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Laxman Pai, Opalesque Asia: The 500 largest family businesses in the world collectively generated US$8.02 trillion in revenues, up 10% amidst the ongoing global economic slowdown said a study.
According to the 2023 EY and University of St.Gallen Family Business Index, the 500 largest family businesses are growing faster than the global economy and employ 24.5m people worldwide across 47 jurisdictions, high enough to be the third largest national economy by revenue, behind only the US and China.
Longevity and stability continue to be a staple among the companies listed on the 2023 index, as more than three-quarters (76%) have been around for more than 50 years, and nearly one-third (31%) are more than a century old.
"This is further reinforced by their board structures, with almost one-quarter of all board seats (23%) being held by family members and nearly half (45%) having family members as CEOs," the study said.
While most companies in the index are based in Europe (46%), the US is the leading individual jurisdiction (24%). Overall, exactly half of all the businesses in the index are located in Europe, the Middle East, India, and Africa (EMEIA), with the Americas home to 34% and Asia-Pacific housing 16% of companies in the index.
The contribution of Asia-Pacific has been consistently increasing ever since the first edition of the index in 2015, from 12% to 16% this year. Meanwhile, regarding industry sectors, consumer-based family enterprises lead the i...................... To view our full article Click here
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