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Illinois Home to 35 Fortune 500 Headquarters

Illinois is home to 35 Fortune 500 companies’ headquarters, which ranks fourth overall in the U.S. Most of the companies are located in the Chicagoland area, with the exceptions being John Deere in Moline and State Farm Insurance in Bloomington.

Overall, the numbers are shrinking, as Citadel, Boeing, and Caterpillar have relocated to other states in recent years. In addition, McDonald’s, which has been in Chicago since the 1950s, could be on the move. Many other states boast lower property taxes than Illinois. Texas, where Caterpillar is headed, has no state income tax.

Walgreens leads the Fortune 500 headquarters list for Illinois, ranking 19th in the nation as of 2020. State Farm Insurance (36th) and Archer Daniels Midland (54th) were the next highest. Walgreens employs 287,000 people and reported revenues of $136.9 billion in 2020. All companies in the top 500 had revenues of at least $5.7 billion, which is a one percent increase over 2019. Overall, Fortune 500 companies make up about 66 percent of the nation’s total gross domestic product.

The Fortune 500 is an annual list of the largest U.S. companies ranked by total revenues for their respective fiscal years. The list is compiled and published by Fortune magazine. Wal-Mart, based in Arkansas, has topped the list every year since 2013.


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