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500 large family businesses generate 8 US dollars.02 and hiring 24.5 m People in 47 regions
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About half of the companies mentioned are available Europe
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With women holding only 23% of board seats, more needs to be done to close the gender gap
London, January 16, 2023 /PRNewswire/ — The world’s 500 largest family businesses are vital to health and are growing faster than the global economy. Together, they generate 8 US dollars.02t in income and employment 24.5 m People in 47 counties around the world, the third largest national economy by income, behind the US and China. These and other findings are published today 2023 EY and University of St.Gallen Family Business IndexIt is ranked among the 500 largest family businesses in the world by revenue and is awarded every two years.
Longevity and stability continue to be key factors among companies listed on the 2023 index, as more than three-quarters (76%) have been around for over 50 years and nearly a third (31%) are over a century old. Old. This is reinforced by their board structure, where a quarter of all board seats (23%) are held by family members, and almost half (45%) of family members are held as CEOs.
Most of the companies in the index are established Europe (46%), the US is the leading individual jurisdiction (24%). In general, half of the businesses in the index are actually found Europe, middle east, India And Africa (EMEIA), with the US at 34% and Asia-Pacific 16% of companies in the index housing. Contribution of Asia-Pacific In the year Since the first edition of the index in 2015, it has grown continuously from 12 percent to 16 percent. Meanwhile, in terms of industrial sectors, consumer-based family enterprises lead the index (37%) thanks to their high share in the Americas. This sector leads in EMEIA, followed by companies in advanced manufacturing and mobility (29%). Asia-Pacific.
Although successful family enterprises are known to be efficient, innovative and purposeful, there is still a ways to go with gender equality. Globally, only 6 percent of female CEOs are women, while women hold only 23 percent of all board seats. North America And Europe It stands out on the index with female CEOs, but still only 7%. Regarding the distribution of board seats among family members. Europe Women lead the way with 25% of family-owned board seats, well above the global average of 20%.
Helena Robertson, EY Global Family Enterprise Leader, says:
“Family-owned enterprises continue to show an amazing ability to adapt quickly and I commend them for their continued change and innovation. As we anticipate a slowdown in global economic growth next year, the long-term vision and desire to continue the legacy of these companies will be critical drivers for maintaining resilience and having a strong succession plan in place. I look forward to seeing how the next generation will invest in technology and contribute significantly to diversifying board features. The global economy.”
Thomas ZellwegerA professor at the Center for Family Business at the University of St. Gallen says:
“The general composition index is stable, this year only 7% of new incomes, which confirms the resilience of family firms. The growing popularity Asia-Pacific Companies are also impressive and a sign of the economic power these family-owned enterprises have in the region. It will be interesting to see how these long established companies continue to adapt and thrive in the face of social, environmental, economic and technological changes. The role of future generations will be crucial in combating these challenges.
Notes to editors
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About the EY family firm
As trusted advisors to more than 92% of the world’s top 500 family enterprises, we have the experience and expertise to help you monitor the entire family enterprise – families, their family business and their family office. Opportunities for growth while maintaining values and building a family legacy. With more than 100 years of experience supporting the world’s entrepreneurial families, EY Family Enterprise experts are experienced in identifying and helping to identify the drivers that influence the growth and longevity of family businesses, preserve wealth and culture, and strengthen multi-generational legacies. Visit ey.com/familyenterprise.
About EY Personal
As Ambitious™ Consultants, EY’s personal professionals have the experience and passion to help private businesses and their owners unlock their full potential. EY Private Teams offer unique insights born from EY’s long history of working with business owners and entrepreneurs. These groups support all private enterprises, including private capital managers and investors and the portfolio businesses they support, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/private.
Lauren Mosseri
EY Global Media Relations
+1 732 977 2063
lauren.mosery@ey.com
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