Fourteen South Korean companies have been included in U.S. Fortune Magazine's list of the world's top 500 firms for this year.

Samsung Electronics ranked 22nd in the Fortune Global 500, up ten spots from last year. Hyundai Motor Company’s ranking jumped from 78th to 55th.

Korean firms SK Holdings, POSCO, Hyundai Heavy Industries, GS Holdings, Korea Electric Power Corporation and Hanwha made the list as well.

Wal-Mart took the top spot after posting 422 billion dollars in sales last year. Royal Dutch Shell ranked second followed by Exxon Mobil, BP and Sinopec.

The internet edition of the magazine selected five-hundred corporations worldwide based upon their sales figure for 2010.