The world’s 500 largest family enterprises grew their revenue by 10% amidst the ongoing global economic slowdown

  • 500 large family businesses 8 USD.02t and to work 24.5 m People in 47 jurisdictions

  • Almost half of the listed companies are located Europe

  • More needs to be done to close the gender gap with women holding only 23% of board seats

LONDON, January 16, 2023 /PRNewswire/ — The world’s 500 largest family businesses are vital to the health and growth of the global economy. Generally they create 8 USD.02t income and employment 24.5 m people in 47 jurisdictions around the world, enough to be the third largest national economy by income behind the United States and the United States. China. These and other results were published in the newspaper today 2023 EY and University of St. Gallen Family Business IndexIt is a ranking of the world’s 500 largest family businesses by revenue and is published every two years.

EY - Building a Better World of Work (PRNewsFoto/EY) (PRNewsfoto/EY) (PRNewsfoto/EY)

EY – Building a Better World of Work (PRNewsFoto/EY) (PRNewsfoto/EY) (PRNewsfoto/EY)

Longevity and sustainability continue to be central to the companies listed in the 2023 index, as more than three-quarters (76%) have been in business for more than 50 years, and almost a third (31%) for more than a century. an old. This is further reinforced by their board structures, with almost a quarter (23%) of all board seats held by family members and nearly half (45%) with a family member as CEO.

While most companies in the index are based Europe (46%), the US is the leading private jurisdiction (24%). Overall, half of all businesses in the index are located Europe, Middle east, India and the Africa (EMEIA), 34% with American House and Asia-Pacific 16% of companies in the index are residential. contribution Asia-Pacific It has been growing steadily since the first edition of the index in 2015, from 12% to 16% this year. Meanwhile, by industry, consumer family businesses lead the index (37%) due to their dominant share in America. Advanced Manufacturing and Mobility companies follow (29%) as this sector is in EMEIA and leadership. Asia-Pacific.

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Although successful family businesses are recognized as agile, innovative and purposeful, there is still a way to go to maintain gender parity. Globally, only 6% have a female CEO, and women hold only 23% of all board seats. north america and the Europe The index with female CEOs differs, but is still around 7%. When it comes to dividing board seats between family members, Europe leads the way with women occupying 25% of family management positions, well above the global average of 20%.

Helena Robertsson, Global Family Business Leader at EY, says:

“Family businesses continue to demonstrate an impressive ability to adapt quickly, and I applaud them for their continued transformation and innovation. As we anticipate a potential slowdown in global economic growth for the year ahead, the long-term future of these companies and the desire to continue the legacy of maintaining flexibility and will be important drivers to ensure a strong succession plan. I especially look forward to how the next generation will continue to focus on investing in technology and diversifying the face of the board. global economy.”

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Thomas ZellwegerProfessor at the Center for Family Business at the University of St. Gallen, says:

“The overall composition index is stable, with only 7% new entrants this year, proving the stability of family firms. Asia-Pacific companies are also impressive and these family businesses are a sign of economic strength in the region. It will be interesting to observe how these long-established firms adapt and thrive in response to social, environmental, economic and technological changes. The role of the next generation will be very important in solving these challenges.

Notes to editors

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This news release is issued by EYGM Limited, a member of the global EY organization, which also does not provide any services to clients.

About EY Family Enterprise

As trusted advisors to ambitious business families, including more than 92% of the world’s top 500 family businesses, EY teams have the experience and know-how to help the entire family business—the families, their family business and the family office. – has a house. opportunities to grow while preserving values ​​and building a family legacy. With more than 100 years of experience supporting the world’s most entrepreneurial families, EY Family Business professionals are experienced in helping family businesses optimize the drivers of growth and longevity, preserve wealth and culture, and strengthen multi-generational legacies. Visit ey.com/familyenterprise.

About EY Private

As Ambitious™ consultants, EY Personal Professionals have the experience and passion to support private businesses and their owners in unlocking the full potential of their ambitions. EY Individual teams offer distinctive insights derived from EY’s long history of working with business owners and entrepreneurs. These teams support the full range of private businesses, including private equity managers and investors and the portfolio businesses they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/private.

Lauren Mosery
EY Global Media Relations
+1 732 977 2063
[email protected]

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