Family businesses play a crucial role in the global economy, establishing themselves as key drivers of growth, innovation, and job creation. According to the 2025 EY and University of St. Gallen Global Family Business Index 500, the world’s 500 largest family businesses recorded combined revenues of $8.8 trillion, representing a growth of 10% compared to the 2023 index.
To put their impact into perspective, if these companies were a country, their combined GDP would be the third-largest in the world, behind only the United States and China.
Where are the world’s largest family businesses located?
The companies included in the index have operations in 44 jurisdictions worldwide. Europe remains the continent with the highest concentration of family businesses, accounting for 47% of the total, followed by North America with 29% and Asia with 18%.
The United States is the country with the highest number of companies in the ranking (23% of the total), including five of the top twenty largest. Germany, the second most represented country, features giants such as Volkswagen Group, Schwarz Group, and BMW.
India and Hong Kong also have a significant presence, with 17 and 16 companies respectively, highlighting Asia’s strong role in family-owned enterprises.
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Which sectors dominate the family business ranking?
Family businesses cover a wide range of industries, but retail leads the ranking, representing 20% of the companies, contributing 26% of the total revenues, equivalent to $2.25 trillion. Almost half (49%) of retail revenues come from U.S. companies such as Walmart, ranked first on the list.
After retail, the sectors most represented in the index are:
- Consumer products (19%)
- Advanced manufacturing (15%)
- Mobility (9%)
The manufacturing and mobility sectors are dominated by German companies, with 16 manufacturing firms generating $193 billion, while 14 mobility companies total $669 billion in revenue.
Mergers and acquisitions driving growth among family businesses
Despite economic challenges, mergers and acquisitions (M&A) remain essential growth strategies for the world’s largest family businesses. According to the index, 47% of companies completed at least one M&A transaction over the past two years.
There were 616 transactions, of which 34% involved deals valued at over $250 million. A notable example is the largest acquisition recorded in the index, carried out by Mars, Inc., valued at $36.8 billion.
How long have the world’s largest family businesses been operating?
The adaptability of family businesses over the years is impressive. According to the index:
- 34% of companies have operated for more than 100 years.
- 85% have been in business for over 50 years.
The oldest company in the ranking is Japan’s Takenaka Corporation, with a 414-year history. Other notably longstanding companies include Germany’s Merck (356 years) and France’s Wendel (320 years).
In the United States, the oldest company on the index is Hyster-Yale, a forklift manufacturer since 1844.
What are the largest family businesses in the world?
| Rank | Company | Country | Revenue (US$ b) | Year Founded | Industry | Type | Employees | Family | Control (%) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Walmart Inc. | 🇺🇸 USA | 648.13 | 1962 | Retail | Public | 2,149,000 | Walton | ≥32 |
| 2 | Volkswagen Group | 🇩🇪 Germany | 356.71 | 1937 | Mobility | Public | 684,000 | Porsche / Piëch | ≥50 |
| 3 | Schwarz Group | 🇩🇪 Germany | 179.09 | 1930 | Retail | Private | 575,000 | Schwarz | ≥75 |
