• According to Moody’s Investor Services, Apple, Microsoft, Google, Pfizer and Cisco are sitting on $439bn of cash.
  • This accounts for more than a quarter of the total $1.73tn being held by US groups.
  • The top 50 together hold almost $1.1tn, with Apple alone accounting for more than a 10th of the cash reserves.
  • These US companies are having to do this as the country’s tax code and a volatile global economy deter businesses from spending their overseas cash piles.

Source: Moody Investor Services and FT.com