Mihoyo, the developer of Genshin Impact, is valued at $23 billion.

Mihoyo, the owner of Genshin Impact and Honkai, is currently the world's most valuable privately held game company, valued at $23 billion.

Over the years, Chinese game developer Mihoyo has steadily increased in value thanks to its ownership of some of the most popular online games currently available, such as Genshin Impact and Honkai. Therefore, when valued by market capitalization, it is now one of the most valuable game companies in the world.

According to the annual Global Unicorn Index by the Hurun Research Institute, which ranks privately held companies and startups founded after 2000 and starting at $1 billion, Mihoyo climbed 91 places in just one year, reaching a valuation of $23 billion. Therefore, this game company ranks first among privately held game companies and twelfth overall on the list.

The second-largest privately held game company on the list is Niantic, the developer of Pokemon GO, valued at $9 billion. Overall, Niantic ranks only 67th, demonstrating just how far ahead Miyoho is of its competitors.

Below is a list of the 10 most valuable privately held gaming companies today (the numbers in parentheses indicate the overall ranking of companies and startups).

1. miHoYo (12th) — $23 billion;
2. Niantic (67th) — $9 billion;
3. Dream11 (83rd) — $8 billion;
4. Haegin (83rd) — $8 billion;
5. Animoca Brands (135th) — $5.9 billion;
6. Moon Active (157th) — $5 billion;
7. Scopely (172th) — $4.9 billion;
8. Sorare (193rd) — $4.3 billion;
9. Duoyi (243rd) — $3.8 billion;
10. Rec Room (270th) — $3.5 billion;

According to the report, Vietnam ranks 19th in the number of tech unicorns with 4 companies on the list. VNG and Sky Mavis also appear on the list of the most valuable private gaming companies.