the oldest inn in Central Europe.
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Disclosure: None. 20 Oldest Companies In The World is published on Insider Monkey.
