While tech giants like Apple (with intangible assets of $2.7 trillion) and Microsoft ($2.3 trillion) continued to lead the pack in the 2023 analysis, last years most intangible sector in relative terms, with 91 percent of total enterprise value, was tobacco and e-cigarettes, as companies invested heavily in proprietary technology and patented intellectual property around vaping devices to drive growth, according to Brand Finance
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What Defines a Top E-Cigarette Brand
By the way, the most famous freedom march of 1929, when several women of New York marched through the streets demonstratively smoking cigarettes, was actually orchestrated by American Tobacco