How the world’s 500 largest family businesses build and sustain value

The companies in the 2025 Index represent a diverse group of sectors and geographies, including companies headquartered in 43 jurisdictions — 47% based in Europe, 29% in North America, 18% in Asia and 6% in the rest of the world.

Even in today’s challenging business environment, mergers and acquisitions (M&A) remain core to the world’s largest family businesses’ growth and capital strategy. Nearly half (47%) of the companies included in the current Index were involved in at least one M&A transaction during the last two years.³

The largest 500 family businesses are well positioned to thrive as significant contributors to the world’s economy through their growth, employment and impacts in the communities in which they operate.

Around the world

The businesses in the Index are headquartered in 43 jurisdictions. As in previous years, Europe is home to the largest proportion of businesses in the Index. Nearly half (47%) of the enterprises are based on the continent, with Germany, France, Italy and Switzerland being the most represented European headquarter locations. North America is the headquarters for 29% of the companies, while Asia hosts 18%.

The US hosts 23% of the companies including five of the 20 largest companies in the Index. The US hosts a diverse group of companies representing leaders in their industry sectors that together contribute approximately 30% of the aggregate revenues of the Index.

Germany hosts 78 companies and is the second largest headquarters country. Germany is also home to five businesses in the top 20 of the Index, with retailer Schwarz Group and carmakers Volkswagen Group and BMW among them.

India and Hong Kong Special Administrative Region (SAR) are each home to around 3% of the world’s largest family enterprises (17 and 16 companies, respectively). Turkish company Koç Holding makes the top 20 for the first time. The Index represents a diverse set of industries and jurisdictions with companies that create value in many ways.

Leading family enterprises are often known for combining a long-term value horizon with an agile and innovative approach that drives strategic advantage. These attributes help to explain why 34% of the companies in the Index have more than a 100-year legacy and an impressive 85% have been operating for more than 50 years. Today, the family continues to have substantial control and influence in all companies of the Index, and in more than 40% a family member also holds the position of CEO. 

Thomas Zellweger, Chair of Family Business at the University of St.Gallen, comments, “Family-owned businesses have a remarkable ability to adapt and thrive in dynamic environments. The focus of family firms on their long-term survival, combined with high concern for efficiency and conservative financing practices, sets many of these firms up for continued success.”

Japan’s Takenaka Corporation wears the crown of oldest family enterprise in the Index, having been in business for 414 years. Meanwhile, two European companies have notched up more than 300 years in operation — German science and technology company Merck (356 years), and French investment company Wendel (320 years). The oldest US company in the Index is lift truck manufacturer Hyster-Yale, which dates back to 1844.

Summary

The 2025 EY and University of St.Gallen Global 500 Family Business Index highlights the extent to which the world’s largest family enterprises are contributing in distinctive ways to the global economy.