CINXE.COM
The top 10 biggest R&D spenders worldwide | Fortune
<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>The top 10 biggest R&D spenders worldwide | Fortune</title><meta name="msapplication-TileColor" content="#ffc40d"/><meta name="theme-color" content="#FFFFFF"/><meta name="description" content="Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. "/><meta name="author" content="Michael Casey,Robert Hackett"/><meta name="keywords" content="who are the biggest R&amp;D spenders?, innovation, research, development"/><meta property="og:url" content="https://fortune.com/2014/11/17/top-10-research-development/"/><meta property="og:type" content="article"/><meta property="og:title" content="The 10 biggest R&D spenders worldwide"/><meta property="og:description" content="Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. "/><meta property="og:site_name" content="Fortune"/><meta property="og:image" content="https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600"/><meta property="og:width" content="1024"/><meta property="og:height" content="683"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:title" content="The 10 biggest R&D spenders worldwide"/><meta name="twitter:description" content="Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. "/><meta name="twitter:image" content="https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600"/><meta name="twitter:url" content="https://fortune.com/2014/11/17/top-10-research-development/"/><meta property="fb:pages" content="56501027948"/><meta name="robots" content="max-image-preview:large"/><link rel="preconnect" href="https://www.google-analytics.com" crossorigin=""/><link rel="preconnect" href="https://www.googletagservices.com" crossorigin=""/><link rel="preconnect" href="https://ad.doubleclick.net" crossorigin=""/><link rel="preconnect" href="https://static.doubleclick.net" crossorigin=""/><link rel="preconnect" href="https://securepubads.g.doubleclick.net" crossorigin=""/><link rel="icon" href="/icons/favicons/favicon.ico"/><link rel="canonical" href="https://fortune.com/2014/11/17/top-10-research-development/"/><link rel="preconnect" href="https://static.myfinance.com" crossorigin=""/><script id="json-schema" type="application/ld+json">{"@type":"NewsArticle","@context":["https://schema.org"],"publisher":{"@type":"NewsMediaOrganization","logo":{"@type":"ImageObject","url":"https://fortune.com/static/media/logo.png"},"name":"Fortune"},"headline":"The 10 biggest R&D spenders worldwide","url":"https://fortune.com/2014/11/17/top-10-research-development/","mainEntityOfPage":"https://fortune.com/2014/11/17/top-10-research-development/","dateModified":"2014-11-18T13:45:52-00:00","datePublished":"2014-11-17T21:40:00-00:00","identifier":870289,"thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg","image":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg","keywords":["Innovation","International","research & development","Volkswagen (VW)"],"articleSection":"Features","description":"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. ","author":[{"@type":"Person","name":"Michael Casey","url":"https://fortune.com/author/michael-casey/"},{"@type":"Person","name":"Robert Hackett","url":"https://fortune.com/author/robert-hackett/","email":"robert.hackett@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2014/05/Hackett_bio.jpg?w=150"}],"isAccessibleForFree":false,"hasPart":{"@type":"WebPageElement","cssSelector":".paywall","isAccessibleForFree":"False"}}</script><script>window.dataLayer = window.dataLayer || []</script><link rel="dns-prefetch" href="https://c.amazon-adsystem.com"/><link rel="preconnect" href="https://c.amazon-adsystem.com" crossorigin=""/><script async="" src="https://c.amazon-adsystem.com/aax2/apstag.js"></script><link rel="preload" as="image" imageSrcSet="https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1440&q=75 1440w" imageSizes="100vw" fetchPriority="high"/><meta name="next-head-count" content="37"/><link rel="preload" href="/_next/static/media/a63f776f9c0a0ec4-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/53119eeb5d808e5d-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/f349898cee58fa09-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/b0f60f2bca7964f3-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/3de697d86e4445fe-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/c8771b905e084254-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/3a9e61bb4610dfff-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/ca1c7ba84c002e81-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/dfa93b9e43b68220-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/media/1b1fe1d93189867c-s.p.woff2" as="font" type="font/woff2" crossorigin="anonymous" data-next-font="size-adjust"/><link rel="preload" href="/_next/static/css/1ba87b9ceebbd439.css" as="style"/><link rel="stylesheet" href="/_next/static/css/1ba87b9ceebbd439.css" data-n-g=""/><noscript data-n-css=""></noscript><script defer="" nomodule="" src="/_next/static/chunks/polyfills-c67a75d1b6f99dc8.js"></script><script src="/_next/static/chunks/webpack-b530cc591fd55c82.js" defer=""></script><script src="/_next/static/chunks/framework-295dec0b014b6772.js" defer=""></script><script src="/_next/static/chunks/main-5c1400823407d036.js" defer=""></script><script src="/_next/static/chunks/pages/_app-f501d793db519024.js" defer=""></script><script src="/_next/static/chunks/3812-2bd2fa224e412dd2.js" defer=""></script><script src="/_next/static/chunks/9726-cdd3a6abaac7428f.js" defer=""></script><script src="/_next/static/chunks/1698-01575fee38a0b3f4.js" defer=""></script><script src="/_next/static/chunks/pages/%5Bparam%5D/%5Bmonth%5D/%5Bday%5D/%5Bslug%5D-77068c23612be0a9.js" defer=""></script><script src="/_next/static/AemenyMzdQKfa2aLmDQZi/_buildManifest.js" defer=""></script><script src="/_next/static/AemenyMzdQKfa2aLmDQZi/_ssgManifest.js" defer=""></script><style data-styled="" data-styled-version="6.1.13">.iCETYa{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;gap:4px;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:600;text-align:center;line-height:150%;letter-spacing:0.5px;box-sizing:border-box;color:#007B9D;background-color:transparent;border:1px solid transparent;line-height:120%;position:relative;font-size:16px;text-transform:none;}/*!sc*/ .iCETYa::after{border-style:solid;border-color:inherit;border-width:0 1.5px 1.5px 0;border-radius:10%;display:inline-block;padding:3px;width:9px;height:9px;content:'';-webkit-transform:rotate(-45deg);-moz-transform:rotate(-45deg);-ms-transform:rotate(-45deg);transform:rotate(-45deg);-webkit-transform:rotate(-45deg);margin-bottom:1px;margin-right:2px;margin-top:3px;width:9px;height:9px;}/*!sc*/ .iCETYa:hover,.iCETYa:focus-visible{-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ .iCETYa:focus-visible{border:1px solid #007B9D;box-shadow:none;outline:none;}/*!sc*/ .iCETYa:active{box-shadow:none;border:1px solid transparent;color:#666666;}/*!sc*/ .iCETYa:active::after{border-color:#666666;}/*!sc*/ .iCETYa::after{border-color:#007B9D;}/*!sc*/ .iCETYa:disabled{color:#666666;box-shadow:none;border:1px solid transparent;cursor:not-allowed;}/*!sc*/ .iCETYa:disabled:hover,.iCETYa:disabled:focus,.iCETYa:disabled:active{color:#666666;border:1px solid transparent;box-shadow:none;-webkit-text-decoration:none;text-decoration:none;outline:none;}/*!sc*/ .iCETYa:disabled:hover::after,.iCETYa:disabled:focus::after,.iCETYa:disabled:active::after{border-color:#666666;}/*!sc*/ .iCETYa:disabled::after{border-color:#666666;}/*!sc*/ .iCETYa::after{display:none;}/*!sc*/ .iCETYa:hover::after,.iCETYa:focus::after,.iCETYa:active::after{display:none;}/*!sc*/ .YEoET{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;gap:4px;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:600;text-align:center;line-height:150%;letter-spacing:0.5px;box-sizing:border-box;color:#111111;background-color:transparent;border:1px solid transparent;line-height:120%;position:relative;font-size:16px;text-transform:none;}/*!sc*/ .YEoET::after{border-style:solid;border-color:inherit;border-width:0 1.5px 1.5px 0;border-radius:10%;display:inline-block;padding:3px;width:9px;height:9px;content:'';-webkit-transform:rotate(-45deg);-moz-transform:rotate(-45deg);-ms-transform:rotate(-45deg);transform:rotate(-45deg);-webkit-transform:rotate(-45deg);margin-bottom:1px;margin-right:2px;margin-top:3px;width:9px;height:9px;}/*!sc*/ .YEoET:hover,.YEoET:focus{color:#007B9D;-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ .YEoET:hover::after,.YEoET:focus::after,.YEoET:hover::before,.YEoET:focus::before{border-color:#007B9D;}/*!sc*/ .YEoET:focus{border:1px solid #007B9D;box-shadow:none;outline:none;}/*!sc*/ .YEoET:active{box-shadow:none;border:1px solid transparent;color:#666666;outline:none;}/*!sc*/ .YEoET:active::after,.YEoET:active::before{border-color:#666666;}/*!sc*/ .YEoET::after,.YEoET::before{border-color:#111111;}/*!sc*/ .YEoET:disabled{color:#666666;box-shadow:none;border:1px solid transparent;cursor:not-allowed;}/*!sc*/ .YEoET:disabled:hover,.YEoET:disabled:focus,.YEoET:disabled:active{color:#666666;border:1px solid transparent;box-shadow:none;-webkit-text-decoration:none;text-decoration:none;outline:none;}/*!sc*/ .YEoET:disabled:hover::after,.YEoET:disabled:focus::after,.YEoET:disabled:active::after{border-color:#666666;}/*!sc*/ .YEoET:disabled::after{border-color:#666666;}/*!sc*/ .YEoET::after{display:none;}/*!sc*/ .YEoET:hover::after,.YEoET:focus::after,.YEoET:active::after{display:none;}/*!sc*/ data-styled.g1[id="sc-9c0d9f78-0"]{content:"iCETYa,YEoET,"}/*!sc*/ .biiLYN{cursor:pointer;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;color:#666666;font-family:var(--saol-text),Saol Text,Times New Roman,Playfair Display,Georgia,Serif;}/*!sc*/ .biiLYN.link{background-color:transparent;border:0;}/*!sc*/ .biiLYN.selected{color:#111111;}/*!sc*/ .biiLYN:hover{color:#007B9D;}/*!sc*/ .biiLYN:active,.biiLYN:focus{color:#111111;}/*!sc*/ .iAsnWJ{cursor:pointer;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;color:#111111;}/*!sc*/ .iAsnWJ.link{background-color:transparent;border:0;}/*!sc*/ .iAsnWJ:hover,.iAsnWJ:hover>*:not(.no-hover),.iAsnWJ:focus,.iAsnWJ:focus>*:not(.no-focus){color:#007B9D;-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ .iAsnWJ:active,.iAsnWJ:active>*:not(.no-active){-webkit-text-decoration:none;text-decoration:none;color:#666666;}/*!sc*/ .evbXp{cursor:pointer;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;padding:12px 16px;font-size:14px;min-height:48px;display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;gap:4px;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:600;text-align:center;line-height:150%;letter-spacing:0.5px;box-sizing:border-box;background-color:#E4121A;color:#FFFFFF;line-height:120%;}/*!sc*/ .evbXp.link{background-color:transparent;border:0;}/*!sc*/ .evbXp::after{border-style:solid;border-color:inherit;border-width:0 1.5px 1.5px 0;border-radius:10%;display:inline-block;padding:3px;width:9px;height:9px;content:'';-webkit-transform:rotate(-45deg);-moz-transform:rotate(-45deg);-ms-transform:rotate(-45deg);transform:rotate(-45deg);-webkit-transform:rotate(-45deg);margin-bottom:1px;margin-right:2px;margin-top:3px;width:9px;height:9px;}/*!sc*/ .evbXp:hover{background-color:#AD3D41;-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ .evbXp:focus,.evbXp:active{box-shadow:0 0 5px 0 #007B9D;outline:none;}/*!sc*/ .evbXp::after{display:none;}/*!sc*/ .evbXp:hover::after,.evbXp:focus::after,.evbXp:active::after{display:none;}/*!sc*/ .ctOlNq{cursor:pointer;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;color:#111111;}/*!sc*/ .ctOlNq.link{background-color:transparent;border:0;}/*!sc*/ .ctOlNq:hover,.ctOlNq:hover>*:not(.no-hover),.ctOlNq:focus,.ctOlNq:focus>*:not(.no-focus){color:#007B9D;-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ .ctOlNq:active,.ctOlNq:active>*:not(.no-active){color:#666666;}/*!sc*/ .gNquPh{cursor:pointer;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;color:#E4121A;}/*!sc*/ .gNquPh.link{background-color:transparent;border:0;}/*!sc*/ .gNquPh:hover,.gNquPh:hover>*:not(.no-hover){color:#E4121A;-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ .gNquPh:active,.gNquPh:focus,.gNquPh:active>*:not(.no-active),.gNquPh:focus>*:not(.no-focus){color:#666666;-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ data-styled.g2[id="sc-93594058-0"]{content:"biiLYN,iAsnWJ,evbXp,ctOlNq,gNquPh,"}/*!sc*/ .hajsnD{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;margin-bottom:24px;-webkit-order:1;-ms-flex-order:1;order:1;}/*!sc*/ .hajsnD >ul{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}/*!sc*/ @media (min-width: 48rem){.hajsnD >ul{-webkit-align-items:start;-webkit-box-align:start;-ms-flex-align:start;align-items:start;}}/*!sc*/ @media (min-width: 90rem){.hajsnD{-webkit-order:2;-ms-flex-order:2;order:2;margin-left:8px;}}/*!sc*/ data-styled.g3[id="sc-939609ec-0"]{content:"hajsnD,"}/*!sc*/ .PvWOs{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}/*!sc*/ .PvWOs a{-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;height:32px;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;width:32px;border:1px solid #111111;border-radius:50%;margin-right:4px;}/*!sc*/ .PvWOs a svg{width:12px;fill:#111111;}/*!sc*/ .PvWOs a:hover{border-color:#007B9D;}/*!sc*/ .PvWOs a:hover svg{fill:#007B9D;}/*!sc*/ .PvWOs a:active,.PvWOs a:focus{border-color:#666666;}/*!sc*/ .PvWOs a:active svg,.PvWOs a:focus svg{fill:#666666;}/*!sc*/ data-styled.g4[id="sc-939609ec-1"]{content:"PvWOs,"}/*!sc*/ .dlCxCg{border-top:1px solid #D1D1D6;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:12px;letter-spacing:0.5px;line-height:12px;margin:var(--Footer-Margin) auto auto;max-width:90rem;}/*!sc*/ @media (min-width: 48rem){.dlCxCg{margin:var(--Footer-Margin) -24px auto;width:calc(100% + 48px);}}/*!sc*/ @media (min-width: 80rem){.dlCxCg{margin:var(--Footer-Margin) -48px auto;width:calc(100% + 96px);}}/*!sc*/ data-styled.g48[id="sc-f19f6d8d-0"]{content:"dlCxCg,"}/*!sc*/ .kTzMFu{padding:16px;display:-ms-grid;display:grid;-ms-grid-columns:repeat(1, auto);grid-template-columns:repeat(1, auto);}/*!sc*/ @media (min-width: 48rem){.kTzMFu{gap:16px;-ms-grid-columns:repeat(3, auto);grid-template-columns:repeat(3, auto);padding:24px;}}/*!sc*/ @media (min-width: 90rem){.kTzMFu{padding:24px 48px;}}/*!sc*/ data-styled.g49[id="sc-f19f6d8d-1"]{content:"kTzMFu,"}/*!sc*/ .kkaocG{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}/*!sc*/ data-styled.g50[id="sc-f19f6d8d-2"]{content:"kkaocG,"}/*!sc*/ .hZGFNn{border-bottom:1px solid #D1D1D6;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:16px;padding:16px 0;}/*!sc*/ .hZGFNn:last-child{border-bottom:0;}/*!sc*/ @media (min-width: 48rem){.hZGFNn{padding:0;border-bottom:0;border-right:1px solid #D1D1D6;}.hZGFNn:nth-child(1){-ms-grid-column-span:2;grid-column-end:2;}.hZGFNn:nth-child(1),.hZGFNn:nth-child(2){-ms-grid-column:span 2;grid-column-start:span 2;}.hZGFNn:nth-child(3),.hZGFNn:nth-child(4),.hZGFNn:nth-child(5){-ms-grid-row:2;grid-row:2;}.hZGFNn:last-child,.hZGFNn:nth-child(2){border-right:0;}}/*!sc*/ @media (min-width: 90rem){.hZGFNn:nth-child(1),.hZGFNn:nth-child(2),.hZGFNn:nth-child(3),.hZGFNn:nth-child(4),.hZGFNn:nth-child(5){-ms-grid-row:1;grid-row:1;}.hZGFNn:nth-child(2){border-right:1px solid #D1D1D6;padding-right:16px;-ms-grid-column:span 4;grid-column-start:span 4;}}/*!sc*/ .hZGFNn.sections .sc-f19f6d8d-2{display:-ms-grid;display:grid;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;-ms-grid-columns:repeat(3, auto);grid-template-columns:repeat(3, auto);-ms-grid-rows:repeat(2, auto);grid-template-rows:repeat(2, auto);-webkit-align-items:flex-start;-webkit-box-align:flex-start;-ms-flex-align:flex-start;align-items:flex-start;}/*!sc*/ @media (min-width: 48rem){.hZGFNn.sections .sc-f19f6d8d-2{-ms-grid-columns:repeat(5, 20%);grid-template-columns:repeat(5, 20%);}}/*!sc*/ @media (min-width: 64rem){.hZGFNn.sections .sc-f19f6d8d-2{-ms-grid-columns:repeat(5, auto);grid-template-columns:repeat(5, auto);}}/*!sc*/ .hZGFNn.rankings .sc-f19f6d8d-2{display:-ms-grid;display:grid;-ms-grid-columns:repeat(2, 50%);grid-template-columns:repeat(2, 50%);-ms-grid-rows:1fr;grid-template-rows:1fr;}/*!sc*/ @media (min-width: 48rem){.hZGFNn.rankings .sc-f19f6d8d-2{-ms-grid-columns:repeat(2, auto);grid-template-columns:repeat(2, auto);}}/*!sc*/ data-styled.g51[id="sc-f19f6d8d-3"]{content:"hZGFNn,"}/*!sc*/ .ghsfCY{color:#E4121A;font-size:16px;font-weight:500;letter-spacing:1px;line-height:24px;}/*!sc*/ @media (min-width: 48rem){.ghsfCY{margin-top:0px;margin-bottom:0px;}}/*!sc*/ data-styled.g52[id="sc-f19f6d8d-4"]{content:"ghsfCY,"}/*!sc*/ .jSqIiH{border-bottom:1px solid #D1D1D6;border-top:1px solid #D1D1D6;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;padding:24px 16px;}/*!sc*/ @media (min-width: 48rem){.jSqIiH{padding:24px;}}/*!sc*/ @media (min-width: 90rem){.jSqIiH{-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;padding:24px 48px;}}/*!sc*/ data-styled.g53[id="sc-f19f6d8d-5"]{content:"jSqIiH,"}/*!sc*/ .cYaJPu{color:#666666;font-size:12px;font-weight:400;letter-spacing:1px;line-height:18px;-webkit-order:2;-ms-flex-order:2;order:2;}/*!sc*/ .cYaJPu a{color:#007B9D;-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ .cYaJPu a:hover,.cYaJPu a:hover>*:not(.no-hover),.cYaJPu a:focus,.cYaJPu a:focus>*:not(.no-focus){-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ .cYaJPu a:active,.cYaJPu a:active>*:not(.no-active){-webkit-text-decoration:underline;text-decoration:underline;color:#666666;}/*!sc*/ .cYaJPu p{margin:0px;}/*!sc*/ @media (min-width: 90rem){.cYaJPu{-webkit-order:1;-ms-flex-order:1;order:1;}}/*!sc*/ data-styled.g54[id="sc-f19f6d8d-6"]{content:"cYaJPu,"}/*!sc*/ .HZany{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:12px;font-weight:500;line-height:16px;list-style:none;display:-ms-grid;display:grid;gap:16px;}/*!sc*/ data-styled.g55[id="sc-4ebe8201-0"]{content:"HZany,"}/*!sc*/ @media (min-width: 48rem){.bQxUqh{white-space:nowrap;overflow:hidden;text-overflow:ellipsis;}}/*!sc*/ .bQxUqh >a{letter-spacing:1px;-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ data-styled.g56[id="sc-4ebe8201-1"]{content:"bQxUqh,"}/*!sc*/ .gEtRAv.drawer-toggle{display:none;}/*!sc*/ .gEtRAv.drawer-toggle:checked~.drawer-menu{visibility:visible;left:0;}/*!sc*/ .gEtRAv.drawer-toggle:checked~.overlay{visibility:visible;opacity:0.5;}/*!sc*/ data-styled.g57[id="sc-d6cfb190-0"]{content:"gEtRAv,"}/*!sc*/ .iXpwAQ.hamburger-toggle{display:block;width:30px;height:23px;cursor:pointer;margin-right:24px;position:relative;margin-bottom:10px;}/*!sc*/ @media (min-width: 64rem){.iXpwAQ.hamburger-toggle{margin-right:48px;}}/*!sc*/ .iXpwAQ.hamburger-toggle svg{-webkit-transition:all .2s ease-in-out;transition:all .2s ease-in-out;width:30px;height:30px;}/*!sc*/ .iXpwAQ.hamburger-toggle:hover svg{fill:#007B9D;-webkit-transition:all .2s ease-in-out;transition:all .2s ease-in-out;}/*!sc*/ .iXpwAQ.hamburger-toggle:focus svg,.iXpwAQ.hamburger-toggle:active svg{fill:#666666;}/*!sc*/ .iXpwAQ.close-menu{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:flex-start;-webkit-box-align:flex-start;-ms-flex-align:flex-start;align-items:flex-start;-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;cursor:pointer;position:relative;width:27px;height:23px;}/*!sc*/ @media (min-width: 48rem){.iXpwAQ.close-menu{height:40px;width:33px;}}/*!sc*/ .iXpwAQ.close-menu:active:before,.iXpwAQ.close-menu:focus:before,.iXpwAQ.close-menu:focus-within:before,.iXpwAQ.close-menu:active:after,.iXpwAQ.close-menu:focus:after,.iXpwAQ.close-menu:focus-within:after{background-color:#D1D1D6;}/*!sc*/ .iXpwAQ.close-menu:hover:before,.iXpwAQ.close-menu:hover:after{background-color:#007B9D;}/*!sc*/ .iXpwAQ.close-menu::before{margin:auto;content:'';-webkit-mask:url("/icons/svg/close-icon.svg") no-repeat center center;mask:url("/icons/svg/close-icon.svg") no-repeat center center;display:block;background-color:#666666;width:18px;height:19px;-webkit-mask-size:18px 19px;mask-size:18px 19px;background-color:#111111;}/*!sc*/ @media (min-width: 48rem){.iXpwAQ.close-menu::before{content:'';-webkit-mask:url("/icons/svg/close-icon.svg") no-repeat center center;mask:url("/icons/svg/close-icon.svg") no-repeat center center;display:block;background-color:#666666;width:23px;height:22px;-webkit-mask-size:23px 22px;mask-size:23px 22px;background-color:#111111;}}/*!sc*/ data-styled.g58[id="sc-d6cfb190-1"]{content:"iXpwAQ,"}/*!sc*/ .hFxCcs{height:100vh;overflow-y:scroll;width:100%;position:fixed;top:0;left:-100%;background-color:#FFFFFF;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;z-index:100002;padding:0 16px;visibility:hidden;}/*!sc*/ .hFxCcs.open{left:0;visibility:visible;}/*!sc*/ @media (min-width: 48rem){.hFxCcs{width:100%;left:-100%;padding:0 24px 24px;}}/*!sc*/ @media (min-width: 64rem){.hFxCcs{max-width:680px;left:-680px;}}/*!sc*/ .hFxCcs .extra-padding{padding-bottom:64px;}/*!sc*/ @supports (height: 100svh){.hFxCcs{height:100svh;}.hFxCcs .extra-padding{padding-bottom:0;}}/*!sc*/ data-styled.g61[id="sc-6965f64-0"]{content:"hFxCcs,"}/*!sc*/ .bLgXSB{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;position:-webkit-sticky;position:sticky;background-color:#FFFFFF;top:0;left:20px;padding-top:16px;padding-bottom:8px;z-index:9999;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;}/*!sc*/ @media (min-width: 48rem){.bLgXSB{padding-top:24px;}}/*!sc*/ data-styled.g62[id="sc-6965f64-1"]{content:"bLgXSB,"}/*!sc*/ .jkGJoo{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;width:100%;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}/*!sc*/ .jkGJoo .link{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:500;font-size:16px;margin-left:32px;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;text-transform:uppercase;}/*!sc*/ @media (min-width: 48rem){.jkGJoo{-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;width:inherit;}}/*!sc*/ data-styled.g64[id="sc-6965f64-3"]{content:"jkGJoo,"}/*!sc*/ .eHEMYw{z-index:100001;position:fixed;inset:0;background-color:#111111;opacity:0;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;visibility:hidden;}/*!sc*/ data-styled.g65[id="sc-6965f64-4"]{content:"eHEMYw,"}/*!sc*/ .dFMcjd{background-color:#FFFFFF;height:auto;max-height:100vh;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;}/*!sc*/ .dFMcjd .menu-list{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:16px;padding-bottom:16px;}/*!sc*/ .dFMcjd .menu-list .open a:not(:only-child){color:#007B9D;}/*!sc*/ .dFMcjd .menu-list .open .arrow{border-color:#007B9D;}/*!sc*/ @media (min-width: 48rem){.dFMcjd .menu-list{margin-top:32px;width:40%;}}/*!sc*/ @media (min-width: 64rem){.dFMcjd .menu-list{width:50%;}}/*!sc*/ data-styled.g66[id="sc-c196408b-0"]{content:"dFMcjd,"}/*!sc*/ .hAGucH{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;margin-bottom:16px;margin-top:24px;}/*!sc*/ .hAGucH button{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:16px;line-height:20px;font-weight:600;}/*!sc*/ .hAGucH button>label:hover{cursor:pointer;}/*!sc*/ data-styled.g68[id="sc-c196408b-2"]{content:"hAGucH,"}/*!sc*/ .cxYUkC{margin:24px 0 0;}/*!sc*/ .cxYUkC span{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:16px;line-height:20px;font-weight:400;color:#111111;}/*!sc*/ .cxYUkC .sign-in-button{color:#E4121A;margin-left:8px;}/*!sc*/ @media (min-width: 48rem){.cxYUkC.crypto{margin:0 0 24px;}}/*!sc*/ data-styled.g69[id="sc-c196408b-3"]{content:"cxYUkC,"}/*!sc*/ .bZRwIA{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;position:relative;margin-left:-16px;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;color:#111111;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;line-height:120%;font-weight:600;font-size:24px;}/*!sc*/ .bZRwIA a{-webkit-flex:1;-ms-flex:1;flex:1;color:#111111;margin:-8px 0;padding:8px 0;padding-left:16px;}/*!sc*/ .bZRwIA >a:not(:only-child){margin-right:16px;}/*!sc*/ .bZRwIA >a:only-child{margin-right:20px;}/*!sc*/ .bPgFWV{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;position:relative;margin-left:0px;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;color:#111111;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;line-height:120%;font-weight:500;font-size:20px;}/*!sc*/ .bPgFWV a{-webkit-flex:1;-ms-flex:1;flex:1;color:#111111;margin:-8px 0;padding:8px 0;padding-left:16px;}/*!sc*/ .bPgFWV >a:not(:only-child){margin-right:16px;}/*!sc*/ .bPgFWV >a:only-child{margin-right:20px;}/*!sc*/ .dkwDny{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;position:relative;margin-left:16px;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;color:#111111;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;line-height:120%;font-weight:400;font-size:16px;}/*!sc*/ .dkwDny a{-webkit-flex:1;-ms-flex:1;flex:1;color:#111111;margin:-8px 0;padding:8px 0;padding-left:16px;}/*!sc*/ .dkwDny >a:not(:only-child){margin-right:16px;}/*!sc*/ .dkwDny >a:only-child{margin-right:20px;}/*!sc*/ .iSTFpo{display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;position:relative;margin-left:32px;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;color:#111111;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;line-height:120%;font-weight:400;font-size:16px;}/*!sc*/ .iSTFpo a{-webkit-flex:1;-ms-flex:1;flex:1;color:#111111;margin:-8px 0;padding:8px 0;padding-left:16px;}/*!sc*/ .iSTFpo >a:not(:only-child){margin-right:16px;}/*!sc*/ .iSTFpo >a:only-child{margin-right:20px;}/*!sc*/ data-styled.g71[id="sc-150e1207-0"]{content:"bZRwIA,bPgFWV,dkwDny,iSTFpo,"}/*!sc*/ .konrBM{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:16px;}/*!sc*/ .koeFdJ{display:none;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:16px;}/*!sc*/ data-styled.g72[id="sc-150e1207-1"]{content:"konrBM,koeFdJ,"}/*!sc*/ .bJucTI{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;cursor:pointer;padding:8px;margin:-8px;}/*!sc*/ .bJucTI .arrow{border-style:solid;border-color:inherit;border-width:0 1.5px 1.5px 0;border-radius:10%;display:inline-block;padding:3px;width:9px;height:9px;content:'';-webkit-transform:rotate(-45deg);-moz-transform:rotate(-45deg);-ms-transform:rotate(-45deg);transform:rotate(-45deg);-webkit-transform:rotate(-45deg);margin-bottom:1px;margin-right:2px;margin-top:3px;border-color:#111111;padding:5px;border-width:0 2px 2px 0;}/*!sc*/ .bJucTI:hover .arrow{border-color:#007B9D;}/*!sc*/ .bJucTI:focus .arrow{border-color:#666666;}/*!sc*/ .bJucTI.up{-webkit-animation:rotate 0.3s ease-in-out both;animation:rotate 0.3s ease-in-out both;}/*!sc*/ @-webkit-keyframes rotate{0%{-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);transform:rotate(0);}100%{-webkit-transform:rotate(-90deg);-moz-transform:rotate(-90deg);-ms-transform:rotate(-90deg);transform:rotate(-90deg);}}/*!sc*/ @keyframes rotate{0%{-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);transform:rotate(0);}100%{-webkit-transform:rotate(-90deg);-moz-transform:rotate(-90deg);-ms-transform:rotate(-90deg);transform:rotate(-90deg);}}/*!sc*/ data-styled.g73[id="sc-150e1207-2"]{content:"bJucTI,"}/*!sc*/ .jvpOkq{height:24px;width:30px;-webkit-animation:opacity 2.5s both;animation:opacity 2.5s both;background-color:#F2F2F2;background-image:linear-gradient( 90deg, #66666600 20%, #6666661A 50%, #66666600 80% );-webkit-background-size:600px;background-size:600px;-webkit-background-position:0 0;background-position:0 0;}/*!sc*/ @-webkit-keyframes opacity{0%{opacity:1;}50%{opacity:0;}100%{opacity:1;}}/*!sc*/ @keyframes opacity{0%{opacity:1;}50%{opacity:0;}100%{opacity:1;}}/*!sc*/ .eqFKMp{height:32px;width:380px;-webkit-animation:opacity 2.5s both;animation:opacity 2.5s both;background-color:#F2F2F2;background-image:linear-gradient( 90deg, #66666600 20%, #6666661A 50%, #66666600 80% );-webkit-background-size:600px;background-size:600px;-webkit-background-position:0 0;background-position:0 0;}/*!sc*/ @-webkit-keyframes opacity{0%{opacity:1;}50%{opacity:0;}100%{opacity:1;}}/*!sc*/ @keyframes opacity{0%{opacity:1;}50%{opacity:0;}100%{opacity:1;}}/*!sc*/ data-styled.g80[id="sc-7b315448-0"]{content:"jvpOkq,eqFKMp,"}/*!sc*/ .eGAoAG{background:#FFFFFF;will-change:transform;position:-webkit-sticky;position:sticky;top:var(--cc-sbillboard-min-height, var(--ld-height, 0));-webkit-transform:translateZ(0);-moz-transform:translateZ(0);-ms-transform:translateZ(0);transform:translateZ(0);z-index:9999;box-shadow:0px 15px 30px 0px #11111110;height:auto;isolation:isolate;}/*!sc*/ data-styled.g85[id="sc-e75b723d-0"]{content:"eGAoAG,"}/*!sc*/ .daOPeu{box-shadow:0px 10px 10px 0px 0D;}/*!sc*/ data-styled.g86[id="sc-e75b723d-1"]{content:"daOPeu,"}/*!sc*/ .cVzDlE{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;padding:16px 8px;height:54px;}/*!sc*/ .cVzDlE .menu-placeholder{margin-right:24px;}/*!sc*/ @media (min-width: 48rem){.cVzDlE{padding:0px 24px;height:68px;display:-ms-grid;display:grid;-ms-grid-auto-flow:column;grid-auto-flow:column;-ms-grid-columns:1fr 380px 1fr;grid-template-columns:1fr 380px 1fr;}}/*!sc*/ @media (min-width: 80rem){.cVzDlE{padding:0px 48px;margin:0 auto;}}/*!sc*/ @media (min-width: 90rem){.cVzDlE{max-width:1440px;}}/*!sc*/ data-styled.g93[id="sc-e75b723d-8"]{content:"cVzDlE,"}/*!sc*/ .fiWNxs{background-color:#FFFFFF;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;width:100%;text-align:center;}/*!sc*/ .fiWNxs:empty{min-height:0;height:0;}/*!sc*/ .fiWNxs.leaderboard--sticky{position:-webkit-sticky;position:sticky;z-index:9999;top:0;}/*!sc*/ .fiWNxs.leaderboard--sticky>div{position:-webkit-sticky;position:sticky;}/*!sc*/ @media (min-width: 20rem){.fiWNxs{min-height:110px!important;}}/*!sc*/ @media (min-width: 48rem){.fiWNxs{min-height:161px!important;}}/*!sc*/ @media (min-width: 64rem){.fiWNxs{min-height:300px!important;}}/*!sc*/ data-styled.g99[id="sc-598c3945-0"]{content:"fiWNxs,"}/*!sc*/ .klPjKS{margin:auto;overflow:clip;}/*!sc*/ @media (min-width: 48rem){.klPjKS{padding:0px 24px;}}/*!sc*/ @media (min-width: 80rem){.klPjKS{padding:0px 48px;}}/*!sc*/ @media (min-width: 90rem){.klPjKS{max-width:1440px;}}/*!sc*/ data-styled.g101[id="sc-598c3945-2"]{content:"klPjKS,"}/*!sc*/ .kJNRaP{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-box-pack:end;-ms-flex-pack:end;-webkit-justify-content:end;justify-content:end;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;width:100%;height:600px;pointer-events:none;position:fixed;bottom:0;left:0;right:0;z-index:99999;}/*!sc*/ .kJNRaP iframe{pointer-events:auto;}/*!sc*/ data-styled.g134[id="sc-34036c4b-0"]{content:"kJNRaP,"}/*!sc*/ .eohPqX{font-weight:600;line-height:120%;color:#111111;font-family:var(--saol-text),Saol Text,Times New Roman,Playfair Display,Georgia,Serif;letter-spacing:0;font-size:1.5rem;}/*!sc*/ @media (min-width: 48rem){.eohPqX{font-size:3rem;}}/*!sc*/ data-styled.g136[id="sc-3358ecfd-0"]{content:"eohPqX,"}/*!sc*/ .esXlyC{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;min-height:28px;margin:24px auto;position:relative;-webkit-box-flex:1;-webkit-flex-grow:1;-ms-flex-positive:1;flex-grow:1;}/*!sc*/ .esXlyC.homepage.europe,.esXlyC.homepage.asia{margin:16px auto;}/*!sc*/ @media (min-width: 48rem){.esXlyC{min-height:32px;padding:0 24px;margin:32px auto;}.esXlyC.homepage{margin:32px auto 56px auto;}.esXlyC.homepage.europe,.esXlyC.homepage.asia{margin:24px auto;}}/*!sc*/ @media (min-width: 64rem){.esXlyC{min-height:44px;margin:48px auto;}}/*!sc*/ @media (min-width: 80rem){.esXlyC{padding:0px 48px;}.esXlyC.homepage{margin:48px auto 72px;}.esXlyC.homepage.europe,.esXlyC.homepage.asia{margin:48px auto;}}/*!sc*/ .esXlyC.recommends,.esXlyC.education{margin:24px auto 0;}/*!sc*/ @media (min-width: 48rem){.esXlyC.recommends,.esXlyC.education{margin:32px auto 8px;}}/*!sc*/ @media (min-width: 64rem){.esXlyC.recommends,.esXlyC.education{margin:48px auto 0;}}/*!sc*/ data-styled.g153[id="sc-7912b096-0"]{content:"esXlyC,"}/*!sc*/ .ilFcda{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:justify;-webkit-justify-content:space-between;justify-content:space-between;padding-left:16px;white-space:nowrap;scrollbar-width:none;overflow-x:scroll;overflow-y:hidden;}/*!sc*/ .ilFcda::-webkit-scrollbar{display:none;}/*!sc*/ @media (min-width: 48rem){.ilFcda{padding:0 24px;overflow-x:unset;overflow-y:unset;}}/*!sc*/ @media (min-width: 80rem){.ilFcda{max-width:1440px;padding:0px 48px;}}/*!sc*/ data-styled.g154[id="sc-7912b096-1"]{content:"ilFcda,"}/*!sc*/ .dosbSb{position:relative;display:inline-block;}/*!sc*/ .dosbSb:last-child a{margin-right:8px;}/*!sc*/ @media (min-width: 48rem){.dosbSb:last-child a{margin-right:0;}}/*!sc*/ .dosbSb:hover >ul,.dosbSb:focus-within >ul{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;}/*!sc*/ data-styled.g155[id="sc-7912b096-2"]{content:"dosbSb,"}/*!sc*/ .ecaJBy{font-style:normal;font-weight:600;font-size:16px;line-height:21px;padding:0 8px;}/*!sc*/ @media (min-width: 48rem){.ecaJBy{padding:0 12px;}}/*!sc*/ @media (min-width: 64rem){.ecaJBy{font-size:20px;line-height:27px;}}/*!sc*/ @media (min-width: 90rem){.ecaJBy{padding:0 24px;}}/*!sc*/ .ecaJBy.showSubmenu{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}/*!sc*/ .ecaJBy.showSubmenu>svg{stroke:#666666;height:20px;width:20px;margin-left:8px;-webkit-transform:rotate(90deg);-moz-transform:rotate(90deg);-ms-transform:rotate(90deg);transform:rotate(90deg);}/*!sc*/ .ecaJBy.showSubmenu:hover>svg{stroke:#007B9D;-webkit-transform:rotate(270deg);-moz-transform:rotate(270deg);-ms-transform:rotate(270deg);transform:rotate(270deg);}/*!sc*/ .ecaJBy.selected{color:#111111;line-height:27px;-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:#E31E23;text-decoration-thickness:2px;-webkit-transform:scale(1);-moz-transform:scale(1);-ms-transform:scale(1);transform:scale(1);-webkit-transition:-webkit-transform 0.2s ease-in;transition:transform 0.2s ease-in;display:inline-block;font-size:20px;text-underline-offset:6px;}/*!sc*/ .ecaJBy.selected:hover{color:#007B9D;}/*!sc*/ @media (min-width: 32rem){.ecaJBy.selected{-webkit-transform:scale(1.17);-moz-transform:scale(1.17);-ms-transform:scale(1.17);transform:scale(1.17);line-height:32px;text-underline-offset:8px;}}/*!sc*/ @media (min-width: 64rem){.ecaJBy.selected{-webkit-transform:scale(1.17);-moz-transform:scale(1.17);-ms-transform:scale(1.17);transform:scale(1.17);line-height:43px;text-underline-offset:10px;}}/*!sc*/ data-styled.g156[id="sc-7912b096-3"]{content:"ecaJBy,"}/*!sc*/ .irPhBl,.irPhBl.author-list{font-size:14px;letter-spacing:1.2px;line-height:21px;margin:0px;text-transform:uppercase;}/*!sc*/ @media ((-webkit-device-pixel-ratio: 1.875) or (-webkit-device-pixel-ratio: 2.125)) and (min-width: 48rem) and (max-width: 63.95rem){.irPhBl,.irPhBl.author-list{font-size:10px;}}/*!sc*/ .irPhBl.article-info span a,.irPhBl.author-list.article-info span a{-webkit-text-decoration:underline;text-decoration:underline;}/*!sc*/ data-styled.g212[id="sc-cc7d6b4a-0"]{content:"irPhBl,"}/*!sc*/ .gvEbxe,.gvEbxe.by-text{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:inherit;color:#111111;margin:0px 4px 0px 0px;}/*!sc*/ data-styled.g214[id="sc-cc7d6b4a-2"]{content:"gvEbxe,"}/*!sc*/ .gJEIDt,.gJEIDt.list-item-wrapper{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:600;}/*!sc*/ .gJEIDt >a,.gJEIDt.list-item-wrapper >a{position:relative;z-index:2;}/*!sc*/ data-styled.g215[id="sc-cc7d6b4a-3"]{content:"gJEIDt,"}/*!sc*/ .bPqZCD,.bPqZCD.list-item-seperator{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-weight:400;}/*!sc*/ data-styled.g216[id="sc-cc7d6b4a-4"]{content:"bPqZCD,"}/*!sc*/ .ihNNmJ{line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:0.875rem;font-weight:600;color:#E4121A;letter-spacing:2px;}/*!sc*/ @media (min-width: 48rem){.ihNNmJ{font-size:1rem;}}/*!sc*/ .ihNNmJ.eyebrow{min-height:21px;margin:0 0 8px;line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:1rem;letter-spacing:1.2px;}/*!sc*/ .ihNNmJ .link{text-transform:uppercase;padding-left:3px;font-weight:600;}/*!sc*/ @media (min-width: 48rem){.ihNNmJ{font-size:16px;}}/*!sc*/ data-styled.g251[id="sc-931ccf38-0"]{content:"ihNNmJ,"}/*!sc*/ .cjPzmH{margin:8px 16px 0;color:#111111;}/*!sc*/ @media (min-width: 48rem){.cjPzmH{margin:8px 16px 0;}}/*!sc*/ @media (min-width: 80rem){.cjPzmH{margin:0;}}/*!sc*/ data-styled.g282[id="sc-b816ce10-9"]{content:"cjPzmH,"}/*!sc*/ .ecSAsX{color:#666666;font-size:12px;font-weight:400;letter-spacing:1px;line-height:18px;margin-top:4px;text-transform:uppercase;margin:4px 16px 0;}/*!sc*/ @media (min-width: 48rem){.ecSAsX{margin:0 16px;}}/*!sc*/ @media (min-width: 80rem){.ecSAsX{margin:0;}}/*!sc*/ data-styled.g283[id="sc-b816ce10-10"]{content:"ecSAsX,"}/*!sc*/ .dSIqoQ{border-bottom:1px solid #D1D1D6;display:-webkit-inline-box;display:-webkit-inline-flex;display:-ms-inline-flexbox;display:inline-flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;padding:0px 4px 4px 4px;}/*!sc*/ @media (min-width: 48rem){.dSIqoQ{border-bottom:none;border-right:1px solid #D1D1D6;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;padding:4px 8px 4px 0px;position:-webkit-sticky;position:sticky;right:0;top:125px;}}/*!sc*/ data-styled.g293[id="sc-34288ae7-0"]{content:"dSIqoQ,"}/*!sc*/ .dfIaiB{margin-right:16px;}/*!sc*/ @media (min-width: 48rem){.dfIaiB{margin-right:0px;margin-bottom:16px;}}/*!sc*/ .dfIaiB .social:active:before,.dfIaiB .social:focus:before,.dfIaiB .social:focus-within:before,.dfIaiB .social:active:after,.dfIaiB .social:focus:after,.dfIaiB .social:focus-within:after{background-color:#D1D1D6;}/*!sc*/ .dfIaiB .social:hover:before,.dfIaiB .social:hover:after{background-color:#007B9D;}/*!sc*/ .dfIaiB .email::before{content:'';-webkit-mask:url("/icons/svg/email.svg") no-repeat center center;mask:url("/icons/svg/email.svg") no-repeat center center;display:block;background-color:#666666;width:24px;height:24px;-webkit-mask-size:24px 24px;mask-size:24px 24px;}/*!sc*/ .dfIaiB .facebook-square::before{content:'';-webkit-mask:url("/icons/svg/facebook-square.svg") no-repeat center center;mask:url("/icons/svg/facebook-square.svg") no-repeat center center;display:block;background-color:#666666;width:24px;height:24px;-webkit-mask-size:24px 24px;mask-size:24px 24px;}/*!sc*/ .dfIaiB .twitter::before{content:'';-webkit-mask:url("/icons/svg/twitter.svg") no-repeat center center;mask:url("/icons/svg/twitter.svg") no-repeat center center;display:block;background-color:#666666;width:24px;height:24px;-webkit-mask-size:24px 24px;mask-size:24px 24px;}/*!sc*/ .dfIaiB .linkedin::before{content:'';-webkit-mask:url("/icons/svg/linkedin.svg") no-repeat center center;mask:url("/icons/svg/linkedin.svg") no-repeat center center;display:block;background-color:#666666;width:24px;height:24px;-webkit-mask-size:24px 24px;mask-size:24px 24px;}/*!sc*/ .dfIaiB:last-child{margin-right:0px;}/*!sc*/ @media (min-width: 48rem){.dfIaiB:last-child{margin-bottom:0px;}}/*!sc*/ data-styled.g294[id="sc-34288ae7-1"]{content:"dfIaiB,"}/*!sc*/ .lkHRXC{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}/*!sc*/ data-styled.g295[id="sc-eebf4507-0"]{content:"lkHRXC,"}/*!sc*/ .fajITn{display:none;position:absolute;width:64px;min-width:50px;height:auto;-webkit-animation:slide-in 0.5s both;animation:slide-in 0.5s both;background-color:#FFFFFF;z-index:2;}/*!sc*/ @-webkit-keyframes slide-in{0%{-webkit-transform:translateY(-10%);-moz-transform:translateY(-10%);-ms-transform:translateY(-10%);transform:translateY(-10%);}100%{-webkit-transform:translateY(0);-moz-transform:translateY(0);-ms-transform:translateY(0);transform:translateY(0);}}/*!sc*/ @keyframes slide-in{0%{-webkit-transform:translateY(-10%);-moz-transform:translateY(-10%);-ms-transform:translateY(-10%);transform:translateY(-10%);}100%{-webkit-transform:translateY(0);-moz-transform:translateY(0);-ms-transform:translateY(0);transform:translateY(0);}}/*!sc*/ .fajITn.show{display:block;}/*!sc*/ @media (max-width: 47.95rem){.fajITn{min-width:160px;right:0;left:unset;}}/*!sc*/ @media (max-width: 47.95rem){.fajITn.article-redesign{right:-80px;}}/*!sc*/ .fajITn.article-redesign::before{display:block;content:'';height:16px;}/*!sc*/ data-styled.g296[id="sc-eebf4507-1"]{content:"fajITn,"}/*!sc*/ .hfCUZK{position:relative;max-width:50px;text-align:center;}/*!sc*/ .hfCUZK.article-redesign .share-icon::before{margin:8px;}/*!sc*/ .hfCUZK:not(.article-redesign) .share-icon::before{width:100%;}/*!sc*/ .hfCUZK .share-icon::before{content:'';-webkit-mask:url("/icons/svg/share-icon.svg") no-repeat center center;mask:url("/icons/svg/share-icon.svg") no-repeat center center;display:block;background-color:#666666;width:24px;height:24px;-webkit-mask-size:24px 24px;mask-size:24px 24px;background-color:#111111;}/*!sc*/ .hfCUZK .share-icon:active:before,.hfCUZK .share-icon:focus:before,.hfCUZK .share-icon:focus-within:before,.hfCUZK .share-icon:active:after,.hfCUZK .share-icon:focus:after,.hfCUZK .share-icon:focus-within:after{background-color:#D1D1D6;}/*!sc*/ .hfCUZK .share-icon:hover:before,.hfCUZK .share-icon:hover:after{background-color:#007B9D;}/*!sc*/ .hfCUZK .title{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:24px;font-weight:600;line-height:29px;letter-spacing:-0.7px;color:#007B9D;}/*!sc*/ @media (max-width: 31.95rem){.hfCUZK .title{font-size:18px;font-weight:600;letter-spacing:0;line-height:19px;}}/*!sc*/ .hfCUZK.article-redesign div{width:100%!important;}/*!sc*/ .hfCUZK.article-redesign div>div>.social-links-container{padding:8px!important;}/*!sc*/ .hfCUZK.article-redesign a{width:24px!important;height:24px!important;}/*!sc*/ @media (min-width: 48rem){.hfCUZK:hover>.sc-eebf4507-1,.hfCUZK:focus-within>.sc-eebf4507-1{display:block;}}/*!sc*/ data-styled.g297[id="sc-eebf4507-2"]{content:"hfCUZK,"}/*!sc*/ .deurwP{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;border-radius:4px;border:1px solid #D1D1D6;}/*!sc*/ .deurwP .social-links-container{border-right:none;position:initial;padding:16px;}/*!sc*/ .deurwP .social-links-container>div:not(:last-child){margin-bottom:18px;}/*!sc*/ .deurwP .social-links-container a:before{background-color:#111111;}/*!sc*/ @media (max-width: 47.95rem){.deurwP .social-links-container{border-bottom:none;height:40px;padding:8px;}.deurwP .social-links-container>div:not(:last-child){margin-bottom:0;margin-right:16px;}.deurwP .social-links-container a{display:inline-block;width:24px;height:24px;}}/*!sc*/ data-styled.g298[id="sc-eebf4507-3"]{content:"deurwP,"}/*!sc*/ .fCJVHe{width:100%;}/*!sc*/ @media (min-width: 80rem){.fCJVHe{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;gap:48px;}}/*!sc*/ .fCJVHe>div:only-child{margin:0 auto;padding:0 16px;}/*!sc*/ @media (min-width: 48rem){.fCJVHe>div:only-child{max-width:719px;padding:0;}}/*!sc*/ @media (min-width: 80rem){.fCJVHe>div:only-child{max-width:745px;}}/*!sc*/ data-styled.g299[id="sc-1b197338-0"]{content:"fCJVHe,"}/*!sc*/ .fzmkOH{margin:24px 16px;}/*!sc*/ @media (min-width: 48rem){.fzmkOH{margin:24px;}}/*!sc*/ @media (min-width: 80rem){.fzmkOH{width:100%;}}/*!sc*/ @media (min-width: 90rem){.fzmkOH{margin:0px 0px 0px auto;width:calc(((100% / 12) * 10) - 8px);}}/*!sc*/ data-styled.g300[id="sc-1b197338-1"]{content:"fzmkOH,"}/*!sc*/ .eLDEfY{margin:24px 0;}/*!sc*/ data-styled.g301[id="sc-1b197338-2"]{content:"eLDEfY,"}/*!sc*/ .ekqncT{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:row;-ms-flex-direction:row;flex-direction:row;}/*!sc*/ data-styled.g302[id="sc-1b197338-3"]{content:"ekqncT,"}/*!sc*/ .ihEGHO{line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:0.875rem;letter-spacing:1.2px;margin-right:16px;min-width:210px;}/*!sc*/ data-styled.g303[id="sc-1b197338-4"]{content:"ihEGHO,"}/*!sc*/ .gDiiku{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;text-transform:uppercase;}/*!sc*/ data-styled.g304[id="sc-1b197338-5"]{content:"gDiiku,"}/*!sc*/ .eCBAKW{color:#666666;letter-spacing:0;min-height:21px;}/*!sc*/ data-styled.g305[id="sc-1b197338-6"]{content:"eCBAKW,"}/*!sc*/ .gUrVyM{line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:0.875rem;font-weight:600;}/*!sc*/ @media (min-width: 48rem){.gUrVyM{margin:0 -24px;}}/*!sc*/ @media (min-width: 80rem){.gUrVyM{width:100%;margin:0;}}/*!sc*/ .gUrVyM .article-video{bottom:32px;}/*!sc*/ .gUrVyM span{width:100%!important;}/*!sc*/ data-styled.g306[id="sc-1b197338-7"]{content:"gUrVyM,"}/*!sc*/ .ieHAnW{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:48px;max-width:1344px;margin:0 auto;}/*!sc*/ data-styled.g307[id="sc-cb363b57-0"]{content:"ieHAnW,"}/*!sc*/ .bUCaEr{padding:0 16px;}/*!sc*/ .bUCaEr figure[class*="wp-block-embed-youtube"] div.wp-block-embed__wrapper{aspect-ratio:16/9;}/*!sc*/ .bUCaEr figure[class*="wp-block-embed-youtube"] div.wp-block-embed__wrapper iframe{width:100%;height:100%;}/*!sc*/ @media (max-width: 47.95rem){.bUCaEr div.wp-block-embed__wrapper iframe{width:100%;}}/*!sc*/ .bUCaEr .source-caption{border:solid red;}/*!sc*/ data-styled.g308[id="sc-cb363b57-1"]{content:"bUCaEr,"}/*!sc*/ .cbfGqq{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column;gap:40px;}/*!sc*/ .cbfGqq .twitter-tweet{margin:auto!important;}/*!sc*/ .cbfGqq iframe.instagram-media{margin:auto!important;}/*!sc*/ .cbfGqq .wp-block-embed__wrapper{max-width:none;}/*!sc*/ @media (min-width: 48rem){.cbfGqq .wp-block-embed__wrapper{margin:0 auto 24px auto;padding:0;width:calc((((100% - 264px) / 12) * 10) + 216px)!important;}}/*!sc*/ @media (min-width: 80rem){.cbfGqq .wp-block-embed__wrapper{width:calc((((100% - 336px) / 8) * 6) + 336px)!important;}}/*!sc*/ @media (min-width: 90rem){.cbfGqq .wp-block-embed__wrapper{width:calc((((100% - 288px) / 7) * 5) + 288px)!important;}}/*!sc*/ .cbfGqq figure .wp-block-embed__wrapper{margin:0;}/*!sc*/ @media (min-width: 48rem){.cbfGqq figure .wp-block-embed__wrapper{width:100%!important;}}/*!sc*/ data-styled.g309[id="sc-cb363b57-2"]{content:"cbfGqq,"}/*!sc*/ .lpbwbM{line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:'Georgia',Times New Roman,Playfair Display,Georgia,Serif;font-size:1rem;margin:0 auto;width:100%;}/*!sc*/ .lpbwbM p{margin-top:24px;margin-bottom:24px;word-break:break-word;}/*!sc*/ .lpbwbM sup{vertical-align:top;position:relative;top:-0.15em;}/*!sc*/ .lpbwbM h1,.lpbwbM h2,.lpbwbM h3,.lpbwbM h4,.lpbwbM h5,.lpbwbM h6{margin:16px auto;}/*!sc*/ .lpbwbM .wp-block-image{margin:16px 0;}/*!sc*/ @media (max-width: 47.95rem){.lpbwbM .wp-block-image{margin:0 -16px!important;max-width:unset!important;}}/*!sc*/ .lpbwbM figure{margin:0px;display:initial;}/*!sc*/ .lpbwbM figcaption{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:14px;font-weight:500;letter-spacing:0.58px;line-height:21px;margin-top:8px;}/*!sc*/ @media (max-width: 47.95rem){.lpbwbM figcaption{margin:8px 16px 0;}}/*!sc*/ .lpbwbM .image-credit{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;color:#666666;font-size:12px;letter-spacing:1px;line-height:18px;text-transform:uppercase;margin-bottom:24px;}/*!sc*/ @media (max-width: 47.95rem){.lpbwbM .image-credit{margin:0 16px 24px;}}/*!sc*/ .lpbwbM .wp-block-quote{margin:0px;margin-bottom:24px;padding-left:16px;padding-right:16px;}/*!sc*/ @media (min-width: 80rem){.lpbwbM .wp-block-quote{padding-left:0;padding-right:0;}}/*!sc*/ .lpbwbM .wp-block-quote blockquote{margin:0px;}/*!sc*/ .lpbwbM .wp-block-quote p{position:relative;color:#E31E23;font-family:var(--saol-text),Saol Text,Times New Roman,Playfair Display,Georgia,Serif;font-weight:600;font-size:24px;line-height:24px;margin:0px;}/*!sc*/ @media(min-width: 48rem){.lpbwbM .wp-block-quote p{font-size:34px;line-height:34px;letter-spacing:0.256px;}}/*!sc*/ @media (min-width: 80rem){.lpbwbM .wp-block-quote p{font-size:48px;line-height:48px;}}/*!sc*/ .lpbwbM .wp-block-quote p:before{content:",,";display:inline-block;padding-top:2px;-webkit-transform:rotate(0.5turn);-moz-transform:rotate(0.5turn);-ms-transform:rotate(0.5turn);transform:rotate(0.5turn);}/*!sc*/ @media (min-width: 48rem){.lpbwbM .wp-block-quote p:before{padding-top:4px;}}/*!sc*/ .lpbwbM .wp-block-quote p:after{content:",,";position:absolute;bottom:12px;}/*!sc*/ @media (min-width: 48rem){.lpbwbM .wp-block-quote p:after{bottom:16px;}}/*!sc*/ @media (min-width: 80rem){.lpbwbM .wp-block-quote p:after{bottom:24px;}}/*!sc*/ .lpbwbM .wp-block-quote cite{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:12px;font-style:normal;font-weight:700;letter-spacing:1px;line-height:18px;text-transform:uppercase;}/*!sc*/ @media(min-width: 48rem){.lpbwbM .wp-block-quote cite{font-size:16px;}}/*!sc*/ .lpbwbM .wp-block-pullquote{margin:0px;}/*!sc*/ .lpbwbM .wp-block-pullquote blockquote{margin:0px;}/*!sc*/ .lpbwbM .wp-block-pullquote p{color:#E31E23;font-family:var(--saol-text),Saol Text,Times New Roman,Playfair Display,Georgia,Serif;font-size:48px;font-weight:600;line-height:1;margin:0px 0px 4px 0px;}/*!sc*/ .lpbwbM .wp-block-pullquote cite{font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:16px;font-style:normal;font-weight:700;letter-spacing:1px;line-height:24px;text-transform:uppercase;}/*!sc*/ .lpbwbM .wp-block-longquote,.lpbwbM .wp-block-custom-block-longquote{border-left:16px solid #eff8fa;margin:16px auto;padding-left:24px;}/*!sc*/ .lpbwbM .wp-block-longquote p,.lpbwbM .wp-block-custom-block-longquote p{margin:0px 0px 16px;}/*!sc*/ .lpbwbM .wp-block-longquote cite,.lpbwbM .wp-block-custom-block-longquote cite{font-style:normal;}/*!sc*/ .lpbwbM h3:last-of-type{color:#111111;display:block;font-family:var(--saol-text),Saol Text,Times New Roman,Playfair Display,Georgia,Serif;font-size:24px;font-weight:700;letter-spacing:.035rem;line-height:1;margin:0px 0px 16px;}/*!sc*/ .lpbwbM h3:last-of-type em{font-style:normal;}/*!sc*/ .lpbwbM .vodvideocontainer{width:100%;padding-bottom:0!important;}/*!sc*/ @media (min-width: 48rem){.lpbwbM .vodvideocontainer{width:512px!important;height:310px!important;}}/*!sc*/ @media(min-width: 64rem){.lpbwbM .vodvideocontainer{width:550px!important;height:310px!important;}}/*!sc*/ @media(min-width: 72rem){.lpbwbM .vodvideocontainer{width:698px!important;height:392px!important;margin-left:-20px!important;}}/*!sc*/ @media (min-width: 80rem){.lpbwbM .vodvideocontainer{width:800px!important;height:480px!important;margin-left:-5px!important;}}/*!sc*/ @media (min-width: 90rem){.lpbwbM .vodvideocontainer{margin-left:-10px!important;width:110%!important;height:450px!important;}}/*!sc*/ .lpbwbM pre,.lpbwbM .wp-block-code{white-space:pre-wrap;word-wrap:break-word;}/*!sc*/ .lpbwbM .wp-block-columns-is-layout-flex{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;}/*!sc*/ .lpbwbM .wp-block-columns-is-layout-flex:has(.has-horizontal-align-left){-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;justify-content:flex-start;}/*!sc*/ .lpbwbM .wp-block-columns-is-layout-flex:has(.has-horizontal-align-right){-webkit-box-pack:end;-ms-flex-pack:end;-webkit-justify-content:flex-end;justify-content:flex-end;}/*!sc*/ .lpbwbM .has-vivid-cyan-blue-color{content:url('/icons/ProIcon.svg');padding-left:24px;}/*!sc*/ .lpbwbM .has-vivid-purple-color{content:url('/icons/ConIcon.svg');padding-left:24px;}/*!sc*/ .lpbwbM .simple-table-widget{margin:24px 0;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;}/*!sc*/ .lpbwbM .simple-table-widget h3{margin:0;padding:0 16px 8px 16px;line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:1rem;font-weight:600;}/*!sc*/ @media(min-width: 32rem){.lpbwbM .simple-table-widget h3{padding:8px 24px 12px 24px;line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:1.5rem;font-weight:600;}}/*!sc*/ .lpbwbM .simple-table-widget mark{display:block;line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:0.75rem;font-weight:600;color:#EFF8FA;}/*!sc*/ .lpbwbM .simple-table-widget mark+br{display:none;}/*!sc*/ .lpbwbM .simple-table-widget table{border-collapse:collapse;width:100%;}/*!sc*/ .lpbwbM .simple-table-widget table ul,.lpbwbM .simple-table-widget table ol{margin:0;}/*!sc*/ .lpbwbM .simple-table-widget tr:has(.has-light-green-cyan-color, .has-vivid-green-cyan-color){background-color:#eff8fa!important;border:2px solid #007B9D;}/*!sc*/ .lpbwbM .simple-table-widget tr:not(:has(th)){border-top:2px solid #D1D1D6;}/*!sc*/ .lpbwbM .simple-table-widget tr:not(:has(th)):has(.has-light-green-cyan-color, .has-vivid-green-cyan-color){border-top:2px solid #007B9D;}/*!sc*/ .lpbwbM .simple-table-widget tr:not(:has(th)):nth-child(1){border-top:2px solid #EFF8FA;}/*!sc*/ .lpbwbM .simple-table-widget tr:not(:has(th)):nth-child(1):has(.has-light-green-cyan-color, .has-vivid-green-cyan-color){border-top:2px solid #007B9D;}/*!sc*/ .lpbwbM .simple-table-widget tr:nth-child(even){background-color:#F2F2F2;}/*!sc*/ .lpbwbM .simple-table-widget th{font-weight:600;line-height:19px;padding:24px 16px;text-align:left;}/*!sc*/ .lpbwbM .simple-table-widget td{padding:24px 16px;line-height:150%;color:#111111;letter-spacing:0.5px;font-weight:400;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:1rem;font-weight:400;}/*!sc*/ .lpbwbM .simple-table-widget td:nth-child(1),.lpbwbM .simple-table-widget th:nth-child(1){width:50%;line-height:19px;position:relative;}/*!sc*/ .lpbwbM .simple-table-widget td:nth-child(1)::after,.lpbwbM .simple-table-widget th:nth-child(1)::after{content:"";border-right:1px solid #D1D1D6;position:absolute;top:8px;bottom:8px;right:0px;}/*!sc*/ @media(min-width: 32rem){.lpbwbM .simple-table-widget td:nth-child(1),.lpbwbM .simple-table-widget th:nth-child(1){width:33%;padding:24px 16px 24px 24px;}}/*!sc*/ .lpbwbM a{color:#007B9D;-webkit-text-decoration:none;text-decoration:none;font-family:inherit;}/*!sc*/ .lpbwbM a:hover{-webkit-text-decoration:none;text-decoration:none;}/*!sc*/ .lpbwbM a:active,.lpbwbM a:focus{-webkit-text-decoration:none;text-decoration:none;color:#666666;}/*!sc*/ @media (min-width: 48rem){.lpbwbM{max-width:719px;}}/*!sc*/ @media (min-width: 80rem){.lpbwbM{max-width:745px;}}/*!sc*/ .lpbwbM p{color:#111111;}/*!sc*/ .lpbwbM div[class^="rawHtml-content"] >p:first-of-type{margin-top:0px;}/*!sc*/ .lpbwbM div[class^="rawHtml-content"] h1,.lpbwbM div[class^="rawHtml-content"] h2,.lpbwbM div[class^="rawHtml-content"] h3,.lpbwbM div[class^="rawHtml-content"] h4,.lpbwbM div[class^="rawHtml-content"] h5,.lpbwbM div[class^="rawHtml-content"] h6{color:#111111;}/*!sc*/ .lpbwbM div[class^="rawHtml-content"] iframe{aspect-ratio:16/9;}/*!sc*/ @media (min-width: 48rem){.lpbwbM div[class^="rawHtml-content"] .paywall-selector{top:10%;}.lpbwbM div[class^="rawHtml-content"] .tp-container-inner iframe{margin-left:-10px;}}/*!sc*/ .lpbwbM .related-video-container{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-flex-flow:column wrap;-webkit-flex-flow:column wrap;-ms-flex-flow:column wrap;flex-flow:column wrap;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}/*!sc*/ .lpbwbM .related-video-container.hidden{display:none;}/*!sc*/ .lpbwbM .related-video-container >div{width:100%;}/*!sc*/ .lpbwbM .related-video-container h3{font-weight:600;line-height:39px;font-size:24px;margin:8px 0!important;}/*!sc*/ @media (min-width: 48rem){.lpbwbM .related-video-container h3{font-size:32px;}}/*!sc*/ .lpbwbM .related-video-container hr{width:150px;margin:0 0 24px;border:0;border-top:4px solid #E31E23;}/*!sc*/ @media (min-width: 48rem){.lpbwbM .related-video-container hr{width:200px;}}/*!sc*/ @media (min-width: 48rem){.lpbwbM .wp-block-media-text{display:-ms-grid;display:grid;-ms-grid-columns:50% 1fr;grid-template-columns:50% 1fr;-ms-grid-gap:32px;grid-gap:32px;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}}/*!sc*/ .lpbwbM .wp-block-button{background-color:#111111;font-family:var(--graphik-cond),Graphik Cond,Arial Narrow,Helvetica neue Condensed,sans-serif;font-size:16px;font-weight:500;line-height:19.2px;width:-webkit-fit-content;width:-moz-fit-content;width:fit-content;height:-webkit-fit-content;height:-moz-fit-content;height:fit-content;padding:8px 16px;position:relative;}/*!sc*/ .lpbwbM .wp-block-button >a::before{content:'';position:absolute;inset:0;}/*!sc*/ .lpbwbM .wp-block-button >a{color:#FFFFFF;}/*!sc*/ .lpbwbM .pros_cons div{max-width:100%;}/*!sc*/ .lpbwbM .table-container{overflow:auto;}/*!sc*/ data-styled.g310[id="sc-cb363b57-3"]{content:"lpbwbM,"}/*!sc*/ .dXxFyS{margin-top:48px;margin-bottom:48px;}/*!sc*/ data-styled.g312[id="sc-cb363b57-5"]{content:"dXxFyS,"}/*!sc*/ .jGlrhW{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-self:center;-ms-flex-item-align:center;-ms-grid-row-align:center;align-self:center;width:100%;margin:-24px;padding:0 16px;height:115px;}/*!sc*/ @media (min-width: 48rem){.jGlrhW{max-width:704px;margin:unset;padding:unset;}}/*!sc*/ @media (min-width: 80rem){.jGlrhW{max-width:745px;}}/*!sc*/ data-styled.g313[id="sc-cb363b57-6"]{content:"jGlrhW,"}/*!sc*/ </style></head><body dir="auto" class=""><div id="__next"><div class="__variable_40b425 __variable_75b0c8 __variable_cdc833"><div class="sc-598c3945-0 fiWNxs"></div><input type="checkbox" id="drawer-toggle" class="sc-d6cfb190-0 gEtRAv drawer-toggle" aria-label="Toggle Menu"/><div id="header-wrapper-id" data-cy="header" class="sc-e75b723d-0 eGAoAG"><div class="sc-e75b723d-1 daOPeu"><div class="sc-e75b723d-8 cVzDlE"><div class="sc-7b315448-0 jvpOkq menu-placeholder"></div><div class="sc-7b315448-0 eqFKMp"></div></div></div></div><nav class="sc-7912b096-0 esXlyC own"><ul data-cy="topicNavigation" class="sc-7912b096-1 ilFcda"><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="home" tabindex="0" aria-label="Go to Home">Home</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/the-latest/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="news" tabindex="0" aria-label="Go to News">News</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/section/tech/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="tech" tabindex="0" aria-label="Go to Tech">Tech</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/section/finance/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="finance" tabindex="0" aria-label="Go to Finance">Finance</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/section/leadership/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="leadership" tabindex="0" aria-label="Go to Leadership">Leadership</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/well/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="well" tabindex="0" aria-label="Go to Well">Well</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/recommends/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="recommends" tabindex="0" aria-label="Go to Recommends">Recommends</a></li><li class="sc-7912b096-2 dosbSb own"><a href="https://fortune.com/ranking/fortune500/" target="_self" class="sc-93594058-0 biiLYN sc-7912b096-3 ecaJBy own styled-custom-link" data-cy="fortune-500" tabindex="0" aria-label="Go to Fortune 500">Fortune 500</a></li></ul></nav><div class="sc-6965f64-0 hFxCcs drawer-menu" data-cy="drawer-menu"><div class="sc-6965f64-1 bLgXSB"><div class="sc-6965f64-3 jkGJoo"><label for="drawer-toggle" id="drawer-toggle-button" class="sc-d6cfb190-1 iXpwAQ close-menu" aria-label="Close menu" data-cy="closeButton" tabindex="0"></label><a href="https://fortune.com/" target="_self" class="sc-93594058-0 iAsnWJ link styled-custom-link" data-cy="homePageLink">Home Page</a></div></div><nav class="sc-c196408b-0 dFMcjd"><div class="sc-c196408b-3 cxYUkC own"><span data-cy="brief">Already have an account?</span><button class="sc-9c0d9f78-0 iCETYa sign-in-button" type="button" data-cy="signinBtnMobile">SIGN IN</button></div><div class="sc-c196408b-2 hAGucH"><button type="button" class="sc-9c0d9f78-0 YEoET"><label for="queryly_toggle">SEARCH</label></button><a href="https://fortune.com/subscribe/" target="_self" class="sc-93594058-0 evbXp styled-custom-link" data-cy="subscribeBtnMobile">Subscribe Now</a></div><ul class="menu-list" data-cy="menuMobile"><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/" target="_self" class="sc-93594058-0 ctOlNq">Sections</a></li><ul class="sc-150e1207-1 konrBM submenu fortune-sections" data-cy="subMenuLevel0"><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/ranking/fortune500/" target="_self" class="sc-93594058-0 ctOlNq">FORTUNE 500</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/the-latest/" target="_self" class="sc-93594058-0 ctOlNq">News</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/europe/" target="_self" class="sc-93594058-0 ctOlNq">Europe</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/asia/" target="_self" class="sc-93594058-0 ctOlNq">Asia</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/section/tech/" target="_self" class="sc-93594058-0 ctOlNq">Tech</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel1"><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/tag/artificial-intelligence/" target="_self" class="sc-93594058-0 ctOlNq">AI</a></li></ul><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/section/finance/" target="_self" class="sc-93594058-0 ctOlNq">Finance</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel1"><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/section/personal-finance/" target="_self" class="sc-93594058-0 ctOlNq">Personal Finance</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/tag/real-estate/" target="_self" class="sc-93594058-0 ctOlNq">Real Estate</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/crypto/" target="_self" class="sc-93594058-0 ctOlNq">Crypto</a></li></ul><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/section/leadership/" target="_self" class="sc-93594058-0 ctOlNq">Leadership</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel1"><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/section/success/" target="_self" class="sc-93594058-0 ctOlNq">Success</a></li></ul><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/well/" target="_self" class="sc-93594058-0 ctOlNq">Well</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel1"><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/well/section/life/" target="_self" class="sc-93594058-0 ctOlNq">Life</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/well/section/health/" target="_self" class="sc-93594058-0 ctOlNq">Health</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/well/section/mind/" target="_self" class="sc-93594058-0 ctOlNq">Mind</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/well/section/family/" target="_self" class="sc-93594058-0 ctOlNq">Family</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/well/section/aging-well/" target="_self" class="sc-93594058-0 ctOlNq">Aging Well</a></li></ul><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/recommends/" target="_self" class="sc-93594058-0 ctOlNq">Recommends</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel1"><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/credit-cards/" target="_self" class="sc-93594058-0 ctOlNq">Credit Cards</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/banking/" target="_self" class="sc-93594058-0 ctOlNq">Banking</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel2"><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/recommends/banking/best-high-yield-savings-accounts/" target="_self" class="sc-93594058-0 ctOlNq">Best High-Yield Savings Accounts</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/recommends/banking/best-savings-accounts/" target="_self" class="sc-93594058-0 ctOlNq">Best Savings Accounts</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/recommends/banking/the-best-cd-rates/" target="_self" class="sc-93594058-0 ctOlNq">Best CD Rates</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/recommends/banking/the-best-money-market-accounts/" target="_self" class="sc-93594058-0 ctOlNq">Best Money Market Accounts</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/recommends/banking/savings-account-calculator/" target="_self" class="sc-93594058-0 ctOlNq">Savings Calculator</a></li></ul><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/insurance/" target="_self" class="sc-93594058-0 ctOlNq">Insurance</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/mortgages/" target="_self" class="sc-93594058-0 ctOlNq">Mortgages</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/investing/" target="_self" class="sc-93594058-0 ctOlNq">Investing</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/loans/" target="_self" class="sc-93594058-0 ctOlNq">Loans</a></li><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/education/" target="_self" class="sc-93594058-0 ctOlNq">Education</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel2"><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/education/business/" target="_self" class="sc-93594058-0 ctOlNq">Top Business Schools</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/education/information-technology/" target="_self" class="sc-93594058-0 ctOlNq">Top Information Technology and Data Schools</a></li><li class="sc-150e1207-0 iSTFpo level-3 close" data-cy="itemLink3"><a href="https://fortune.com/education/health/" target="_self" class="sc-93594058-0 ctOlNq">Top Health Schools</a></li></ul><li class="sc-150e1207-0 dkwDny level-2 close" data-cy="itemLink2"><a href="https://fortune.com/recommends/business/" target="_self" class="sc-93594058-0 ctOlNq">Business Solutions</a></li></ul><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/videos/" target="_self" class="sc-93594058-0 ctOlNq">Video</a></li></ul><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/ranking/" target="_self" class="sc-93594058-0 ctOlNq">Rankings</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel0"><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/ranking/fortune500/" target="_self" class="sc-93594058-0 ctOlNq">FORTUNE 500</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/ranking/global500/" target="_self" class="sc-93594058-0 ctOlNq">GLOBAL 500</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/ranking/most-powerful-women/" target="_self" class="sc-93594058-0 ctOlNq">MOST POWERFUL WOMEN</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/great-place-to-work-rankings/" target="_self" class="sc-93594058-0 ctOlNq">GREAT PLACE TO WORK LISTS</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/education/business/best-mba-programs/" target="_self" class="sc-93594058-0 ctOlNq">BEST MBA PROGRAMS</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/ranking/" target="_self" class="sc-93594058-0 ctOlNq">MORE RANKINGS</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/companies/" target="_self" class="sc-93594058-0 ctOlNq">Fortune Company List</a></li></ul><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/analytics" target="_self" class="sc-93594058-0 ctOlNq">Analytics</a></li><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/newsletters/" target="_self" class="sc-93594058-0 ctOlNq">Newsletters</a></li><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/magazine/" target="_self" class="sc-93594058-0 ctOlNq">Magazine</a><button class="sc-150e1207-2 bJucTI arrow" type="button" data-cy="arrow-button"><span class="arrow"></span></button></li><ul class="sc-150e1207-1 koeFdJ submenu " data-cy="subMenuLevel0"><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/december-2024-january-2025/" target="_self" class="sc-93594058-0 ctOlNq">December 2024/January 2025</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/october-november-2024/" target="_self" class="sc-93594058-0 ctOlNq">October/November 2024</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/august-september-2024/" target="_self" class="sc-93594058-0 ctOlNq">August/September 2024</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/june-july-2024/" target="_self" class="sc-93594058-0 ctOlNq">June/July 2024</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/april-may-2024/" target="_self" class="sc-93594058-0 ctOlNq">April/May 2024</a></li><li class="sc-150e1207-0 bPgFWV level-1 close" data-cy="itemLink1"><a href="https://fortune.com/packages/february-march-2024/" target="_self" class="sc-93594058-0 ctOlNq">February/March 2024</a></li></ul><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/conferences" target="_self" class="sc-93594058-0 ctOlNq">Live Media</a></li><li class="sc-150e1207-0 bZRwIA level-0 close" data-cy="itemLink0"><a href="https://fortune.com/ceoi" target="_self" class="sc-93594058-0 ctOlNq">CEO Initiative</a></li></ul></nav></div><div class="sc-6965f64-4 eHEMYw overlay"></div><div class="sc-598c3945-2 klPjKS"><main><div id="content" role="article" class="sc-cb363b57-0 ieHAnW"><div data-cy="article-wrapper" class="sc-1b197338-0 fCJVHe"><div data-cy="article-eyebrow" class="sc-1b197338-1 fzmkOH"><div class="sc-931ccf38-0 ihNNmJ eyebrow hero-eyebrow" data-cy="article-eyebrow"><a href="https://fortune.com/section/features/" target="_self" class="sc-93594058-0 gNquPh link styled-custom-link" data-cy="article-section-eyebrow" aria-label="Go to Features">Features</a><span aria-hidden="true">·</span><a href="https://fortune.com/tag/innovation/" target="_self" class="sc-93594058-0 gNquPh link styled-custom-link" data-cy="article-tag-eyebrow" aria-label="Go to Innovation">Innovation</a></div><h1 data-cy="article-title" class="sc-3358ecfd-0 sc-1b197338-2 eohPqX eLDEfY">The 10 biggest R&D spenders worldwide</h1><div class="sc-1b197338-3 ekqncT"><div data-cy="article-author-and-date" class="sc-1b197338-4 ihEGHO"><div class="sc-1b197338-5 gDiiku"><div class="sc-cc7d6b4a-0 irPhBl article-info"><span class="sc-cc7d6b4a-2 gvEbxe">BY</span><span class="sc-cc7d6b4a-3 gJEIDt"><a href="https://fortune.com/author/michael-casey/" target="_self" class="sc-93594058-0 iAsnWJ styled-custom-link" data-cy="by-line-author" aria-label="Go to Michael Casey author's page">Michael Casey</a></span><span class="sc-cc7d6b4a-4 bPqZCD"> and </span><span class="sc-cc7d6b4a-3 gJEIDt"><a href="https://fortune.com/author/robert-hackett/" target="_self" class="sc-93594058-0 iAsnWJ styled-custom-link" data-cy="by-line-author" aria-label="Go to Robert Hackett author's page">Robert Hackett</a></span><span class="sc-cc7d6b4a-4 bPqZCD"></span></div></div><div class="sc-1b197338-6 eCBAKW"></div></div><div class="sc-eebf4507-0 lkHRXC"><div class="sc-eebf4507-2 hfCUZK article-redesign"><div role="button" class="share-icon undefined" tabindex="0" aria-label="share-button"></div><div class="sc-eebf4507-1 fajITn article-redesign"><div class="sc-eebf4507-3 deurwP"><ul class="sc-34288ae7-0 dSIqoQ social-links-container"><li class="sc-34288ae7-1 dfIaiB"><a href="https://www.facebook.com/sharer.php/?u=https%3A%2F%2Ffortune.com%2F2014%2F11%2F17%2Ftop-10-research-development%2F" target="_blank" class="sc-93594058-0 ctOlNq social facebook-square" rel="noopener noreferrer" aria-label="go to facebook"></a></li><li class="sc-34288ae7-1 dfIaiB"><a href="https://twitter.com/intent/tweet?text=The%2010%20biggest%20R%26D%20spenders%20worldwide&url=https%3A%2F%2Ffortune.com%2F2014%2F11%2F17%2Ftop-10-research-development%2F" target="_blank" class="sc-93594058-0 ctOlNq social twitter" rel="noopener noreferrer" aria-label="go to twitter"></a></li><li class="sc-34288ae7-1 dfIaiB"><a href="https://www.linkedin.com/shareArticle/?url=https%3A%2F%2Ffortune.com%2F2014%2F11%2F17%2Ftop-10-research-development%2F" target="_blank" class="sc-93594058-0 ctOlNq social linkedin" rel="noopener noreferrer" aria-label="go to linkedin"></a></li><li class="sc-34288ae7-1 dfIaiB"><a href="mailto:?subject=The 10 biggest R&D spenders worldwide&body=https%3A%2F%2Ffortune.com%2F2014%2F11%2F17%2Ftop-10-research-development%2F" target="_blank" class="sc-93594058-0 ctOlNq social email" rel="noopener noreferrer" aria-label="send email"></a></li></ul></div></div></div></div></div></div><div data-cy="article-image" class="sc-1b197338-7 gUrVyM"><img alt="A Volkswagen XL1 hybrid car is displayed at Auto China 2014 in Beijing" fetchPriority="high" width="768" height="512" decoding="async" data-nimg="1" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 768 512'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/jpeg;base64,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'/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?w=1440&q=75"/><div data-cy="caption" class="sc-b816ce10-9 cjPzmH">ALIX COLOW. AGENCY</div><div data-cy="credit" class="sc-b816ce10-10 ecSAsX">Photograph by Jason Lee — Reuters</div></div></div><div class="sc-cb363b57-6 jGlrhW trinity-player"></div><div class="sc-cb363b57-1 bUCaEr"><div class="sc-cb363b57-2 cbfGqq"><div id="article-content" class="sc-cb363b57-3 lpbwbM"><div class="sc-cb363b57-5 dXxFyS"></div></div></div></div></div></main><footer class="sc-f19f6d8d-0 dlCxCg"><nav data-cy="footer-navigation" class="sc-f19f6d8d-1 kTzMFu"><div class="sc-f19f6d8d-3 hZGFNn rankings" data-cy="footer-navigation-link-wrapper"><div data-cy="footer-navigation-section-title" class="sc-f19f6d8d-4 ghsfCY">Rankings</div><div class="sc-f19f6d8d-2 kkaocG"><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/best-companies/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to 100 Best Companies" class="sc-93594058-0 ctOlNq">100 Best Companies</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/fortune500/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune 500" class="sc-93594058-0 ctOlNq">Fortune 500</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/global500/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Global 500" class="sc-93594058-0 ctOlNq">Global 500</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/europe/ranking/fortune500-europe/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune 500 Europe" class="sc-93594058-0 ctOlNq">Fortune 500 Europe</a></li></ul><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/most-powerful-women/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Most Powerful Women" class="sc-93594058-0 ctOlNq">Most Powerful Women</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/future-50/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Future 50" class="sc-93594058-0 ctOlNq">Future 50</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/worlds-most-admired-companies/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to World’s Most Admired Companies" class="sc-93594058-0 ctOlNq">World’s Most Admired Companies</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ranking/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to See All Rankings" class="sc-93594058-0 ctOlNq">See All Rankings</a></li></ul></div></div><div class="sc-f19f6d8d-3 hZGFNn sections" data-cy="footer-navigation-link-wrapper"><div data-cy="footer-navigation-section-title" class="sc-f19f6d8d-4 ghsfCY">Sections</div><div class="sc-f19f6d8d-2 kkaocG"><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/finance/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Finance" class="sc-93594058-0 ctOlNq">Finance</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/leadership/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Leadership" class="sc-93594058-0 ctOlNq">Leadership</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/success/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Success" class="sc-93594058-0 ctOlNq">Success</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/tech/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Tech" class="sc-93594058-0 ctOlNq">Tech</a></li></ul><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/asia/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Asia" class="sc-93594058-0 ctOlNq">Asia</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/europe/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Europe" class="sc-93594058-0 ctOlNq">Europe</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/environment/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Environment" class="sc-93594058-0 ctOlNq">Environment</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/crypto/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune Crypto" class="sc-93594058-0 ctOlNq">Fortune Crypto</a></li></ul><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/health/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Health" class="sc-93594058-0 ctOlNq">Health</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/well/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Well" class="sc-93594058-0 ctOlNq">Well</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/retail/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Retail" class="sc-93594058-0 ctOlNq">Retail</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/lifestyle/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Lifestyle" class="sc-93594058-0 ctOlNq">Lifestyle</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/politics/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Politics" class="sc-93594058-0 ctOlNq">Politics</a></li></ul><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/newsletters/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Newsletters" class="sc-93594058-0 ctOlNq">Newsletters</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/magazine/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Magazine" class="sc-93594058-0 ctOlNq">Magazine</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/features/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Features" class="sc-93594058-0 ctOlNq">Features</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/commentary/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Commentary" class="sc-93594058-0 ctOlNq">Commentary</a></li></ul><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/mpw/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to MPW" class="sc-93594058-0 ctOlNq">MPW</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/ceoi" target="_self" data-cy="footer-navigation-link" aria-label="footer link to CEO Initiative" class="sc-93594058-0 ctOlNq">CEO Initiative</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/conferences/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Conferences" class="sc-93594058-0 ctOlNq">Conferences</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/section/personal-finance/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Personal Finance" class="sc-93594058-0 ctOlNq">Personal Finance</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/recommends/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Recommends" class="sc-93594058-0 ctOlNq">Recommends</a></li></ul></div></div><div class="sc-f19f6d8d-3 hZGFNn customer" data-cy="footer-navigation-link-wrapper"><div data-cy="footer-navigation-section-title" class="sc-f19f6d8d-4 ghsfCY">Customer Support</div><div class="sc-f19f6d8d-2 kkaocG"><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/customerservice/#faq" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Frequently Asked Questions" class="sc-93594058-0 ctOlNq">Frequently Asked Questions</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/customerservice/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Customer Service Portal" class="sc-93594058-0 ctOlNq">Customer Service Portal</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/privacy-policy/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Privacy Policy" class="sc-93594058-0 ctOlNq">Privacy Policy</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/terms-of-use/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Terms of Use" class="sc-93594058-0 ctOlNq">Terms of Use</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://order.emags.com/fortune_single_issues" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Single Issues for Purchase" class="sc-93594058-0 ctOlNq">Single Issues for Purchase</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/international-print-magazine-only-subscribers/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to International Print" class="sc-93594058-0 ctOlNq">International Print</a></li></ul></div></div><div class="sc-f19f6d8d-3 hZGFNn commercial" data-cy="footer-navigation-link-wrapper"><div data-cy="footer-navigation-section-title" class="sc-f19f6d8d-4 ghsfCY">Commercial Services</div><div class="sc-f19f6d8d-2 kkaocG"><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://brand-studio.fortune.com/fortune-brand-studio/fbs-portfolio/?prx_t=Q4gFAAAAAAovEQA" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune Brand Studio" class="sc-93594058-0 ctOlNq">Fortune Brand Studio</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/analytics" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune Analytics" class="sc-93594058-0 ctOlNq">Fortune Analytics</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/conferences" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Fortune Conferences" class="sc-93594058-0 ctOlNq">Fortune Conferences</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortunemediakit.com/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Advertising" class="sc-93594058-0 ctOlNq">Advertising</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/business-development/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Business Development" class="sc-93594058-0 ctOlNq">Business Development</a></li></ul></div></div><div class="sc-f19f6d8d-3 hZGFNn about" data-cy="footer-navigation-link-wrapper"><div data-cy="footer-navigation-section-title" class="sc-f19f6d8d-4 ghsfCY">About Us</div><div class="sc-f19f6d8d-2 kkaocG"><ul class="sc-4ebe8201-0 HZany"><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/about-us/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to About Us" class="sc-93594058-0 ctOlNq">About Us</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/editorial-calendar/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Editorial Calendar" class="sc-93594058-0 ctOlNq">Editorial Calendar</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/press-center/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Press Center" class="sc-93594058-0 ctOlNq">Press Center</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://boards.greenhouse.io/fortune/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Work at Fortune" class="sc-93594058-0 ctOlNq">Work at Fortune</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/workplace/diversity-inclusion" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Diversity and Inclusion" class="sc-93594058-0 ctOlNq">Diversity and Inclusion</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/terms-of-use/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Terms and Conditions" class="sc-93594058-0 ctOlNq">Terms and Conditions</a></li><li class="sc-4ebe8201-1 bQxUqh"><a href="https://fortune.com/sitemap/" target="_self" data-cy="footer-navigation-link" aria-label="footer link to Site Map" class="sc-93594058-0 ctOlNq">Site Map</a></li></ul></div></div></nav><div class="sc-f19f6d8d-5 jSqIiH"><div data-cy="footer-disclaimer" class="sc-f19f6d8d-6 cYaJPu"><p>© 2024 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our <a href="https://fortune.com/terms-of-use/" target="_self" aria-label="Go to https://fortune.com/terms-of-use/" class="sc-93594058-0 ctOlNq">Terms of Use</a> and <a href="https://fortune.com/privacy-policy/" target="_self" aria-label="Go to https://fortune.com/privacy-policy/" class="sc-93594058-0 ctOlNq">Privacy Policy</a> | <a href="https://fortune.com/california-privacy-policy/#notice" target="_self" aria-label="Go to /california-privacy-policy/#notice" class="sc-93594058-0 ctOlNq">CA Notice at Collection and Privacy Notice</a> | <a href="javascript:Optanon.ToggleInfoDisplay();" target="_self" aria-label="Go to javascript:Optanon.ToggleInfoDisplay();" rel="noopener" class="sc-93594058-0 ctOlNq">Do Not Sell/Share My Personal Information</a><br/> FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.</p></div><ul data-cy="social-list" class="sc-939609ec-0 hajsnD"><li class="sc-939609ec-1 PvWOs"><a href="https://www.facebook.com/FortuneMagazine/" target="_self" data-cy="facebook-icon" aria-label="Go to our facebook profile" class="sc-93594058-0 ctOlNq"><svg width="7" height="13" viewBox="0 0 7 13" fill="#666666" xmlns="http://www.w3.org/2000/svg"><path d="M4.78788 2.59186C4.54545 2.59186 4.30303 2.83428 4.30303 3.25852V4.59186H6.66667V6.59186H4.24242V12.5312H2V6.65246H0V4.65246H2V3.50095C2 1.80398 3.21212 0.53125 4.78788 0.53125H6.66667V2.59186H4.78788Z" fill=""></path></svg></a></li><li class="sc-939609ec-1 PvWOs"><a href="https://twitter.com/FortuneMagazine/" target="_self" data-cy="twitter-icon" aria-label="Go to our twitter profile" class="sc-93594058-0 ctOlNq"><svg width="24" height="25" viewBox="0 0 24 25" fill="#666666" xmlns="http://www.w3.org/2000/svg"><path d="M18.901 1.68457H22.581L14.541 10.8746L24 23.3776H16.594L10.794 15.7936L4.156 23.3776H0.474L9.074 13.5476L0 1.68557H7.594L12.837 8.61757L18.901 1.68457ZM17.61 21.1756H19.649L6.486 3.77157H4.298L17.61 21.1756Z" fill=""></path></svg></a></li><li class="sc-939609ec-1 PvWOs"><a href="https://www.linkedin.com/company/fortune-magazine/" target="_self" data-cy="linkedin-icon" aria-label="Go to our linkedin profile" class="sc-93594058-0 ctOlNq"><svg width="24" height="25" viewBox="0 0 24 25" fill="#666666" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M3.51562 0.53125H20.4844C22.4227 0.53125 24 2.10852 24 4.04688V21.0156C24 22.954 22.4227 24.5312 20.4844 24.5312H3.51562C1.57727 24.5312 0 22.954 0 21.0156V4.04688C0 2.10852 1.57727 0.53125 3.51562 0.53125ZM5.67188 19.5625H8.48438V9.71875H5.67188V19.5625ZM8.48438 8.3125H5.67188V5.5H8.48438V8.3125ZM15.5156 19.5625H18.3281V13.4541C18.3281 11.4319 16.7199 9.72076 14.8125 9.71875C14.1595 9.71875 13.7281 9.87939 13.2557 10.0553C13.0815 10.1202 12.9017 10.1871 12.7031 10.2488V9.71875H9.89062V19.5625H12.7031V13.9375C12.7031 13.1622 13.3341 12.5312 14.1094 12.5312C14.8846 12.5312 15.5156 13.1622 15.5156 13.9375V19.5625Z" fill=""></path></svg></a></li><li class="sc-939609ec-1 PvWOs"><a href="https://www.instagram.com/fortunemag/" target="_self" data-cy="instagram-icon" aria-label="Go to our instagram profile" class="sc-93594058-0 ctOlNq"><svg width="12" height="13" viewBox="0 0 12 13" fill="#666666" xmlns="http://www.w3.org/2000/svg"><path d="M11.9464 4.06696C11.9464 3.58482 11.8393 3.04911 11.6786 2.62054C11.5179 2.19196 11.3036 1.87054 10.9821 1.54911C10.6607 1.22768 10.3393 1.01339 9.91072 0.852679C9.42857 0.691964 8.94643 0.584821 8.46429 0.584821C7.82143 0.53125 7.60714 0.53125 6 0.53125C4.39286 0.53125 4.17857 0.53125 3.53571 0.584821C3.05357 0.584821 2.51786 0.691964 2.08929 0.852679C1.66071 1.01339 1.33929 1.22768 1.01786 1.54911C0.696429 1.87054 0.482143 2.19196 0.321429 2.62054C0.160714 3.10268 0.0535714 3.58482 0.0535714 4.06696C1.11759e-08 4.70982 0 4.92411 0 6.53125C0 8.13839 1.11759e-08 8.35268 0.0535714 8.99554C0.0535714 9.47768 0.160714 10.0134 0.321429 10.442C0.482143 10.8705 0.696429 11.192 1.01786 11.5134C1.33929 11.8348 1.66071 12.0491 2.08929 12.2098C2.57143 12.3705 3.05357 12.4777 3.53571 12.4777C4.17857 12.5313 4.39286 12.5313 6 12.5313C7.60714 12.5313 7.82143 12.5313 8.46429 12.4777C8.94643 12.4777 9.48214 12.3705 9.91072 12.2098C10.7143 11.8884 11.3571 11.2455 11.6786 10.442C11.8393 9.95982 11.9464 9.47768 11.9464 8.99554C12 8.35268 12 8.13839 12 6.53125C12 4.92411 11.9464 4.70982 11.9464 4.06696ZM10.875 8.99554C10.875 9.37054 10.8214 9.74554 10.6607 10.1205C10.4464 10.6563 10.0179 11.0848 9.53572 11.2455C9.16072 11.3527 8.78572 11.4598 8.41072 11.4598C7.76786 11.5134 7.60714 11.5134 5.94643 11.5134C4.28572 11.5134 4.125 11.5134 3.48214 11.4598C3.10714 11.4598 2.73214 11.4062 2.35714 11.2455C2.08929 11.1384 1.875 10.9777 1.66071 10.817C1.44643 10.6027 1.28571 10.3884 1.23214 10.1205C1.125 9.74554 1.01786 9.37054 1.01786 8.99554C0.964286 8.35268 0.964286 8.19196 0.964286 6.53125C0.964286 4.87054 0.964286 4.70982 1.01786 4.06696C1.01786 3.69196 1.07143 3.31696 1.23214 2.94196C1.33929 2.67411 1.5 2.45982 1.66071 2.24554C1.875 2.03125 2.08929 1.87054 2.35714 1.81696C2.73214 1.70982 3.10714 1.60268 3.48214 1.60268C4.125 1.54911 4.28572 1.54911 5.94643 1.54911C7.60714 1.54911 7.76786 1.54911 8.41072 1.60268C8.78572 1.60268 9.16072 1.65625 9.53572 1.81696C9.80357 1.92411 10.0179 2.08482 10.2321 2.24554C10.4464 2.45982 10.6071 2.67411 10.6607 2.94196C10.7679 3.31696 10.875 3.69196 10.875 4.06696C10.9286 4.70982 10.9286 4.87054 10.9286 6.53125C10.9286 8.19196 10.875 8.35268 10.875 8.99554ZM5.94643 3.42411C4.23214 3.42411 2.83929 4.81696 2.83929 6.53125C2.83929 8.24554 4.23214 9.63839 5.94643 9.63839C7.66072 9.63839 9.05357 8.24554 9.05357 6.53125C9.05357 4.81696 7.66072 3.42411 5.94643 3.42411ZM5.94643 8.56697C4.82143 8.56697 3.91071 7.65625 3.91071 6.53125C3.91071 5.40625 4.82143 4.49554 5.94643 4.49554C7.07143 4.49554 7.98214 5.40625 7.98214 6.53125C7.98214 7.65625 7.07143 8.56697 5.94643 8.56697ZM9.91072 3.31696C9.91072 3.69196 9.58929 4.06696 9.16072 4.06696C8.73214 4.06696 8.41072 3.74554 8.41072 3.31696C8.41072 2.88839 8.73214 2.56696 9.16072 2.56696C9.58929 2.56696 9.91072 2.88839 9.91072 3.31696Z" fill=""></path></svg></a></li><li class="sc-939609ec-1 PvWOs"><a href="https://www.pinterest.com/fortunemagazine/" target="_self" data-cy="pinterest-icon" aria-label="Go to our pinterest profile" class="sc-93594058-0 ctOlNq"><svg width="10" height="13" viewBox="0 0 10 13" fill="#666666" xmlns="http://www.w3.org/2000/svg"><path d="M5.44765 9.23505C4.71716 9.17768 4.41042 8.81581 3.8378 8.46782C3.52281 10.12 3.13807 11.704 1.99809 12.5312C1.64559 10.0345 2.51445 8.15882 2.91794 6.16835C2.23021 5.01075 3.00044 2.68091 4.45167 3.25465C6.23589 3.96077 2.90557 7.55883 5.14166 8.00807C7.47524 8.47682 8.42848 3.95814 6.981 2.48817C4.88966 0.366451 0.892979 2.43942 1.38422 5.47762C1.50422 6.22085 2.27183 6.44623 1.69172 7.47146C0.352987 7.17446 -0.046756 6.11886 0.00424315 4.7115C0.0878668 2.40792 2.07421 0.795069 4.06805 0.571573C6.58876 0.289577 8.95422 1.49706 9.28122 3.86777C9.64871 6.54447 8.14348 9.4428 5.44803 9.23468L5.44765 9.23505Z" fill=""></path></svg></a></li></ul></div></footer></div><div class="sc-34036c4b-0 kJNRaP bottom-paywall-selector"></div></div></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"bypassPaywall":{"postBypassLinkEnabled":false,"postBypassLinkUnique":""},"permutivePageConfig":{"LoginStatus":false,"classifications_watson":{"categories":"$alchemy_taxonomy","concepts":"$alchemy_concepts","keywords":"$alchemy_keywords"},"contentAuthors":["Michael Casey","Robert Hackett"],"contentPublishDate":"2014-11-17T21:40:00Z","contentSection":"features","contentTags":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"dayOfWeek":"Sunday","pageType":"article","title":"The 10 biggest R\u0026D spenders worldwide"},"headerNav":{"domainLogo":null,"leftMenu":[{"id":"cG9zdDozNTcxNTEz","label":"Sections","subMenu":[{"id":"cG9zdDozNTcxNTE0","label":"FORTUNE 500","subMenu":null,"url":"/ranking/fortune500/"},{"id":"cG9zdDozNTcxNTE1","label":"News","subMenu":null,"url":"/the-latest/"},{"id":"cG9zdDozNzE2NjA4","label":"Europe","subMenu":null,"url":"https://fortune.com/europe/"},{"id":"cG9zdDozNzQ0ODM3","label":"Asia","subMenu":null,"url":"https://fortune.com/asia/"},{"id":"cG9zdDozNTcxNTE2","label":"Tech","subMenu":[{"id":"cG9zdDozNjEwMDMz","label":"AI","subMenu":null,"url":"/tag/artificial-intelligence/"}],"url":"/section/tech/"},{"id":"cG9zdDozNTcxNTE3","label":"Finance","subMenu":[{"id":"cG9zdDozNjEwMDM0","label":"Personal Finance","subMenu":null,"url":"/section/personal-finance/"},{"id":"cG9zdDozNTkwNjUw","label":"Real Estate","subMenu":null,"url":"/tag/real-estate/"},{"id":"cG9zdDozNTcxNTE4","label":"Crypto","subMenu":null,"url":"/crypto/"}],"url":"/section/finance/"},{"id":"cG9zdDozNTcxNTIx","label":"Leadership","subMenu":[{"id":"cG9zdDozNTcxNTIy","label":"Success","subMenu":null,"url":"/section/success/"}],"url":"/section/leadership/"},{"id":"cG9zdDozNTcxNTI3","label":"Well","subMenu":[{"id":"cG9zdDozNTcxNTI5","label":"Life","subMenu":null,"url":"/well/section/life/"},{"id":"cG9zdDozNTcxNTMw","label":"Health","subMenu":null,"url":"/well/section/health/"},{"id":"cG9zdDozNTcxNTMx","label":"Mind","subMenu":null,"url":"/well/section/mind/"},{"id":"cG9zdDozNTcxNTMy","label":"Family","subMenu":null,"url":"/well/section/family/"},{"id":"cG9zdDozNTcxNTMz","label":"Aging Well","subMenu":null,"url":"/well/section/aging-well/"}],"url":"/well/"},{"id":"cG9zdDozNTcxNTM1","label":"Recommends","subMenu":[{"id":"cG9zdDozNTcxNTM3","label":"Credit Cards","subMenu":null,"url":"/recommends/credit-cards/"},{"id":"cG9zdDozNTcxNTM4","label":"Banking","subMenu":[{"id":"cG9zdDozODAyODI1","label":"Best High-Yield Savings Accounts","subMenu":null,"url":"/recommends/banking/best-high-yield-savings-accounts/"},{"id":"cG9zdDozNzgzODQ0","label":"Best Savings Accounts","subMenu":null,"url":"/recommends/banking/best-savings-accounts/"},{"id":"cG9zdDozNzgzODQ4","label":"Best CD Rates","subMenu":null,"url":"/recommends/banking/the-best-cd-rates/"},{"id":"cG9zdDozNzgzODQ5","label":"Best Money Market Accounts","subMenu":null,"url":"/recommends/banking/the-best-money-market-accounts/"},{"id":"cG9zdDozNzk0NDg0","label":"Savings Calculator","subMenu":null,"url":"/recommends/banking/savings-account-calculator/"}],"url":"/recommends/banking/"},{"id":"cG9zdDozNTcxNTM5","label":"Insurance","subMenu":null,"url":"/recommends/insurance/"},{"id":"cG9zdDozNTcxNTQw","label":"Mortgages","subMenu":null,"url":"/recommends/mortgages/"},{"id":"cG9zdDozNTcxNTQx","label":"Investing","subMenu":null,"url":"/recommends/investing/"},{"id":"cG9zdDozNTcxNTQy","label":"Loans","subMenu":null,"url":"/recommends/loans/"},{"id":"cG9zdDozNTcxNTQ4","label":"Education","subMenu":[{"id":"cG9zdDozODQzMzYy","label":"Top Business Schools","subMenu":null,"url":"https://fortune.com/education/business/"},{"id":"cG9zdDozODQzMzYz","label":"Top Information Technology and Data Schools","subMenu":null,"url":"https://fortune.com/education/information-technology/"},{"id":"cG9zdDozODQzMzY0","label":"Top Health Schools","subMenu":null,"url":"https://fortune.com/education/health/"}],"url":"/education/"},{"id":"cG9zdDozODgwOTQx","label":"Business Solutions","subMenu":null,"url":"https://fortune.com/recommends/business/"}],"url":"/recommends/"},{"id":"cG9zdDozNTcxNTQ5","label":"Video","subMenu":null,"url":"/videos/"}],"url":"/"},{"id":"cG9zdDozNTcxNTUw","label":"Rankings","subMenu":[{"id":"cG9zdDozNTcxNTU0","label":"FORTUNE 500","subMenu":null,"url":"/ranking/fortune500/"},{"id":"cG9zdDozNTcxNTU1","label":"GLOBAL 500","subMenu":null,"url":"/ranking/global500/"},{"id":"cG9zdDozNTcxNTU2","label":"MOST POWERFUL WOMEN","subMenu":null,"url":"/ranking/most-powerful-women/"},{"id":"cG9zdDozNTcxNTU3","label":"GREAT PLACE TO WORK LISTS","subMenu":null,"url":"/great-place-to-work-rankings/"},{"id":"cG9zdDozNTcxNTU4","label":"BEST MBA PROGRAMS","subMenu":null,"url":"/education/business/best-mba-programs/"},{"id":"cG9zdDozNTg5MTQz","label":"MORE RANKINGS","subMenu":null,"url":"/ranking/"},{"id":"cG9zdDozOTY1NzQx","label":"Fortune Company List","subMenu":null,"url":"https://fortune.com/companies/"}],"url":"/ranking/"},{"id":"cG9zdDozNTcxNTU5","label":"Analytics","subMenu":null,"url":"/analytics"}],"rightMenu":[{"id":"cG9zdDozNTcxNTYw","label":"Newsletters","subMenu":null,"url":"/newsletters/"},{"id":"cG9zdDozNTcxNTYx","label":"Magazine","subMenu":[{"id":"cG9zdDozNTcxNTYz","label":"December 2024/January 2025","subMenu":null,"url":"/packages/december-2024-january-2025/"},{"id":"cG9zdDozNjkyMTIx","label":"October/November 2024","subMenu":null,"url":"https://fortune.com/packages/october-november-2024/"},{"id":"cG9zdDozNTcxNTY0","label":"August/September 2024","subMenu":null,"url":"/packages/august-september-2024/"},{"id":"cG9zdDozNTg5MTQ1","label":"June/July 2024","subMenu":null,"url":"/packages/june-july-2024/"},{"id":"cG9zdDozNTczMDY5","label":"April/May 2024","subMenu":null,"url":"/packages/april-may-2024/"},{"id":"cG9zdDozNTcxNTYy","label":"February/March 2024","subMenu":null,"url":"/packages/february-march-2024/"}],"url":"/magazine/"},{"id":"cG9zdDozNTcxNTY1","label":"Live Media","subMenu":null,"url":"/conferences"},{"id":"cG9zdDozNjgyMTY5","label":"CEO Initiative","subMenu":null,"url":"https://fortune.com/ceoi"}],"rightRailMenu":[{"id":"cG9zdDozNDI0NDc0","label":"The Coins","subMenu":null,"url":"/crypto/section/the-coins/"},{"id":"cG9zdDozNDI0NDc1","label":"Companies","subMenu":null,"url":"/crypto/section/companies/"},{"id":"cG9zdDozNDI0NDc2","label":"Regulators","subMenu":null,"url":"/crypto/section/regulators/"},{"id":"cG9zdDozNDI0NDc3","label":"NFTs \u0026 Culture","subMenu":null,"url":"/crypto/section/nfts-culture/"},{"id":"cG9zdDozNDI0NDg4","label":"Crash Course","subMenu":null,"url":"https://fortune.com/crypto/crash-course/"},{"id":"cG9zdDozNDI0NDg1","label":"More","subMenu":[{"id":"cG9zdDozNDI0NDg5","label":"fortune.com","subMenu":null,"url":"https://fortune.com/"},{"id":"cG9zdDozNDI0NDkw","label":"Video On Demand","subMenu":null,"url":"https://fortune.com/videos/"},{"id":"cG9zdDozNDI0NDkx","label":"Fortune Live Media","subMenu":null,"url":"https://fortune.com/conferences/"},{"id":"cG9zdDozNjgyMTU0","label":"CEO Initiative","subMenu":null,"url":"https://fortune.com/ceoi"},{"id":"cG9zdDozNDI0NDky","label":"Fortune Connect","subMenu":null,"url":"https://fortune.com/connect/"},{"id":"cG9zdDozNDI0NDk0","label":"Fortune Education","subMenu":null,"url":"https://fortune.com/education/"},{"id":"cG9zdDozNDI0NDk2","label":"Fortune Well","subMenu":null,"url":"https://fortune.com/well/"},{"id":"cG9zdDozNDI0NDk3","label":"Fortune Recommends","subMenu":null,"url":"https://fortune.com/recommends/"}],"url":null}],"subDomain":"own","topicNavigation":[{"id":"cG9zdDozNTcxNDQ4","label":"Home","subMenu":null,"url":"/"},{"id":"cG9zdDozNTcxNDQ5","label":"News","subMenu":null,"url":"/the-latest/"},{"id":"cG9zdDozNTcxNDUw","label":"Tech","subMenu":[{"id":"cG9zdDozNjEwMDM2","label":"AI","subMenu":null,"url":"/tag/artificial-intelligence/"}],"url":"/section/tech/"},{"id":"cG9zdDozNTcxNDUx","label":"Finance","subMenu":[{"id":"cG9zdDozNjEwMDM1","label":"Personal Finance","subMenu":null,"url":"/section/personal-finance/"},{"id":"cG9zdDozNTkwNjQ5","label":"Real Estate","subMenu":null,"url":"/tag/real-estate/"},{"id":"cG9zdDozNTg3NTAy","label":"Crypto","subMenu":null,"url":"/crypto/"}],"url":"/section/finance/"},{"id":"cG9zdDozNTcxNDUy","label":"Leadership","subMenu":[{"id":"cG9zdDozNTg3NTA0","label":"Success","subMenu":null,"url":"/section/success/"}],"url":"/section/leadership/"},{"id":"cG9zdDozNTcxNDUz","label":"Well","subMenu":[{"id":"cG9zdDozNTg3NTA1","label":"Life","subMenu":null,"url":"/well/section/life/"},{"id":"cG9zdDozNTg3NTA2","label":"Health","subMenu":null,"url":"/well/section/health/"},{"id":"cG9zdDozNTg3NTA3","label":"Mind","subMenu":null,"url":"/well/section/mind/"},{"id":"cG9zdDozNTg3NTA4","label":"Family","subMenu":null,"url":"/well/section/family/"},{"id":"cG9zdDozNTg3NTA5","label":"Aging Well","subMenu":null,"url":"/well/section/aging-well/"}],"url":"/well/"},{"id":"cG9zdDozNTcxNDU0","label":"Recommends","subMenu":[{"id":"cG9zdDozNTg3NTEz","label":"Credit Cards","subMenu":null,"url":"/recommends/credit-cards/"},{"id":"cG9zdDozNTg3NTE0","label":"Banking","subMenu":null,"url":"/recommends/banking/"},{"id":"cG9zdDozNTg3NTE1","label":"Insurance","subMenu":null,"url":"/recommends/insurance/"},{"id":"cG9zdDozNTg3NTE2","label":"Mortgages","subMenu":null,"url":"/recommends/mortgages/"},{"id":"cG9zdDozNTg3NTE4","label":"Investing","subMenu":null,"url":"/recommends/investing/"},{"id":"cG9zdDozNTg3NTE5","label":"Loans","subMenu":null,"url":"/recommends/loans/"},{"id":"cG9zdDozODc0Mjgz","label":"Education","subMenu":null,"url":"https://fortune.com/education/"},{"id":"cG9zdDozODc0Mjgy","label":"Business Solutions","subMenu":null,"url":"https://fortune.com/recommends/business/"}],"url":"/recommends/"},{"id":"cG9zdDozNTcxNDU1","label":"Fortune 500","subMenu":[{"id":"cG9zdDozOTE2MzAw","label":"FORTUNE SEA 500","subMenu":null,"url":"https://fortune.com/asia/ranking/southeast-asia-500/"},{"id":"cG9zdDozNzE2NjEw","label":"Fortune 500 Europe","subMenu":null,"url":"https://fortune.com/europe/ranking/fortune500-europe/"},{"id":"cG9zdDozNzE2NjEx","label":"Fortune Global 500","subMenu":null,"url":"https://fortune.com/ranking/global500/"},{"id":"cG9zdDozNzE2NjEy","label":"Fortune China 500","subMenu":null,"url":"https://www.fortunechina.com/fortune500/c/2023-07/25/content_436290.htm"}],"url":"/ranking/fortune500/"}]},"mostPopular":[{"authors":[{"name":"Christiaan Hetzner","uri":"/author/christiaan-hetzner","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/christiaan-hetzner/"}],"contentType":null,"date":"2025-01-17T15:31:08","dateFormatted":"January 17, 2025","dateGMT":"2025-01-17T15:31:08","dateGMTFormatted":"January 17, 2025","dateUpdated":"2025-01-17T10:31:08","dateUpdatedFormatted":"January 17, 2025","dateUpdatedGMT":"2025-01-17T15:31:31","dateUpdatedGMTFormatted":"January 17, 2025","excerpt":"Elon Musk boasted he's among the world's top ranked video game players. Now he's getting called out by other gamers for supposedly lying about his record.","eyebrowSectionLabel":"Tech","eyebrowSectionLink":"/section/tech","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2180776978-e1737120539282.jpg"},"title":"Elon Musk’s gaming scandal deepens as X owner attempts to silence streamer Asmongold for blowing the whistle","titleLink":"https://fortune.com/2025/01/17/elon-musk-asmongold-gaming-scandal-poe2-diabloiv-twitch/?itm_source=parsely-api"},{"authors":[{"name":"Alicia Adamczyk","uri":"/author/alicia-adamczyk","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/alicia-adamczyk/"}],"contentType":null,"date":"2025-01-17T16:19:19","dateFormatted":"January 17, 2025","dateGMT":"2025-01-17T16:19:19","dateGMTFormatted":"January 17, 2025","dateUpdated":"2025-01-17T12:22:22","dateUpdatedFormatted":"January 17, 2025","dateUpdatedGMT":"2025-01-17T17:22:22","dateUpdatedGMTFormatted":"January 17, 2025","excerpt":"Founder Whitney Wolfe Herd will return as CEO.","eyebrowSectionLabel":"MPW","eyebrowSectionLink":"/section/mpw","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2153998450-e1737128339762.jpg"},"title":"Bumble's new CEO is already leaving the company as shares fell 54% since killing the signature feature and letting men message first","titleLink":"https://fortune.com/2025/01/17/bumble-ceo-lidiane-jones-resignation-whitney-wolfe-herd/?itm_source=parsely-api"},{"authors":[{"name":"Paolo Confino","uri":"/author/paolo-confino","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/paolo-confino/"}],"contentType":null,"date":"2025-01-18T16:35:07","dateFormatted":"January 18, 2025","dateGMT":"2025-01-18T16:35:07","dateGMTFormatted":"January 18, 2025","dateUpdated":"2025-01-18T11:35:07","dateUpdatedFormatted":"January 18, 2025","dateUpdatedGMT":"2025-01-18T16:35:25","dateUpdatedGMTFormatted":"January 18, 2025","excerpt":"McCourt wants to build a decentralized version of the internet where individual users, rather than tech companies, own the reams of data spawned by their online lives.","eyebrowSectionLabel":"Tech","eyebrowSectionLink":"/section/tech","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2154189465-e1737216723115.jpg"},"title":"As TikTok prepares to shut down, billionaire Frank McCourt wants to buy it to radically change how the internet works","titleLink":"https://fortune.com/2025/01/18/tiktok-sale-ban-frank-mccourt-trump-bytedance-supreme-court-biden/?itm_source=parsely-api"},{"authors":[{"name":"Marco Quiroz-Gutierrez","uri":"/author/marco-quiroz-gutierrez","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/marco-quiroz-gutierrez/"}],"contentType":null,"date":"2025-01-15T15:34:40","dateFormatted":"January 15, 2025","dateGMT":"2025-01-15T15:34:40","dateGMTFormatted":"January 15, 2025","dateUpdated":"2025-01-17T16:03:49","dateUpdatedFormatted":"January 17, 2025","dateUpdatedGMT":"2025-01-17T21:03:49","dateUpdatedGMTFormatted":"January 17, 2025","excerpt":"Shou Zi Chew interned at Facebook during his time at Harvard Business School.\r\n","eyebrowSectionLabel":"Tech","eyebrowSectionLink":"/section/tech","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-1968503606-e1736954726465.jpg"},"title":"TikTok's CEO used to work for Mark Zuckerberg as a Facebook intern. Just one decade later, he's become one of Meta's fiercest competitors","titleLink":"https://fortune.com/2025/01/15/tiktok-ceo-shou-zi-chew-mark-zuckerberg-intern-facebook/?itm_source=parsely-api"},{"authors":[{"name":"Emma Burleigh","uri":"/author/emma-burleigh","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/emma-burleigh/"}],"contentType":null,"date":"2025-01-16T14:36:45","dateFormatted":"January 16, 2025","dateGMT":"2025-01-16T14:36:45","dateGMTFormatted":"January 16, 2025","dateUpdated":"2025-01-17T13:37:38","dateUpdatedFormatted":"January 17, 2025","dateUpdatedGMT":"2025-01-17T18:37:38","dateUpdatedGMTFormatted":"January 17, 2025","excerpt":"The entertainment giant hopes the sing-songy content creator’s 13 million young fans will follow her to the streaming service. ","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2173776500-e1736973297609.jpg"},"title":"YouTube star Ms. Rachel built her multimillion dollar empire by entertaining toddlers online. Now, she’s scored a deal with Netflix","titleLink":"https://fortune.com/2025/01/16/ms-rachel-youtube-star-netflix-deal/?itm_source=parsely-api"},{"authors":[{"name":"Ani Freedman","uri":"/author/ani-freedman","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/ani-freedman/"}],"contentType":null,"date":"2025-01-16T17:08:24","dateFormatted":"January 16, 2025","dateGMT":"2025-01-16T17:08:24","dateGMTFormatted":"January 16, 2025","dateUpdated":"2025-01-16T12:08:24","dateUpdatedFormatted":"January 16, 2025","dateUpdatedGMT":"2025-01-16T17:08:59","dateUpdatedGMTFormatted":"January 16, 2025","excerpt":"Avoiding microplastics can feel impossible—but limiting sites of known exposure is one way to protect your health.","eyebrowSectionLabel":"Health","eyebrowSectionLink":"/section/health","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-1820295144-e1736977164728.jpg"},"title":"Tea bags and these 11 foods are likely exposing you to billions of microplastics","titleLink":"https://fortune.com/well/article/tea-bags-microplastics-endocrine-disruptors-nanoplastics-health-risks/?itm_source=parsely-api"}],"subdomain":"own","footer":{"footerDisclaimer":"\u003cp\u003e© 2024 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our \u003ca href=\"https://fortune.com/terms-of-use/\"\u003eTerms of Use\u003c/a\u003e and \u003ca href=\"https://fortune.com/privacy-policy/\"\u003ePrivacy Policy\u003c/a\u003e | \u003ca href=\"/california-privacy-policy/#notice\"\u003eCA Notice at Collection and Privacy Notice\u003c/a\u003e | \u003ca href=\"javascript:Optanon.ToggleInfoDisplay();\" target=\"_self\"\u003eDo Not Sell/Share My Personal Information\u003c/a\u003e\u003cbr /\u003e\nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.\u003c/p\u003e\n","footerNav":[{"links":[{"__typename":"MenuItem","label":"100 Best Companies","url":"https://fortune.com/ranking/best-companies/"},{"__typename":"MenuItem","label":"Fortune 500","url":"https://fortune.com/ranking/fortune500/"},{"__typename":"MenuItem","label":"Global 500","url":"https://fortune.com/ranking/global500/"},{"__typename":"MenuItem","label":"Fortune 500 Europe","url":"https://fortune.com/europe/ranking/fortune500-europe/"}],"name":"Footer Rankings 1"},{"links":[{"__typename":"MenuItem","label":"Most Powerful Women","url":"https://fortune.com/ranking/most-powerful-women/"},{"__typename":"MenuItem","label":"Future 50","url":"https://fortune.com/ranking/future-50/"},{"__typename":"MenuItem","label":"World’s Most Admired Companies","url":"https://fortune.com/ranking/worlds-most-admired-companies/"},{"__typename":"MenuItem","label":"See All Rankings","url":"https://fortune.com/ranking/"}],"name":"Footer Rankings 2"},{"links":[{"__typename":"MenuItem","label":"Finance","url":"/section/finance/"},{"__typename":"MenuItem","label":"Leadership","url":"/section/leadership/"},{"__typename":"MenuItem","label":"Success","url":"/section/success/"},{"__typename":"MenuItem","label":"Tech","url":"/section/tech/"}],"name":"Footer Sections 1"},{"links":[{"__typename":"MenuItem","label":"Asia","url":"https://fortune.com/asia/"},{"__typename":"MenuItem","label":"Europe","url":"/europe/"},{"__typename":"MenuItem","label":"Environment","url":"/section/environment/"},{"__typename":"MenuItem","label":"Fortune Crypto","url":"https://fortune.com/crypto/"}],"name":"Footer Sections 2"},{"links":[{"__typename":"MenuItem","label":"Health","url":"/section/health/"},{"__typename":"MenuItem","label":"Well","url":"https://fortune.com/well/"},{"__typename":"MenuItem","label":"Retail","url":"/section/retail/"},{"__typename":"MenuItem","label":"Lifestyle","url":"/section/lifestyle/"},{"__typename":"MenuItem","label":"Politics","url":"/section/politics/"}],"name":"Footer Sections 3"},{"links":[{"__typename":"MenuItem","label":"Newsletters","url":"/section/newsletters/"},{"__typename":"MenuItem","label":"Magazine","url":"/section/magazine/"},{"__typename":"MenuItem","label":"Features","url":"/section/features/"},{"__typename":"MenuItem","label":"Commentary","url":"/section/commentary/"}],"name":"Footer Sections 4"},{"links":[{"__typename":"MenuItem","label":"MPW","url":"/section/mpw/"},{"__typename":"MenuItem","label":"CEO Initiative","url":"https://fortune.com/ceoi"},{"__typename":"MenuItem","label":"Conferences","url":"/section/conferences/"},{"__typename":"MenuItem","label":"Personal Finance","url":"/section/personal-finance/"},{"__typename":"MenuItem","label":"Recommends","url":"/recommends/"}],"name":"Footer Sections 5"},{"links":[{"__typename":"MenuItem","label":"Frequently Asked Questions","url":"https://fortune.com/customerservice/#faq"},{"__typename":"MenuItem","label":"Customer Service Portal","url":"https://fortune.com/customerservice/"},{"__typename":"MenuItem","label":"Privacy Policy","url":"/privacy-policy/"},{"__typename":"MenuItem","label":"Terms of Use","url":"https://fortune.com/terms-of-use/"},{"__typename":"MenuItem","label":"Single Issues for Purchase","url":"https://order.emags.com/fortune_single_issues"},{"__typename":"MenuItem","label":"International Print","url":"https://fortune.com/international-print-magazine-only-subscribers/"}],"name":"Footer Customer Support 1"},{"links":[{"__typename":"MenuItem","label":"Fortune Brand Studio","url":"https://brand-studio.fortune.com/fortune-brand-studio/fbs-portfolio/?prx_t=Q4gFAAAAAAovEQA"},{"__typename":"MenuItem","label":"Fortune Analytics","url":"https://fortune.com/analytics"},{"__typename":"MenuItem","label":"Fortune Conferences","url":"https://fortune.com/conferences"},{"__typename":"MenuItem","label":"Advertising","url":"https://fortunemediakit.com/"},{"__typename":"MenuItem","label":"Business Development","url":"https://fortune.com/business-development/"}],"name":"Footer Commercial Services 1"},{"links":[{"__typename":"MenuItem","label":"About Us","url":"/about-us/"},{"__typename":"MenuItem","label":"Editorial Calendar","url":"https://fortune.com/editorial-calendar/"},{"__typename":"MenuItem","label":"Press Center","url":"https://fortune.com/press-center/"},{"__typename":"MenuItem","label":"Work at Fortune","url":"https://boards.greenhouse.io/fortune/"},{"__typename":"MenuItem","label":"Diversity and Inclusion","url":"https://fortune.com/workplace/diversity-inclusion"},{"__typename":"MenuItem","label":"Terms and Conditions","url":"/terms-of-use/"},{"__typename":"MenuItem","label":"Site Map","url":"/sitemap/"}],"name":"Footer About 1"}],"socialList":[{"type":"facebook","url":"https://www.facebook.com/FortuneMagazine/"},{"type":"twitter","url":"https://twitter.com/FortuneMagazine/"},{"type":"linkedin","url":"https://www.linkedin.com/company/fortune-magazine/"},{"type":"instagram","url":"https://www.instagram.com/fortunemag/"},{"type":"pinterest","url":"https://www.pinterest.com/fortunemagazine/"}]},"article":{"adTags":[],"audienceDek":"","authorNames":["Michael Casey","Robert Hackett"],"authors":[{"email":"","image":"","name":"Michael Casey","sameAs":"","type":"Person","uri":"/author/michael-casey/","url":"https://fortune.com/author/michael-casey/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"},{"email":"robert.hackett@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2014/05/Hackett_bio.jpg?w=150","name":"Robert Hackett","sameAs":"","type":"Person","uri":"/author/robert-hackett/","url":"https://fortune.com/author/robert-hackett/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.instagram.com/rhhackett/","linkedinUrl":"https://www.linkedin.com/in/rhhackett/","twitterUrl":"https://twitter.com/rhhackett","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Features","content":"\u003cp\u003e“Innovative” has become, it seems, a trite descriptor, since marketing departments plaster the word everywhere. So who is actually investing the most in research and development? As it turns out, companies are spending more on R\u0026amp;D than ever before. The Global Innovation 1000, a list of public companies that spend the most on innovation, last year invested a record $647 billion, an increase of $9 billion over the previous year. That total represents two-fifths of all innovation spending by organizations worldwide, according to a report from \u003ca href=\"http://www.strategyand.pwc.com/global/home/what-we-think/global-innovation-1000/top-innovators-spenders#/tab-2014\"\u003eStrategy\u0026amp;\u003c/a\u003e, the consultancy formerly known as Booz \u0026amp; Co.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\u003cp\u003eWhere does all that money go? Over the past decade, two industries have accounted for half of all R\u0026amp;D spending: healthcare and computers. Other resource-intensive industries include healthcare, autos, and software. \u003cem\u003eFortune\u003c/em\u003e combed through the annual reports of Strategy\u0026amp;\u0026#8217;s top 10 to learn more about how big companies spend their R\u0026amp;D budgets. Here\u0026#8217;s what we found.\u003c/p\u003e\u003ch3\u003e1. Volkswagen\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg\"\u003e\u003cfigcaption\u003eA Volkswagen XL1 hybrid\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $13.5 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 5.2%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eFor the third year in a row, the German carmaker tops the Strategy\u0026amp; list of research and development spenders. Volkswagen says its spending results from being a “highly competitive and innovative car manufacturer which must fulfill a whole host of environmental and safety standards.” Much of that spending has gone into hybrid vehicles and adding new technology, including semi-autonomous features to some of its 12 brands. It also is looking to reduce CO2 emissions across its fleet and invest in ways to electrify vehicles.\u003c/p\u003e\n\u003ch3\u003e2. Samsung\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/ap957160074519.jpg\"\u003e\u003cfigcaption\u003eSamsung Electronics curved UHD TVs during a press unveiling at its headquarters in Seoul, South Korea, Thursday, Feb. 20, 2014. Samsung Electronics Co. launched the world's first curved UHD TV, enabled with panorama view and split screen. (AP Photo/Ahn Young-joon)\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $13.4 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 6.4%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe South Korean conglomerate claims second place once again. Its many R\u0026amp;D centers range from Silicon Valley to Bangalore to Beijing. The company says it is developing a smart TV monitor and a smart TV service as part of its research program. Domestically, Samsung breaks R\u0026amp;D into three organizations: business unit development teams that have a one-to-two year development outlook; research institutes that have a three-to-five year development outlook; and the Samsung Advanced Institute of Technology, which works on projects with a further line of sight.\u003c/p\u003e\n\u003ch3\u003e3. Intel\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/ap111212111590.jpg\"\u003e\u003cfigcaption\u003eINTEL SIGN AT SANTA CLARA HEADQUARTERS. \u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10.6 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 20.1%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe Santa Clara, Calif.-based chip manufacturer invests in R\u0026amp;D to keep pace with Moore’s Law, an observation by company co-founder Gordon Moore in 1965 that computing power doubles every two years. As the company works to cram more transistors onto its circuits, development eats most of the company’s R\u0026amp;D spending. “It’s getting more expensive to do the development piece of it because wafers get more expensive over time as more steps get added to the process,” says Michael Mayberry, vice president and director of components research at Intel. “Complexity drives cost.” One recent example of the company’s R\u0026amp;D efforts includes the 14nm Intel Core M processor, which is half the size of the previous generation of chips with 20% longer battery life and 60% less energy expenditure.\u003c/p\u003e\n\u003ch3\u003e4. Microsoft\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/microsoft-band_hero_2-copy.jpg\"\u003e\u003cfigcaption\u003eMICROSOFT BAND\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10.4 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 13.4%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eMicrosoft, the biggest spender among software and Internet companies, likes to refer to the “small r” and the “big D.” The company prides itself on developing products for the current market while searching for the next big thing. With more than 1,000 doctorate-holding researchers, its research program contributes to nearly everything the company ships today—one of the latest examples being Microsoft Band, a wearable device that aims to help people live a healthy and more productive life. Over the years, other technologies emerging from the company’s R\u0026amp;D program have included Xbox 360 and Xbox One, Kinect and Skype Translator.\u003c/p\u003e\n\u003ch3\u003e5. Roche\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/0089398.jpg\"\u003e\u003cfigcaption\u003eWORKING IN THE CHEMISTRY LABORATORY IN BUILDING 92, ROCHE BASEL\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 19%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eLeading the healthcare industry in R\u0026amp;D spending, the Swiss biopharmaceutical company spends more today than it did when it topped the Strategy\u0026amp; list three years ago. The company invests an overwhelming majority of its R\u0026amp;D budget —almost 90%—on pharmaceuticals, while the rest goes into diagnostics. Oncology, the largest part of Roche’s business, eats about half of its pharma R\u0026amp;D spending. One of the company’s latest drugs, a targeted medicine for advanced breast cancer called Kadcyla, was approved in the U.S. and E.U. last year. Roche says it is looking to leverage parts of the Kadcyla platform (for instance, the innovative way it links chemotherapeutic agents and antibodies) for future drugs.\u003c/p\u003e\n\u003ch3\u003e6. Novartis\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtx14j87.jpg\"\u003e\u003cfigcaption\u003eThe logo of Swiss drugmaker Novartis is seen at its headquarters in Basel.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $9.9 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 16.8%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAs the second-biggest health care spender, Novartis invested nearly 17% of its revenues into R\u0026amp;D in 2013 and has more than 200 projects in clinical development, including 138 in pharmaceuticals. Among the big discoveries from its R\u0026amp;D program was the drug Zykadia, which treats patients with a certain form of lung cancer and, in August, the company presented data on its drug LCZ696, an investigational heart failure medicine, showing it was superior to the current best treatments. And in October, an advisory committee to the FDA approved unanimously to support the approval AIN457 (secukinumab) for the treatment of moderate-to-severe plaque psoriasis.\u003c/p\u003e\n\u003ch3\u003e7. Toyota\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3vmi9.jpg\"\u003e\u003cfigcaption\u003eToyota Motor Corp's prototype fuel cell vehicle (FCV) sedan car, which has the same body design as the one will launch in 2015, is unveiled during a news conference at the company's showroom in Tokyo June 25, 2014. Japan's government and top carmakers, including Toyota Motor Corp, are joining forces to bet big that they can speed up the arrival of the fuel cell era: a still costly and complex technology that uses hydrogen as fuel and could virtually end the problem of automotive pollution. Toyota, the world's biggest carmaker, unveiled its first mass-market fuel-cell car on Wednesday, which is due to go on sale in Japan by end-March next year priced at around 7 million yen ($68,600). A U.S. and European launch will follow in the summer. REUTERS/Yuya Shino (JAPAN - Tags: BUSINESS POLITICS TRANSPORT ENERGY) - RTR3VMI9\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $9.1 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 3.5%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe Japanese automaker's biggest R\u0026amp;D investment areas include environmental and hybrid systems like electric and fuel cell vehicles as well as safety technologies, like vehicle dynamic control and crash safety performance. In its Q2 financial results, the company reported that these technologies are “a foundation for future growth. We will focus our investment in these areas.”\u003c/p\u003e\n\u003ch3\u003e8. Johnson \u0026 Johnson\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/173858583.jpg\"\u003e\u003cfigcaption\u003eA logo sits on a wall inside Johnson \u0026amp; Johnson's innovation centre in London, U.K.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $8.2 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 11.5%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe American health care company has long prided itself on investing in R\u0026amp;D and for the past five years has consistently been among the top spenders in the pharma industry. That investment has paid off big, with the pharmaceutical business launching 14 new compounds since 2009. J\u0026amp;J says it plans to file more than 10 new drugs and 25 line extensions between 2013 and 2017.\u003c/p\u003e\n\u003ch3\u003e9. Google\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/486281999.jpg\"\u003e\u003cfigcaption\u003eWASHINGTON, DC - APRIL 23: Googles Lexus RX 450H Self Driving Car is seen parked on Pennsylvania Ave. on April 23, 2014 in Washington, DC. Google has logged over 300,000 miles testing its self driving cars around the country.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $8 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 13.2%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eKnown for pursuing moonshot R\u0026amp;D projects, the Mountain View, Calif.-based Internet company has invested in seemingly outlandish technologies such as self-driving cars, computer eyewear and balloon-distributed Wi-Fi. The company employs about 18,600 people in research and development according to its latest annual report, and most of its R\u0026amp;D costs go into staffing and personnel support. According to Google's annual report, \"our product development philosophy is to launch innovative products early and often, and then iterate rapidly to make those products even better.\"\u003c/p\u003e\n\u003cp\u003e[fortune-brightcove videoid=3888653921001]\u003c/p\u003e\n\u003ch3\u003e10. Merck\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/85312882.jpg\"\u003e\u003cfigcaption\u003eMERCK SIGN OUTSIDE OF WHITEHORSE STATION, NJ HEADQUARTERS\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $7.5 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 17%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe N.J.-based pharmaceutical company lists its top R\u0026amp;D investment priorities as oncology, infectious diseases, vaccines, and diabetes. This year Merck received approval from the FDA for an immuno-oncology drug called Keytruda that treats a dangerous form of skin cancer known as advanced melanoma. “We see Keytruda and immuno-oncology drugs as a fundamental change in how we treat cancer patients,” says Dr. Roy Baynes, senior vice president of global clinical development. Merck is also extending studies of the drug to more than 30 other tumor types, he says.\u003c/p\u003e\u003c/div\u003e","databaseId":870289,"dateGmt":"2014-11-17T21:40:00","dek":"","description":"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. ","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDo4NzAyODk=","image":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600","imageCaption":"ALIX COLOW. AGENCY","imageCredit":"Photograph by Jason Lee — Reuters","keywords":"who are the biggest R\u0026amp;D spenders?, innovation, research, development","link":"https://fortune.com/2014/11/17/top-10-research-development/","metaTitle":"The top 10 biggest R\u0026amp;D spenders worldwide","modifiedGmt":"2014-11-18T13:45:52","noIndex":false,"pageType":"article","platformCD":"own","postId":870289,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":false,"subscriptionPleaDesign":null,"subscriptionPleaPosition":null,"subscriptionPleaTextLined":null,"bylineCommentary":null,"mediaItem":{"altText":"A Volkswagen XL1 hybrid car is displayed at Auto China 2014 in Beijing","caption":"A Volkswagen XL1 hybrid","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg"},"__typename":"Settings"},"premiumCategory":{"name":"legacy","premiumCategoryId":-1},"primaryPostTag":{"name":"Innovation","primaryTagId":186,"link":"https://fortune.com/tag/innovation/","uri":"/tag/innovation/","__typename":"BrandedArticlePrimaryPostTagIdFieldsFields"},"primarySection":{"name":"Features","primarySectionId":9548,"link":"https://fortune.com/section/features/","uri":"/section/features/","__typename":"BrandedArticlePrimarySectionIdFieldsFields"},"primaryTopic":{"name":"","primaryTopicId":-1},"relatedVideoId":"","relatedVideoType":"no_video","reviewedBy":null,"sectionNames":["Features","Tech"],"sections":[{"name":"Features","sectionId":9548,"slug":"features","__typename":"BrandedArticleClassificationSectionFieldsFields"},{"name":"Tech","sectionId":447824897,"slug":"tech","__typename":"BrandedArticleClassificationSectionFieldsFields"}],"series":[],"showModifiedTimestamp":0,"socialDescription":"","socialTitle":"","stickyCta":null,"tagNames":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"tags":[{"name":"Innovation","tagId":186,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"International","tagId":5142,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"research \u0026 development","tagId":235189,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Volkswagen (VW)","tagId":14380,"__typename":"BrandedArticleClassificationTagFieldsFields"}],"templateType":"default","thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg","title":"The 10 biggest R\u0026D spenders worldwide","topicNames":[],"topics":[],"url":"https://fortune.com/2014/11/17/top-10-research-development/","videoId":null,"widgetCss":null},"articleData":{"adTags":[],"audienceDek":"","authorNames":["Michael Casey","Robert Hackett"],"authors":[{"email":"","image":"","name":"Michael Casey","sameAs":"","type":"Person","uri":"/author/michael-casey/","url":"https://fortune.com/author/michael-casey/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"},{"email":"robert.hackett@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2014/05/Hackett_bio.jpg?w=150","name":"Robert Hackett","sameAs":"","type":"Person","uri":"/author/robert-hackett/","url":"https://fortune.com/author/robert-hackett/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.instagram.com/rhhackett/","linkedinUrl":"https://www.linkedin.com/in/rhhackett/","twitterUrl":"https://twitter.com/rhhackett","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Features","content":"\u003cp\u003e“Innovative” has become, it seems, a trite descriptor, since marketing departments plaster the word everywhere. So who is actually investing the most in research and development? As it turns out, companies are spending more on R\u0026amp;D than ever before. The Global Innovation 1000, a list of public companies that spend the most on innovation, last year invested a record $647 billion, an increase of $9 billion over the previous year. That total represents two-fifths of all innovation spending by organizations worldwide, according to a report from \u003ca href=\"http://www.strategyand.pwc.com/global/home/what-we-think/global-innovation-1000/top-innovators-spenders#/tab-2014\"\u003eStrategy\u0026amp;\u003c/a\u003e, the consultancy formerly known as Booz \u0026amp; Co.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\u003cp\u003eWhere does all that money go? Over the past decade, two industries have accounted for half of all R\u0026amp;D spending: healthcare and computers. Other resource-intensive industries include healthcare, autos, and software. \u003cem\u003eFortune\u003c/em\u003e combed through the annual reports of Strategy\u0026amp;\u0026#8217;s top 10 to learn more about how big companies spend their R\u0026amp;D budgets. Here\u0026#8217;s what we found.\u003c/p\u003e\u003ch3\u003e1. Volkswagen\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg\"\u003e\u003cfigcaption\u003eA Volkswagen XL1 hybrid\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $13.5 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 5.2%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eFor the third year in a row, the German carmaker tops the Strategy\u0026amp; list of research and development spenders. Volkswagen says its spending results from being a “highly competitive and innovative car manufacturer which must fulfill a whole host of environmental and safety standards.” Much of that spending has gone into hybrid vehicles and adding new technology, including semi-autonomous features to some of its 12 brands. It also is looking to reduce CO2 emissions across its fleet and invest in ways to electrify vehicles.\u003c/p\u003e\n\u003ch3\u003e2. Samsung\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/ap957160074519.jpg\"\u003e\u003cfigcaption\u003eSamsung Electronics curved UHD TVs during a press unveiling at its headquarters in Seoul, South Korea, Thursday, Feb. 20, 2014. Samsung Electronics Co. launched the world's first curved UHD TV, enabled with panorama view and split screen. (AP Photo/Ahn Young-joon)\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $13.4 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 6.4%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe South Korean conglomerate claims second place once again. Its many R\u0026amp;D centers range from Silicon Valley to Bangalore to Beijing. The company says it is developing a smart TV monitor and a smart TV service as part of its research program. Domestically, Samsung breaks R\u0026amp;D into three organizations: business unit development teams that have a one-to-two year development outlook; research institutes that have a three-to-five year development outlook; and the Samsung Advanced Institute of Technology, which works on projects with a further line of sight.\u003c/p\u003e\n\u003ch3\u003e3. Intel\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/ap111212111590.jpg\"\u003e\u003cfigcaption\u003eINTEL SIGN AT SANTA CLARA HEADQUARTERS. \u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10.6 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 20.1%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe Santa Clara, Calif.-based chip manufacturer invests in R\u0026amp;D to keep pace with Moore’s Law, an observation by company co-founder Gordon Moore in 1965 that computing power doubles every two years. As the company works to cram more transistors onto its circuits, development eats most of the company’s R\u0026amp;D spending. “It’s getting more expensive to do the development piece of it because wafers get more expensive over time as more steps get added to the process,” says Michael Mayberry, vice president and director of components research at Intel. “Complexity drives cost.” One recent example of the company’s R\u0026amp;D efforts includes the 14nm Intel Core M processor, which is half the size of the previous generation of chips with 20% longer battery life and 60% less energy expenditure.\u003c/p\u003e\n\u003ch3\u003e4. Microsoft\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/microsoft-band_hero_2-copy.jpg\"\u003e\u003cfigcaption\u003eMICROSOFT BAND\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10.4 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 13.4%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eMicrosoft, the biggest spender among software and Internet companies, likes to refer to the “small r” and the “big D.” The company prides itself on developing products for the current market while searching for the next big thing. With more than 1,000 doctorate-holding researchers, its research program contributes to nearly everything the company ships today—one of the latest examples being Microsoft Band, a wearable device that aims to help people live a healthy and more productive life. Over the years, other technologies emerging from the company’s R\u0026amp;D program have included Xbox 360 and Xbox One, Kinect and Skype Translator.\u003c/p\u003e\n\u003ch3\u003e5. Roche\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/0089398.jpg\"\u003e\u003cfigcaption\u003eWORKING IN THE CHEMISTRY LABORATORY IN BUILDING 92, ROCHE BASEL\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $10 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 19%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eLeading the healthcare industry in R\u0026amp;D spending, the Swiss biopharmaceutical company spends more today than it did when it topped the Strategy\u0026amp; list three years ago. The company invests an overwhelming majority of its R\u0026amp;D budget —almost 90%—on pharmaceuticals, while the rest goes into diagnostics. Oncology, the largest part of Roche’s business, eats about half of its pharma R\u0026amp;D spending. One of the company’s latest drugs, a targeted medicine for advanced breast cancer called Kadcyla, was approved in the U.S. and E.U. last year. Roche says it is looking to leverage parts of the Kadcyla platform (for instance, the innovative way it links chemotherapeutic agents and antibodies) for future drugs.\u003c/p\u003e\n\u003ch3\u003e6. Novartis\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtx14j87.jpg\"\u003e\u003cfigcaption\u003eThe logo of Swiss drugmaker Novartis is seen at its headquarters in Basel.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $9.9 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 16.8%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eAs the second-biggest health care spender, Novartis invested nearly 17% of its revenues into R\u0026amp;D in 2013 and has more than 200 projects in clinical development, including 138 in pharmaceuticals. Among the big discoveries from its R\u0026amp;D program was the drug Zykadia, which treats patients with a certain form of lung cancer and, in August, the company presented data on its drug LCZ696, an investigational heart failure medicine, showing it was superior to the current best treatments. And in October, an advisory committee to the FDA approved unanimously to support the approval AIN457 (secukinumab) for the treatment of moderate-to-severe plaque psoriasis.\u003c/p\u003e\n\u003ch3\u003e7. Toyota\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3vmi9.jpg\"\u003e\u003cfigcaption\u003eToyota Motor Corp's prototype fuel cell vehicle (FCV) sedan car, which has the same body design as the one will launch in 2015, is unveiled during a news conference at the company's showroom in Tokyo June 25, 2014. Japan's government and top carmakers, including Toyota Motor Corp, are joining forces to bet big that they can speed up the arrival of the fuel cell era: a still costly and complex technology that uses hydrogen as fuel and could virtually end the problem of automotive pollution. Toyota, the world's biggest carmaker, unveiled its first mass-market fuel-cell car on Wednesday, which is due to go on sale in Japan by end-March next year priced at around 7 million yen ($68,600). A U.S. and European launch will follow in the summer. REUTERS/Yuya Shino (JAPAN - Tags: BUSINESS POLITICS TRANSPORT ENERGY) - RTR3VMI9\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $9.1 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 3.5%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe Japanese automaker's biggest R\u0026amp;D investment areas include environmental and hybrid systems like electric and fuel cell vehicles as well as safety technologies, like vehicle dynamic control and crash safety performance. In its Q2 financial results, the company reported that these technologies are “a foundation for future growth. We will focus our investment in these areas.”\u003c/p\u003e\n\u003ch3\u003e8. Johnson \u0026 Johnson\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/173858583.jpg\"\u003e\u003cfigcaption\u003eA logo sits on a wall inside Johnson \u0026amp; Johnson's innovation centre in London, U.K.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $8.2 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 11.5%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe American health care company has long prided itself on investing in R\u0026amp;D and for the past five years has consistently been among the top spenders in the pharma industry. That investment has paid off big, with the pharmaceutical business launching 14 new compounds since 2009. J\u0026amp;J says it plans to file more than 10 new drugs and 25 line extensions between 2013 and 2017.\u003c/p\u003e\n\u003ch3\u003e9. Google\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/486281999.jpg\"\u003e\u003cfigcaption\u003eWASHINGTON, DC - APRIL 23: Googles Lexus RX 450H Self Driving Car is seen parked on Pennsylvania Ave. on April 23, 2014 in Washington, DC. Google has logged over 300,000 miles testing its self driving cars around the country.\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $8 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 13.2%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eKnown for pursuing moonshot R\u0026amp;D projects, the Mountain View, Calif.-based Internet company has invested in seemingly outlandish technologies such as self-driving cars, computer eyewear and balloon-distributed Wi-Fi. The company employs about 18,600 people in research and development according to its latest annual report, and most of its R\u0026amp;D costs go into staffing and personnel support. According to Google's annual report, \"our product development philosophy is to launch innovative products early and often, and then iterate rapidly to make those products even better.\"\u003c/p\u003e\n\u003cp\u003e[fortune-brightcove videoid=3888653921001]\u003c/p\u003e\n\u003ch3\u003e10. Merck\u003c/h3\u003e\u003cfigure class=\"wp-block-image\"\u003e\u003cimg src=\"https://fortune.com/img-assets/wp-content/uploads/2014/11/85312882.jpg\"\u003e\u003cfigcaption\u003eMERCK SIGN OUTSIDE OF WHITEHORSE STATION, NJ HEADQUARTERS\u003c/figcaption\u003e\u003c/figure\u003e\u003cul\u003e\n\u003cli\u003e\u003cstrong\u003eR\u0026amp;D spending in 2013: $7.5 billion\u003c/strong\u003e\u003c/li\u003e\n\u003cli\u003e\u003cstrong\u003eAs a percentage of revenue: 17%\u003c/strong\u003e\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe N.J.-based pharmaceutical company lists its top R\u0026amp;D investment priorities as oncology, infectious diseases, vaccines, and diabetes. This year Merck received approval from the FDA for an immuno-oncology drug called Keytruda that treats a dangerous form of skin cancer known as advanced melanoma. “We see Keytruda and immuno-oncology drugs as a fundamental change in how we treat cancer patients,” says Dr. Roy Baynes, senior vice president of global clinical development. Merck is also extending studies of the drug to more than 30 other tumor types, he says.\u003c/p\u003e\u003c/div\u003e","databaseId":870289,"dateGmt":"2014-11-17T21:40:00","dek":"","description":"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. ","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDo4NzAyODk=","image":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600","imageCaption":"ALIX COLOW. AGENCY","imageCredit":"Photograph by Jason Lee — Reuters","keywords":"who are the biggest R\u0026amp;D spenders?, innovation, research, development","link":"https://fortune.com/2014/11/17/top-10-research-development/","metaTitle":"The top 10 biggest R\u0026amp;D spenders worldwide","modifiedGmt":"2014-11-18T13:45:52","noIndex":false,"pageType":"article","platformCD":"own","postId":870289,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":false,"subscriptionPleaDesign":null,"subscriptionPleaPosition":null,"subscriptionPleaTextLined":null,"bylineCommentary":null,"mediaItem":{"altText":"A Volkswagen XL1 hybrid car is displayed at Auto China 2014 in Beijing","caption":"A Volkswagen XL1 hybrid","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg"},"__typename":"Settings"},"premiumCategory":{"name":"legacy","premiumCategoryId":-1},"primaryPostTag":{"name":"Innovation","primaryTagId":186,"link":"https://fortune.com/tag/innovation/","uri":"/tag/innovation/","__typename":"BrandedArticlePrimaryPostTagIdFieldsFields"},"primarySection":{"name":"Features","primarySectionId":9548,"link":"https://fortune.com/section/features/","uri":"/section/features/","__typename":"BrandedArticlePrimarySectionIdFieldsFields"},"primaryTopic":{"name":"","primaryTopicId":-1},"relatedVideoId":"","relatedVideoType":"no_video","reviewedBy":null,"sectionNames":["Features","Tech"],"sections":[{"name":"Features","sectionId":9548,"slug":"features","__typename":"BrandedArticleClassificationSectionFieldsFields"},{"name":"Tech","sectionId":447824897,"slug":"tech","__typename":"BrandedArticleClassificationSectionFieldsFields"}],"series":[],"showModifiedTimestamp":0,"socialDescription":"","socialTitle":"","stickyCta":null,"tagNames":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"tags":[{"name":"Innovation","tagId":186,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"International","tagId":5142,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"research \u0026 development","tagId":235189,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Volkswagen (VW)","tagId":14380,"__typename":"BrandedArticleClassificationTagFieldsFields"}],"templateType":"default","thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg","title":"The 10 biggest R\u0026D spenders worldwide","topicNames":[],"topics":[],"url":"https://fortune.com/2014/11/17/top-10-research-development/","videoId":null,"widgetCss":null},"dataLayer":{"pageTypeCG":"article-v2","platformCD":"own","articleNameCD":"The 10 biggest R\u0026D spenders worldwide","authorNameCD":["Michael Casey","Robert Hackett"],"categoryCG":"features","cmsCategoryCD":"article-v2","CMSSubCategoryCD":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"contentCMSID":870289,"HasVideoCD":false,"premiumCategoryCD":"legacy","publishDateCD":"November 17, 2014","subCategoryCG":["Features","Tech"],"articleCategoryCD":"features","pageType":"article-v2"},"headData":{"authors":"Michael Casey,Robert Hackett","canonicalUrl":null,"databaseId":"870289","dateGmt":"2014-11-17T21:40:00","description":"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. ","faqSchema":"","image":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600","imageTwitter":"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg?resize=1200,600","jsonLdSchema":"{\"@type\":\"NewsArticle\",\"@context\":[\"https://schema.org\"],\"publisher\":{\"@type\":\"NewsMediaOrganization\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https://fortune.com/static/media/logo.png\"},\"name\":\"Fortune\"},\"headline\":\"The 10 biggest R\u0026D spenders worldwide\",\"url\":\"https://fortune.com/2014/11/17/top-10-research-development/\",\"mainEntityOfPage\":\"https://fortune.com/2014/11/17/top-10-research-development/\",\"dateModified\":\"2014-11-18T13:45:52-00:00\",\"datePublished\":\"2014-11-17T21:40:00-00:00\",\"identifier\":870289,\"thumbnailUrl\":\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg\",\"image\":\"https://fortune.com/img-assets/wp-content/uploads/2014/11/rtr3lyrf.jpg\",\"keywords\":[\"Innovation\",\"International\",\"research \u0026 development\",\"Volkswagen (VW)\"],\"articleSection\":\"Features\",\"description\":\"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. \",\"author\":[{\"@type\":\"Person\",\"name\":\"Michael Casey\",\"url\":\"https://fortune.com/author/michael-casey/\"},{\"@type\":\"Person\",\"name\":\"Robert Hackett\",\"url\":\"https://fortune.com/author/robert-hackett/\",\"email\":\"robert.hackett@fortune.com\",\"image\":\"https://fortune.com/img-assets/wp-content/uploads/2014/05/Hackett_bio.jpg?w=150\"}]}","keywords":"who are the biggest R\u0026amp;D spenders?, innovation, research, development","link":"https://fortune.com/2014/11/17/top-10-research-development/","noIndex":null,"pageType":"article","prefixedDatabaseId":null,"premiumCategory":"legacy","primarySection":"Features","rssFeedLink":null,"siteName":"Fortune","socialDescription":"Think “innovation” is just a buzzword? These 10 companies spend the most on research and development. ","socialTitle":"The 10 biggest R\u0026D spenders worldwide","tagNames":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"title":"The top 10 biggest R\u0026amp;D spenders worldwide | Fortune","widgetCss":null},"iterablePageViewData":{"authors":["Michael Casey","Robert Hackett"],"channel":"Features","contentType":"article","premiumCategory":"legacy","sections":["Features","Tech"],"tags":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"topics":[],"url":"https://fortune.com/2014/11/17/top-10-research-development/"},"micrositeConfig":null,"pageAdConfig":{"ch":"features","cid":"870289","ctype":"article-v2","defaultPath":"fortune","premiumCategory":"legacy","slots":[{"id":"Leaderboard0","index":1,"placementName":"Leaderboard"}],"tags":["Innovation","International","research \u0026 development","Volkswagen (VW)"],"topics":[],"loginStatus":"guest"},"pianoPageConfig":{"contentSection":"legacy","franchiseWall":false,"pageType":"article","publishDate":"2014-11-17T21:40:00","tags":["Innovation","International","research \u0026 development","Volkswagen (VW)","Features","Tech","article-v2"]},"latestPosts":[{"authors":[{"email":"prarthana.prakash@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/06/Prakash.jpg?w=150","name":"Prarthana Prakash","sameAs":"","type":"Person","uri":"/author/prarthana-prakash/","url":"https://fortune.com/author/prarthana-prakash/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/prarthanaprakash/","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4119776,"date":"2025-01-17T06:00:00","dateFormatted":"January 17, 2025","excerpt":"How one of Europe’s largest insurers is trying to make waves with Gen Z","eyebrowSectionLabel":"Features","eyebrowSectionLink":"/europe/features/","eyebrowTagLabel":"Personal Finance","eyebrowTagLink":"/tag/personal-finance/","image":{"altText":"Conny Kalcher","caption":"Conny Kalcher is the CCO at Zurich Insurance.","credit":"Courtesy Of Conny Kalcher, Group Chief Customer Officer, Zurich Insurance, 2024","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/08/2408-Conny-Kalcher-e1723842328283.jpg?resize=1200,600"},"title":"How one of Europe’s largest insurers is trying to make waves with Gen Z","titleLink":"/europe/article/europe-largest-zurich-insurance-gen-z/"},{"authors":[{"email":"emma.burleigh@fortune.com","image":"","name":"Emma Burleigh","sameAs":"","type":"Person","uri":"/author/emma-burleigh/","url":"https://fortune.com/author/emma-burleigh/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4120685,"date":"2025-01-16T14:36:45","dateFormatted":"January 16, 2025","excerpt":"YouTube star Ms. Rachel built her multimillion dollar empire by entertaining toddlers online. Now, she’s scored a deal with Netflix","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success/","eyebrowTagLabel":"Netflix","eyebrowTagLink":"/tag/netflix/","image":{"altText":"Ms. Rachel, Youtube star creating educational videos for toddlers.","caption":" The entertainment giant hopes the sing-songy content creator’s 13 million young fans will follow her to the streaming service. ","credit":"NBCUniversal / Getty Images","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2173776500-e1736973297609.jpg?resize=1200,600"},"title":"YouTube star Ms. Rachel built her multimillion dollar empire by entertaining toddlers online. Now, she’s scored a deal with Netflix","titleLink":"/2025/01/16/ms-rachel-youtube-star-netflix-deal/"},{"authors":[{"email":"phil.wahba@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2014/05/Wahba_bio.jpg?w=150","name":"Phil Wahba","sameAs":"","type":"Person","uri":"/author/phil-wahba/","url":"https://fortune.com/author/phil-wahba/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.linkedin.com/in/philwahba/","linkedinUrl":"","twitterUrl":"https://twitter.com/philwahba","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4118597,"date":"2025-01-15T11:00:00","dateFormatted":"January 15, 2025","excerpt":"From billions to bankruptcy: How the party died for Party City, and why other retailers could face the same fate","eyebrowSectionLabel":"Features","eyebrowSectionLink":"/section/features/","eyebrowTagLabel":"retail","eyebrowTagLink":"/tag/retail/","image":{"altText":"A shopper enters a Party City store in Richmond, California.","caption":"A shopper enters a Party City store in Richmond, Calif., on Dec. 26, 2024—five days after the chain announced it would go out of business.","credit":"David Paul Morris/Bloomberg via Getty Images","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2025/01/GettyImages-2190858986-e1736868951442.jpg?resize=1200,600"},"title":"From billions to bankruptcy: How the party died for Party City, and why other retailers could face the same fate","titleLink":"/2025/01/15/party-city-closing-bankruptcy-debt-private-equity/"},{"authors":[{"email":"","image":"","name":"Fortune Editors","sameAs":"","type":"Person","uri":"/author/fortune-editors/","url":"https://fortune.com/author/fortune-editors/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4103549,"date":"2024-12-30T20:30:00","dateFormatted":"December 30, 2024","excerpt":"Fortune’s Blue Ribbon Companies 2025","eyebrowSectionLabel":"Features","eyebrowSectionLink":"/section/features/","eyebrowTagLabel":"Blue Ribbon Companies","eyebrowTagLink":"/tag/blue-ribbon-companies/","image":{"altText":"","caption":"","credit":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/12/Fortune-Logo-Blue-Ribbon-Companies_d29c3e.png?resize=1200,600"},"title":"Fortune’s Blue Ribbon Companies 2025","titleLink":"/2024/12/30/blue-ribbon-companies-2025/"},{"authors":[{"email":"prarthana.prakash@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/06/Prakash.jpg?w=150","name":"Prarthana Prakash","sameAs":"","type":"Person","uri":"/author/prarthana-prakash/","url":"https://fortune.com/author/prarthana-prakash/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/prarthanaprakash/","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"},{"email":"alex.woodmorton@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2024/02/Wood-Morton-2.jpg?w=150","name":"Alex Wood Morton","sameAs":"","type":"Person","uri":"/author/alex-wood-morton/","url":"https://fortune.com/author/alex-wood-morton/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"},{"email":"oliver.smith@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2024/06/Smith-Oliver.jpg?w=150","name":"Oliver Smith","sameAs":"","type":"Person","uri":"/author/oliversmith/","url":"https://fortune.com/author/oliversmith/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"https://www.linkedin.com/in/oliversmitheu/","twitterUrl":"https://x.com/OliverSmithEU","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"},{"email":"ryan.hogg@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2023/09/Hogg.jpg?w=150","name":"Ryan Hogg","sameAs":"","type":"Person","uri":"/author/ryan-hogg/","url":"https://fortune.com/author/ryan-hogg/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"","linkedinUrl":"","twitterUrl":"","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4106395,"date":"2024-12-30T06:00:00","dateFormatted":"December 30, 2024","excerpt":"The people we think shaped European business in 2024","eyebrowSectionLabel":"Features","eyebrowSectionLink":"/europe/features/","eyebrowTagLabel":"Europe","eyebrowTagLink":"/tag/europe/","image":{"altText":"Bernard Arnault, Ana Botín and Sharon White","caption":"Bernard Arnault, Ana Botín and Sharon White","credit":"Nathan Laine—Getty Images; Hollie Adams—Getty Images; Courtesy of Ofcom","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/12/Shaping-European-Business.jpg?resize=1200,600"},"title":"The people we think shaped European business in 2024","titleLink":"/europe/2024/12/30/europe-business-personalities-2024/"},{"authors":[{"email":"orianna.royle@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/12/Royale.jpg?w=150","name":"Orianna Rosa Royle","sameAs":"","type":"Person","uri":"/author/orianna-royle/","url":"https://fortune.com/author/orianna-royle/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.instagram.com/oriannarosa/?hl=en","linkedinUrl":"https://www.linkedin.com/in/orianna-rosa-royle/","twitterUrl":"https://twitter.com/oriannarosa","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"contentType":{"label":null,"isPostsPage":true,"__typename":"ContentType"},"databaseId":4101070,"date":"2024-12-29T10:03:00","dateFormatted":"December 29, 2024","excerpt":"How Pret’s CEO went from a $3 an hour McDonalds worker at 16 years old to earning $5 million last year","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/europe/success/","eyebrowTagLabel":"careers","eyebrowTagLink":"/tag/careers/","image":{"altText":"Pret CEO Pano Christou","caption":"“I am a big believer in you make your own luck,\" Pret's CEO Pano Christou says of his impressive career journey.","credit":"Courtesy of Headland Consultancy","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2023/11/pret-e1698963117889.jpg?resize=1200,600"},"title":"How Pret’s CEO went from a $3 an hour McDonalds worker at 16 years old to earning $5 million last year","titleLink":"/europe/article/pret-a-manger-ceo-pano-christou-career-advice-mcdonalds-teen-job-to-executive/"}],"noOutbrain":false,"noRecirculationModules":false,"noTrinityAds":false,"redVenture":true},"__N_SSG":true},"page":"/[param]/[month]/[day]/[slug]","query":{"param":"2014","month":"11","day":"17","slug":"top-10-research-development"},"buildId":"AemenyMzdQKfa2aLmDQZi","isFallback":false,"isExperimentalCompile":false,"gsp":true,"scriptLoader":[]}</script></body></html>