Largest 500 Family Businesses Amount To World’s Third Largest Economy

Family-owned enterprises continue to be a major driver of global economic growth. The world’s 500 largest family businesses generate US$8.8 Trillion in revenues – a 10% increase from the 2023 index – and employ 25.1 million people worldwide across 44 jurisdictions.

The aggregate revenues of these businesses, if compared to GDP by country, equate to the world’s third largest economy, ranking behind only the US and China. These and other findings were published today in the 2025 EY and University of St.Gallen Global 500 Family Business Index, which is a biennial ranking of the 500 largest family businesses in the world by revenue.

Key Findings:

• The 500 largest family businesses generate US$8.8 Trillion and employ more than 25 million people across 44 jurisdictions

• Nearly half participated in M&A activities in the last two years

• More than a third have a legacy extending beyond a century

Europe remains home to almost half (47%) of the companies on the index, with North America housing 29% and 18% being based in Asia. Regarding industry sectors, retail has the largest representation, leading with 20%. The second largest sector is consumer (19%), the third is advanced manufacturing (15%) and the fourth is mobility (9%).

Despite today’s challenging business environment, mergers and acquisitions (M&A) remain a cornerstone of growth and capital strategy for these types of companies with the top 500 well positioned to take advantage and seize opportunities. Forty-seven percent have engaged in one or more transactions in the last two years and of the disclosed deals 34% completed transactions exceeding US$250 million.

Seeking long-term value, being agile and having an innovative approach is what gives these businesses a strategic advantage and speaks to why 34% of the companies have more than a 100-year legacy and 85% have been operating for more than 50 years. At the top end of the spectrum, a Japan-based company has been running for more than 400 years, and two European companies have been operating for more than 300 years.

Lauri Oinaala, EY EMEIA Family Enterprise and EY Global NextGen Leader, says: “It is remarkable how, amid notable market disruptions, the world's leading family enterprises can shape their future for the better, combining a unique blend of long-term vision, resilience and drive toward sustainable growth."

"Their diverse capital sources and readiness for mergers and acquisitions enable them to seize strategic opportunities and navigate slower-growth periods."

Thomas Zellweger, Professor from the Center for Family Business at the University of St.Gallen, says: “Family-owned businesses have a remarkable ability to adapt and thrive in dynamic environments."

"The focus of family firms on their long-term survival, combined with high concern for efficiency and conservative financing practices, sets many of these firms up for continued success.”

Paul Andrews, Founder and CEO of Family Business United adds: "There are 14 family businesses from the UK in the top 500 who have collectively been trading for over 1,111 years, employ over 236,000 people and generate turnover of $77.11 billion (£59.69 billion) annually."

"These businesses demonstrate the significant impact that family firms have on the UK economy in terms of jobs provided, income generated and wealth created, not forgetting the massive impact they have on the wider communities in which they operate."

"These 14 businesses are fantastic examples of the importance of the family business model across the UK today and when you then consider the fact that there are over 5 million family firms in the UK employing over 15 million people, the size of the sector really does deserve to be recognised for the good that it does."

The UK's Leading Family Businesses (as included in the Global 500 Family Business Index)

UK Rank	Global Position	Family Business	Turnover US$ (Billions)	Number of Employees	Year Founded
1	225	Dyson Technology	9.00	14,000	1985
2	251	Pentland Group	8.00	76,000	1932
3	283	JCB Service	7.00	11,000	1945
4	339	Arnold Clark	5.99	9,000	1954
5	340	Bestway Group	5.99	28,000	1963
6	376	Westcoast Group Holdings	5.32	2,000	1984
7	387	Iceland Foods	5.17	26,000	1970
8	391	European Metal Recycling	5.13	4,000	1940
9	409	Laing O'Rourke	4.85	11,000	1848
10	420	Rigby Group	4.69	8,000	1975
11	429	TJ Morris	4.54	22,000	1976
12	457	Bet365 Group	4.11	7,000	1974
13	487	Boparan Holdings Ltd	3.67	15,000	1993
14	489	Schroders plc	3.65	3,000	1800

Check out the full findings of the research and the businesses included in the full listing, together with other insights and reflections on the data included within the Global 500 Family Business Index here