Two Indonesian Companies Listed in World’s 500 Largest Family Businesses

• 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.
• 17 family businesses from Southeast Asia made the list.
• Bank Central Asia and Gudang Garam from Indonesia named on the 2025 Global 500 Family Business Index.

JAKARTA, 10 April 2025. 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%).

17 Family Enterprises from Southeast Asia in The List

According to the study, 17 family enterprises in Southeast Asia made it to the top 500 list, including Indonesia (2), Malaysia (3), the Philippines (5), Singapore (3) and Thailand (4). Together, they generated over US$146b in revenues and employed close to 875,000 people, compared to US$119b and close to 850,000 people in 2023.

Low Bek Teng, EY Asean Family Enterprise Leader, says:

“Family enterprises have been the backbone of Asean’s economy over the past decades. Families in Asean generally tend to reinvest a significant portion of their profits back to the family enterprise. This brings long-term and sustainable growth for these enterprises. To continue their growth trajectory, it is important for family enterprises to be mindful of the global geopolitical risks on the horizon as well as the evolution of new technologies like artificial intelligence, and leverage the opportunities that come with the disruptions.”

Indonesia's Family Businesses Featured in the 2025 Global 500 Index

The 2025 Global 500 Family Business Index showcases Indonesia's robust presence in the family business landscape, with two notable companies making the list: Bank Central Asia and Gudang Garam. These enterprises reflect the strength and resilience of Indonesian family businesses, contributing significantly to the nation's economy. With combined revenues of over US$15 billion, they play a crucial role in job creation, employing more than 53,000 individuals across various sectors.

PT Gudang Garam Tbk, ranked 258^th in the 2025 Global 500 Family Business Index, is a key player in Indonesia's consumer products sector. Founded in 1958 by the Wonowidjojo family, the company specializes in kretek (clove cigarettes) and generates $7.82 billion in revenue with approximately 28,000 employees. The family retains over 75% of the voting rights, allowing them to guide the company's strategy effectively.

Gudang Garam's success stems from its strong brand heritage and commitment to quality, which foster customer loyalty. The company focuses on diversifying its product offerings while staying true to its core kretek line, essential for navigating challenges in the tobacco industry, such as health regulations and competition. As a leading family business, Gudang Garam highlights the important role of family-owned enterprises in Indonesia's economy.

Bank Central Asia (BCA), ranked 266^th in the Index, is one of Indonesia’s largest private banks. In 2024, BCA achieved a revenue of $7.38 billion, employing around 25,000 people. The Hartono family currently retains at least 50% voting control, enabling them to influence key decisions and uphold the bank's family-oriented values.

BCA’s success is driven by its commitment to innovation and customer service. The family's focus on digital transformation has positioned the bank as a leader in the financial sector, attracting a younger demographic and enhancing customer engagement. BCA's growth strategy emphasizes expanding digital services while maintaining a strong branch network, ensuring accessibility for all customers. This dual approach allows BCA to meet diverse customer needs and remain competitive in a rapidly evolving market.

Jongki Widjaja, EY Indonesia Private Leader, says:

“Family businesses in Indonesia, like Gudang Garam and Bank Central Asia, are vital to the country's economic growth and resilience. Their strong brand heritage, commitment to quality, and innovative customer service demonstrate how they can thrive in a competitive landscape. By leveraging their strengths and focusing on long-term goals, these businesses create jobs and contribute to economic stability. Supporting the growth of family businesses will be essential for sustainable development and enhancing global competitiveness.”

Growth and Legacy

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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