The special 2021 Diggers & Dealers edition of the Deloitte WA Index showed the value of Western Australian-based listed companies surged 46% over the 2021 financial year to A$293.9 billion.
The members of the WA Index outperformed the broader ASX and other global indices.
"Our weighting to the commodity price upswing has seen WA companies fair well and while all observed markets achieved growth this year, the WA Index outperformed the broader ASX All Ordinaries, US S&P 500, FTSE 100 and the Nikkei 225 through the year to June 30," Deloitte WA assurance and advisory partner Dave Andrews said.
"While local restrictions have placed significant challenge on our local companies in managing rostering, hygiene and distancing protocols and retaining skilled labour, the economic rebound from the COVID-19 pandemic has been powerful.
"Most notably, the market capitalisation of WA Index participants has not just bouncing back, rather, catapulted to record highs in May 2021, and settling at its penultimate best at the end of June 2021."
Fortescue Metals Group and Wesfarmers made up $140 billion, or close to 50%, of the Deloitte WA Index's total value at June 30.
FMG rose 68.5% over FY21 and reached a new record of more than $26 last week.
The top mover in the WA Index top 20 in terms of market capitalisation for FY21 was Piedmont Lithium, which soared by 1732%, though the company has since redomiciled to the US where its namesake project is located.
In second and third were two companies chaired by Tim Goyder - Liontown Resources with a 761% rise and Chalice Mining with a 752% increase.
Deloitte will also present award to the three largest movers of the WA Index top 100.
On top was Bill Beament's Venturex Resources, which increased its market cap by a staggering 2722%.
Lithium hopeful Vulcan Energy Resources was close behind with a rise of 2653%, while copper explorer Eagle Mountain Mining was up 993%.
"The performance of some of these companies really highlights the importance of WA companies at a time when concerns for the national economy have been front and centre across the country," Andrews said.
Deloitte also acknowledged Diggers' 30th anniversary by analysing the longevity of companies in the WA Index.
The index's 10th-largest company Iluka Resources has been around the longest, first listing in 1962.
Also in the top five were Alkane Resources (listed in 1969), Woodside Petroleum (1971), Mount Gibson Iron (1976) and Resolute Mining (1979).
