No, it works like that all across the world in fact.
It works like that in Japan: say hello to the many giant conglomerates that rule their economy top to bottom.
It works like that in South Korea: say hello to Samsung, roughly 12% of South Korea's GDP in a given year (Walmart by contrast is equal to 2.5% of US GDP, and that's crazy big).
It works like that in Germany: say hello to a parade of big old industrial giants that have dominated their economy for most of the past century and will continue to.
It works like that in China, openly so: they intentionally go out of their way to promote giant national champions at the expense of everyone else.
It works like that in France: their largest corporations and richest individuals are even larger in relation to their economy and national wealth than they are in the US (say hello to Arnault, Bettencourt, Pinault and the Wertheimers).
It works like that in Russia: say hello to the countless, directly state protected oligarchs. Threaten their interests, you die. Their approach is super simple.
It works like that in Italy and Spain, which are both dominated by old, large corporations and family interests. Which heavily explains their forever economic stagnation.
It even works like that in Switzerland: ever see how large their financial companies are in relation to the economy? Who do you think actually runs Switzerland? Their banks are comically outsized versus the size of the economy.
It completely works like that in Brazil and India.
It works like that across all of the Middle East, to a much greater degree than most anywhere else.
It works like that in second tier economies, including: Poland, Mexico, Argentina, Romania, Turkey, Thailand.
It works like that in poor countries, including: Vietnam, Indonesia, Philippines, Ukraine, South Africa, Pakistan, Bangladesh.