The report said Newbury-based Vodafone had lost its crown to China Mobile, a company which was only set up in 2000 and now had a market value of 69.7 billion pounds ($131.6 billion), against 57.9 billion pounds ($109.3 billion) for Vodafone.
The change in the world order came last week after Vodafone shares lost 6% of their value and China Mobile extended recent gains, which had lifted its Hong Kong-listed share price by 46% over the past year, the report said.
According to reports, China Mobile also claimed to be the world's largest mobile phone operator ranked by number of subscribers.
It had more than 200 million customers, while the most recent figure from Vodafone showed 186.8 million worldwide. Vodafone's turnover, however, was still ahead of China Mobile's, the report said.