Largest 500 family businesses amount to world’s third largest economy

• The 500 largest family businesses generate US$8.8t and employ more than 25 million people across 44 jurisdictions
• Nearly half participated in M&A activities in the last two years
• More than a third have a legacy extending beyond a century

Family-owned enterprises continue to be a major driver of global economic growth. The world’s 500 largest family businesses generate US$8.8t in revenues – a 10% increase from the 2023 index – and employ 25.1 million people worldwide across 44 jurisdictions. The aggregate revenues of these businesses, if compared to GDP by country, equate to the world’s third largest economy, ranking behind only the US and China. These and other findings were published today in the 2025 EY and University of St.Gallen Global 500 Family Business Index, which is a biennial ranking of the 500 largest family businesses in the world by revenue.

Europe remains home to almost half (47%) of the companies on the index, with North America housing 29% and 18% being based in Asia. Regarding industry sectors, retail has the largest representation, leading with 20%. The second largest sector is consumer (19%), the third is advanced manufacturing (15%) and the fourth is 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 take advantage and seize opportunities. Forty-seven percent have engaged in one or more transactions in the last two years and of the disclosed deals 34% completed transactions exceeding US$250 million.

Seeking long-term value, being agile and having an innovative approach is what gives these businesses a strategic advantage and speaks to why 34% of the companies have more than a 100-year legacy and 85% have been operating for more than 50 years. At the top end of the spectrum, a Japan-based company has been running for more than 400 years, and two European companies have been operating for more than 300 years.

Lauri Oinaala, EY EMEIA Family Enterprise and EY Global NextGen Leader, says:

“It is remarkable how, amid notable market disruptions, the world's leading family enterprises can shape their future for the better, combining a unique blend of long-term vision, resilience and drive toward sustainable growth. Their diverse capital sources and readiness for mergers and acquisitions enable them to seize strategic opportunities and navigate slower-growth periods."

Thomas Zellweger, Professor from 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 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.”

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Notes to editors

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