By Bruce Einhorn

A.T. Kearney's Ranking of the World's Top Companies

It wasn't long ago that oil traded at more than $140 a barrel and prices for iron ore, copper, nickel, and other resources were soaring, too. Thanks to that commodities boom, oil companies and mining and metals companies dominate consulting firm A.T. Kearney's ranking of global champions for 2008. The list, which looks at sales growth and "value creation"—the rise in a company's market capitalization after subtracting any increase in capital—ranks the world's 2,500 largest companies. Steelmaker ArcelorMittal topped the ranking. Apple (AAPL) is second, and Swiss miner Xstrata is No. 3. Of the top 25 companies on A.T. Kearney's list, 13 are in energy or in metals and mining.

With the credit crunch sinking economies around the world, Norbert Jorek, head of A.T. Kearney's Global Business Policy Council, says only a few of those companies will be able to stay among the global elite. "They had no business model other than being in the right business at the right time," he says. "They have nothing else working for them."

So which companies do? Jorek is upbeat about those that have a strong focus on the developing world. "The majority of growth will still be in emerging markets, not in the U.S., Europe, or northeast Asia," he says. "Companies that know how to work in emerging markets will be in much better positions." For instance, he's optimistic about the prospects of beer giant InBev, No. 25 on the A.T. Kearney list this year, in Asia, Africa, and Latin America. "Will people drink less beer because of the recession?" he asks. "Maybe just the opposite."

Read on for more on the top 10 companies in A.T. Kearney's global champions rankings.