Apple is now worth more than Poland

LONDON, UK: Apple is now worth more than Poland as its stock market value hit over $500 billion for the first time on Thursday, the Daily Mail reported.

Apple is now worth $506 billion - in contrast Poland, with a population of 38 million people, has a GDP figure of just $497 billion.

The company, co-founded by Steve Jobs, is also worth more than Belgium, Sweden, Saudi Arabia and Taiwan.

Apple's value only overtook Microsoft in May 2010 - but since then, their ascent has been rapid, the newspaper said.

However, despite five other companies being valued at half a trillion dollars, none has maintained its dominance for long.

Exxon hit the magical $500 billion valuation in 2007 for two short periods but has since seen its value fall to $411 billion.

Microsoft saw their value hit $600 billion in 2000 - but after losing their dominance, they are now worth just $267 billion.

Cisco Systems, Intel and General Electric also peaked just above $500 billion in early 2000.

Cisco and Intel are now worth a bit over $100 billion each, while GE is worth $200 billion.

Last week, Apple CEO Tim Cook told shareholders at the annual meeting that the company has more money than it needs, and the board and management are thinking "very deeply" about ways to use the cash.

Steve Jobs, Apple's late celebrated CEO, apparently haunted by the company's lean years in the 1990s, had a policy of accumulating cash and the company now sits on a war chest worth $97.6 billion.

Apple's iPhone business is now bigger than the whole of Microsoft, according to recent revenue figures.