The 500 largest family businesses generate nearly $9 trillion – 19 of these companies are from Switzerland.

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• A total of 19 Swiss family businesses are among the 500 largest in the world. The four Swiss family businesses that make it into the top 100 globally are MSC Group, Roche, Kühne + Nagel, and Richemont.
• The 500 largest family businesses generate $8.8 trillion and employ more than 25 million people across 43 jurisdictions.
• Almost half of the family businesses have participated in M&A activities in the last two years.
• More than a third of family businesses have a legacy that extends beyond a century.

Zurich, 13 March 2025 – Family-owned businesses continue to be a vital engine of global economic growth. The 500 largest family businesses in the world generate $8.8 trillion in revenue – a 10% increase compared to the last index from 2023 – and employ 25.1 million people worldwide across 43 jurisdictions. The total revenues of these companies, compared to GDP by country, correspond to the third-largest economy in the world, only behind the USA and China. These and other insights were published today in the 2025 EY and University of St. Gallen Global 500 Family Business Index, a biennial ranking of the 500 largest family businesses in the world by revenue.

The Global Top 10 Family Businesses

The global top 10 family businesses: The ranking is led by the US company Walmart (1st place, revenue $648.13 billion), followed by the two German companies Volkswagen (2nd place, revenue $356.71 billion) and Schwarz Group (3rd place, revenue $179.09 billion). Following these top 3 are Cargill (USA, 4th place, revenue $177.00 billion), Ford (USA, 5th place, revenue $176.19 billion), BMW (Germany, 6th place, revenue $168.12 billion), Tata (India, 7th place, revenue $165.00 billion), Koch Industries (USA, 8th place, revenue $125.00 billion), Comcast Corporation (USA, 9th place, revenue $121.57 billion), and Reliance Industries (India, 10th place, revenue $109.90 billion).

Europe is home to nearly half (47%) of the companies in the index, while North America accounts for 29% and Asia for 18%. In terms of industries, retail has the largest representation at 20%. The second-largest sector is consumer goods (19%), followed by advanced manufacturing (15%) and mobility (9%).

Despite today's challenging business environment, mergers and acquisitions (M&A) remain a cornerstone of growth and capital strategy for these types of companies, with the top 500 well-positioned to seize opportunities. 47% have participated in one or more transactions in the last two years, and of the disclosed deals, 34% completed transactions over $250 million.

In search of long-term value, agility, and an innovative approach, these companies gain a strategic advantage, explaining why 34% of them have a legacy of more than 100 years and 85% have been in operation for over 50 years. At the top of the spectrum is a Japan-based company that has been in existence for over 400 years, along with two European companies that have been operating for more than 300 years.

Michael Cadisch, Head of Private Clients at EY Switzerland, says: "It is remarkable how the leading family businesses in the world can shape their future for the better, despite a difficult market environment and geopolitical uncertainties, by combining a unique mix of long-term vision, resilience, and drive for sustainable growth. Their diverse sources of capital and willingness to engage in mergers and acquisitions enable them to seize strategic opportunities and navigate through challenging phases."

Thomas Zellweger, Professor at the Center for Family Business at the University of St. Gallen, says: "Family-owned businesses have a remarkable ability to adapt and thrive in dynamic environments. The focus of family businesses on their long-term survival, combined with a high awareness of efficiency and conservative financing practices, enables many of these companies to continue to succeed."

19 Swiss Family Businesses Among the Top 500 in the World

A total of 19 Swiss companies are among the 500 largest family businesses in the world. Among the top 100, MSC Group ranks 14th with a revenue of $92.60 billion, followed by Roche in 20th place with a revenue of $67.23 billion, Kühne + Nagel at 62nd place with a revenue of $26.53 billion, and Richemont at 81st place with a revenue of $22.36 billion.

Looking at the top 200, the following Swiss companies are added: Tetra Laval (106th place, revenue $17.16 billion), Emil Frey (113th place, revenue $16.41 billion), Liebherr (124th place, revenue $15.33 billion), Droege (144th place, revenue $13.71 billion), Schindler (154th place, revenue $12.79 billion), DKSH (159th place, revenue $12.31 billion), and DSM-Firmenich (169th place, revenue $11.49 billion).

Additionally, the following Swiss family businesses are included in the top 500 worldwide: Barry Callebaut (220th place, revenue $9.16 billion), Swatch (232nd place, revenue $8.77 billion), AMAG (335th place, revenue $6.01 billion), REHAU Automotive (390th place, revenue $5.13 billion), Omya (425th place, revenue $4.62 billion), Endress+Hauser (463rd place, revenue $4.02 billion), Stadler Rail (464th place, revenue $4.01 billion), and Bucher Industries (469th place, revenue $3.98 billion).

Frédéric Tissot, Head of the EY Entrepreneur Of The Year™ program at EY Switzerland, assesses the positioning of Swiss family businesses: "The large family businesses captured by the index demonstrate how stable and successful they operate. They represent the economic significance of our country and Swiss entrepreneurship. We see this also within our Entrepreneur program, the EY Entrepreneur Of The Year. Year after year, Swiss family businesses impress with their strong entrepreneurial spirit and innovative strength."

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