The world’s 500 largest family-owned businesses increased revenues by 10% amid ongoing global economic slowdown

• Created by 500 of the largest family-owned businesses $8Adopted as .02t 24.5m people across 47 jurisdictions

• Nearly half of the companies featured in Europe

• With only 23% of board seats held by women, more needs to be done to close the gender gap.

London, January 16, 2023 /PRNewswire/ — The world’s 500 largest family-owned businesses are vital to the health of the global economy and are growing faster than the global economy.Collectively they generate $80.02 tons of revenue and employment 24.5m People worldwide across 47 jurisdictions, high enough to become the third largest national economy by revenue, second only to the United States and the United States ChinaThese and other findings are published today at 2023 EY and University of St. Gallen Family Business Indexis a ranking of the world’s 500 largest family businesses by revenue, published every two years.

Over three-quarters (76%) have been in business for 50 years or more and nearly one-third (31%) have been in business for 100 years or more, so longevity and stability are among the companies listed in the 2023 index. Gender continues to be an important factor. Year. This is further reinforced by the board structure, where nearly a quarter (23%) of all board seats are held by family members, and almost half (45%) hold a family member as CEO. I’m here.

Most companies in the index are based on Europe (46%), while the United States is the leading private jurisdiction (24%). Overall, exactly half of all companies included in the index are Europe, middle east, India When Africa (EMEIA), Americas 34%, Asia Pacific It houses 16% of the companies in the index.contribution of Asia Pacific It has increased consistently since the index was first published in 2015, and has increased from 12% to 16% this year. In the industrial sector, meanwhile, consumer-based family-owned companies dominate the Americas market (37%). This is followed by advanced manufacturing and mobility companies (29%). The sector leads in his EMEIA, Asia Pacific.

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Successful family businesses are recognized as agile, innovative and purposeful, but there are still ways to achieve gender equality. Globally, about 6% of CEOs are women, and women make up just 23% of all boards. North America When Europe Female CEOs stand out in the index, but still only about 7%. With regard to the distribution of Board seats among family members: Europe This is well above the global average of 20%.

Helena Robertsson, EY Global Family Enterprise Leader, said:

“Family-owned businesses continue to demonstrate an impressive ability to adapt quickly, and we applaud their continued transformation and innovation.We expect global economic growth to slow down over the next year.” Therefore, the long-term prospects of these companies and I especially hope that the next generation will focus more on investing in technology and diversifying the face of the board while maintaining their significant contributions to the company. We look forward to the global economy.”

Thomas ZellwegerA professor at the Family Business Center of the University of St. Gallen says:

“The overall composition index remains stable, with just 7% of new entrants this year, demonstrating the resilience of the family business. Asia Pacific The businesses are also impressive, a sign of the economic power these family-run businesses wield in the region. It will be interesting to observe how these long-established companies adapt and continue to thrive in the light of social, environmental, economic and technological change. The role of the next generation in addressing these challenges is critical. “

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