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Press release
27 Mar 2025
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 43 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 43 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.
In a world marked by rapid changes and uncertainties, family businesses stand out for their resilience and innovation. Their commitment to creating long-term value not only supports their success but also significantly contributes to the global economy. We are already seeing many family businesses led by new generations in Romania, demonstrating a concern for modern governance structures. Given their remarkable adaptability and strategic vision, these enterprises will continue to play an essential role in ensuring sustainable growth for future generations.
Raluca Popa
Partner | Tax and Law, Strategic Growth Markets leader, EY Romania
About the Global 500 Family Business Index
The EY organization and University of St. Gallen have published the EY and St.Gallen Family Business Global 500 Index every two years since 2015. It includes the 500 largest family-controlled businesses based on revenues. 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.