EY & University of St. Gallen Global 500 Family Business Index 2025: Top 500 Family Businesses with $8.8 Trillion Revenue, $17.6 Billion Average Revenue & 50,200 Average Employees, Top 10 Business Families Company by Revenue are Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries, Top 5 Revenue By Industry are Retail $2.25 Trillion, Consumer Products $1.5 Trillion, Mobility $1.35 Trillion, Advanced Manufacturing $902 Billion, Oil & Gas $604 Billion, Oldest Business Family is Takenaka Corporation (Japan, Takenaka Family, $11.4 Billion Revenue) in 1610

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EY & University of St. Gallen Global 500 Family Business Index 2025: Top 500 Family Businesses with $8.8 Trillion Revenue, $17.6 Billion Average Revenue & 50,200 Average Employees, Top 10 Business Families Company by Revenue are Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries, Top 5 Revenue By Industry are Retail $2.25 Trillion, Consumer Products $1.5 Trillion, Mobility $1.35 Trillion, Advanced Manufacturing $902 Billion, Oil & Gas $604 Billion, Oldest Business Family is Takenaka Corporation (Japan, Takenaka Family, $11.4 Billion Revenue) in 1610

15th May 2025 | Hong Kong

EY & University of St. Gallen has released the Global 500 Family Business Index 2025, providing key insights into the 500 largest family businesses in the world by revenue.  The top 500 family businesses have a total revenue of $8.8 trillion, with average $17.6 billion revenue per family business.  No. of employees – 25.1 million.  Average employees per family business – 50,200 employees.  No. Jurisdiction of family businesses HQ – 44.  No. of Companies founded before 1900 – 102.  M&A Transactions – 47% with at least 1 transaction.  Jurisdiction HQ by region – Europe 47%, North America 29%, Asia 18%, Others 6%.  Top 2 Most HQs – United States with 115 family businesses, Germany with 78 family businesses.  Largest Business Family by Revenue – Walmart (Walton, United States) with $648 billion.  2nd largest Business Family by Revenue – Volkswagen Group (Porsche / Piëch, Germany) with $356 billion.  3rd largest Largest Business Family by Revenue – Schwarz Group (Schwarz, Germany) with $179 billion.  Top 10 Business Families Company by Revenue – Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries.  Top 10 Business Families Company in Asia by Revenue – Tata Sons, Reliance Industries, SK, Idemitsu Kosan Co, Aditya Birla Management Corporation, LG, Country Garden Holdings, Rongsheng Petrochemical Co, Meritz Financial Group, Hanwha Corporation.  Oldest Business Family (Country, Family, Revenue) Year Founded – Takenaka Corporation (Japan, Takenaka family, $11.4 billion) in 1610.  2nd Oldest Business Family (Country, Family, Revenue) Year Founded – Merck (Germany, Merck family, $22.7 billion) in 1668.  3rd Oldest Business Family (Country, Family, Revenue) Year Founded – Wendel (France, Wendel family, $7.71 billion) in 1704.  Top 5 Revenue by industry – Retail $2.25 trillion, Consumer Products $1.5 trillion, Mobility $1.35 trillion, Advanced Manufacturing $902 billion, Oil & Gas $604 billion.  Top 5 Jurisdiction of family business HQ by Revenue – United States $2.59 trillion, Germany $1.65 trillion, India $512 billion, France $487 billion, South Korea $348 billion.  Top 10 Jurisdiction of family business HQ by Revenue – United States, Germany, India, France, South Korea, Switzerland, China, Brazil, Canada, Mexico.  See below for key findings & summary | View Report here | View Ranking here

“ EY & University of St. Gallen Global 500 Family Business Index 2025: Top 500 Family Businesses with $8.8 Trillion Revenue, $17.6 Billion Average Revenue & 50,200 Average Employees, Top 10 Business Families Company by Revenue are Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries, Top 5 Revenue By Industry are Retail $2.25 Trillion, Consumer Products $1.5 Trillion, Mobility $1.35 Trillion, Advanced Manufacturing $902 Billion, Oil & Gas $604 Billion, Oldest Business Family is Takenaka Corporation (Japan, Takenaka Family, $11.4 Billion Revenue) in 1610 “

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EY & University of St. Gallen Global 500 Family Business Index 2025: Top 500 Family Businesses with $8.8 Trillion Revenue, $17.6 Billion Average Revenue & 50,200 Average Employees, Top 10 Business Families Company by Revenue are Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries, Top 5 Revenue By Industry are Retail $2.25 Trillion, Consumer Products $1.5 Trillion, Mobility $1.35 Trillion, Advanced Manufacturing $902 Billion, Oil & Gas $604 Billion, Oldest Business Family is Takenaka Corporation (Japan, Takenaka Family, $11.4 Billion Revenue) in 1610

EY & University of St. Gallen Global 500 Family Business Index 2025

Profile

• No. of family businesses – 500
• Total revenue – $8.8 trillion 
• Average revenue per family business – $17.6 billion
• No. of employees – 25.1 million 
• Average employees per family business – 50,200 employees
• No. Jurisdiction of family businesses HQ – 44
• No. of Companies founded before 1900 – 102
• M&A Transactions – 47% with at least 1 transaction
• Jurisdiction HQ by region – Europe 47%, North America 29%, Asia 18%, Others 6%
• Top 2 Most HQs – United States with 115 family businesses, Germany with 78 family businesses

Summary

1. Largest Business Family by Revenue – Walmart (Walton, United States) with $648 billion
2. 2nd largest Business Family by Revenue – Volkswagen Group (Porsche / Piëch, Germany) with $356 billion
3. 3rd largest Largest Business Family by Revenue – Schwarz Group (Schwarz, Germany) with $179 billion
4. Top 10 Business Families Company by Revenue – Walmart, Volkswagen Group, Schwarz Group, Cargill, Ford Motor Company, Bayerische Motoren Werke (BMW), Tata Sons, Koch Industries, Comcast Corporation, Reliance Industries
5. Top 10 Business Families Company in Asia by Revenue – Tata Sons, Reliance Industries, SK, Idemitsu Kosan Co, Aditya Birla Management Corporation, LG, Country Garden Holdings, Rongsheng Petrochemical Co, Meritz Financial Group, Hanwha Corporation
6. Oldest Business Family (Country, Family, Revenue) Year Founded – Takenaka Corporation (Japan, Takenaka family, $11.4 billion) in 1610
7. 2nd Oldest Business Family (Country, Family, Revenue) Year Founded – Merck (Germany, Merck family, $22.7 billion) in 1668
8. 3rd Oldest Business Family (Country, Family, Revenue) Year Founded – Wendel (France, Wendel family, $7.71 billion) in 1704
9. Top 5 Revenue by industry – Retail $2.25 trillion, Consumer Products $1.5 trillion, Mobility $1.35 trillion, Advanced Manufacturing $902 billion, Oil & Gas $604 billion
10. Top 5 Jurisdiction of family business HQ by Revenue – United States $2.59 trillion, Germany $1.65 trillion, India $512 billion, France $487 billion, South Korea $348 billion
11. Top 10 Jurisdiction of family business HQ by Revenue – United States, Germany, India, France, South Korea, Switzerland, China, Brazil, Canada, Mexico

EY & University of St. Gallen Global 500 Family Business Index 2025

1) Business Families Profile

• No. of family businesses – 500
• Total revenue – $8.8 trillion 
• Average revenue per family business – $17.6 billion
• No. of employees – 25.1 million 
• Average employees per family business – 50,200 employees
• No. Jurisdiction of family businesses HQ – 44
• No. of Companies founded before 1900 – 102
• M&A Transactions – 47% with at least 1 transaction

2) Business Families Revenue

Top 30 Business Families by Revenue – Company (Family, Country):

1. Walmart (Walton, United States) – $648 billion
2. Volkswagen Group (Porsche / Piëch, Germany) – $356 billion
3. Schwarz Group (Schwarz, Germany) – $179 billion
4. Cargill (Cargill-MacMillan, United States) – $177 billion
5. Ford Motor Company (Ford, United States) – $176 billion
6. Bayerische Motoren Werke, BMW (Quandt, Germany) – $168 billion
7. Tata Sons (Tata, India) – $165 billion
8. Koch Industries (Koch, United States) – $125 billion
9. Comcast Corporation (Roberts, United States) – $121 billion
10. Reliance Industries (Ambani, India) – $109 billion
11. SK (Chey, South Korea) – $101 billion
12. Robert Bosch (Bosch, Germany) – $99.9 billion
13. LVMH Moët Hennessy Louis Vuitton (Arnault, France) – $93.1 billion
14. MSC Group (Aponte, Switzerland) – $92.6 billion
15. ALDI SÜD Group (Albrecht, Germany) – $91.7 billion
16. JBS (Batista, Brazil) – $72.9 billion
17. Idemitsu Kosan Co (Idemitsu, Japan) – $69.8 billion
18. ArcelorMittal (Mittal, Luxembourg) – $68.2 billion
19. Koç Holding (Koç, Turkey) – $67.7 billion
20. Roche Holding (Hoffmann / Oeri, Switzerland) – $67.2 billion
21. Aditya Birla Management Corporation (Birla, India) – $66 billion
22. INA-Holding Schaeffler GmbH & Co (Schaeffler, Germany) – $65.6 billion
23. LG (Koo, South Korea) – $64.6 billion
24. Country Garden Holdings (Yang, China) – $63.9 billion
25. AnheuserBusch InBev (De Spoelberch / De Mévius / Van Damme, Belgium) – $59.3 billion
26. Tyson Foods (Tyson, United States) – $52.8 billion
27. PHOENIX Pharma (Merckle, Germany) – $51.3 billion
28. A.P. Møller – Mærsk (Maersk, Denmark) – $51 billion
29. Louis Dreyfus Company (Dreyfus, Netherlands) – $50 billion
30. Enterprise Products Partners (Duncan, United States) – $49.7 billion

Top 10 Business Families by Revenue in Asia Jurisdiction – Company (Family, Country):

1. Tata Sons (Tata, India) – $165 billion
2. Reliance Industries (Ambani, India) – $109 billion
3. SK (Chey, South Korea) – $101 billion
4. Idemitsu Kosan Co (Idemitsu, Japan) – $69.8 billion
5. Aditya Birla Management Corporation (Birla, India) – $66 billion
6. LG (Koo, South Korea) – $64.6 billion
7. Country Garden Holdings (Yang, China) – $63.9 billion
8. Rongsheng Petrochemical Co (Li, China) – $45.9 billion
9. Meritz Financial Group (Cho, South Korea) – $44.9 billion
10. Hanwha Corporation (Kim, South Korea) – $40.8 billion

3) Business Families Year of Founding 

Top 10 Oldest Business Families (Country, Family, Revenue) – Year Founded:

1. Takenaka Corporation (Japan, Takenaka family, $11.4 billion) – 1610
2. Merck (Germany, Merck family, $22.7 billion) – 1668
3. Wendel (France, Wendel family, $7.71 billion) – 1704
4. Franz Haniel & Cie (Germany , Haniel family, $4.4 billion) – 1756
5. Jerónimo Martins (Portugal, Soares dos Santos family, $33 billion) – 1792
6. Schroders (United Kingdom, Schroder family, $3.6 billion) – 1800
7. D’Ieteren Group (Belgium, D’Ieteren family, $8.6 billion) – 1805
8. Bucher Industries (Switzerland, Hauser family, $3.9 billion) – 1807
9. Swire Pacific (Hong Kong, Swire family, $12.1 billion) – 1816
10. Wieland-Werke (Germany, Schleicher family, $6.8 billion) – 1820

Top 500 Business Families founding timeline:

• 25 years & below – 9 
• 26 to 50 years – 70
• 51 to 75 years – 145
• 76 to 100 years – 109
• 101 to 125 years – 69
• 126 to 150 years – 48
• 151 to 200 years – 39
• 201 years & above – 11

4) Revenue by Industry

Top Revenue by industry:

1. Retail – $2.25 trillion 
2. Consumer Products – $1.5 trillion
3. Mobility – $1.35 trillion
4. Advanced Manufacturing – $902 billion
5. Oil & Gas – $604 billion
6. Real Estate, Hospitality & Construction – $333 billion
7. Technology – $266 billion
8. Mining & Metals – $253 billion
9. Telecom – $243 billion
10. Wealth & Asset Management – $234 billion
11. Life Science – $229 billion
12. Banking & Capital Markets – $166 billion
13. Insurance – $144 billion
14. Media & Entertainment – $124 billion
15. Professional Firms & Services – $91 billion
16. Power & Utilities – $82 billion
17. Health – $20 billion

5) Business Families HQ

Jurisdiction HQ by region:

• Europe – 47%
• North America – 29%
• Asia – 18%
• Others – 6%

Top 2 Most HQs:

1. United States – 115 family businesses
2. Germany – 78 family businesses

Top 19 Jurisdiction of family business HQ by Revenue:

1. United States – $2.59 trillion
2. Germany – $1.65 trillion
3. India – $512 billion
4. France – $487 billion
5. South Korea – $348 billion
6. Switzerland – $334 billion
7. China – $243 billion
8. Brazil – $227 billion
9. Canada – $232 billion
10. Mexico – $188 billion
11. Netherlands – $180 billion
12. Italy – $179 billion
13. Spain – $171 billion
14. Japan – $166 billion
15. Hong Kong – $133 billion
16. Turkey – $131 billion
17. Denmark – $114 billion
18. Luxembourg – $110 billion
19. Belgium – $106 billion

6) Top 100 Business Families by Revenue – Company (Family):

1. Walmart (Walton) – $648 billion
2. Volkswagen Group (Porsche / Piëch) – $356 billion
3. Schwarz Group (Schwarz) – $179 billion
4. Cargill (Cargill-MacMillan) – $177 billion
5. Ford Motor Company (Ford) – $176 billion
6. Bayerische Motoren Werke AG, BMW (Quandt) – $168 billion
7. Tata Sons (Tata) – $165 billion
8. Koch Industries (Koch) – $125 billion
9. Comcast Corporation (Roberts) – $121 billion
10. Reliance Industries (Ambani) – $109 billion
11. SK (Chey) – $101 billion
12. Robert Bosch (Bosch) – $99.9 billion
13. LVMH Moët Hennessy Louis Vuitton (Arnault) – $93.1 billion
14. MSC Group (Aponte) – $92.6 billion
15. ALDI SÜD Group (Albrecht) – $91.7 billion
16. JBS (Batista) – $72.9 billion
17. Idemitsu Kosan Co (Idemitsu) – $69.8 billion
18. ArcelorMittal (Mittal, Luxembourg) – $68.2 billion
19. Koç Holding (Koç) – $67.7 billion
20. Roche Holding (Hoffmann / Oeri) – $67.2 billion
21. Aditya Birla Management Corporation (Birla) – $66 billion
22. INA-Holding Schaeffler GmbH & Co (Schaeffler) – $65.6 billion
23. LG (Koo) – $64.6 billion
24. Country Garden Holdings (Yang) – $63.9 billion
25. AnheuserBusch InBev (De Spoelberch / De Mévius / Van Damme) – $59.3 billion
26. Tyson Foods (Tyson) – $52.8 billion
27. PHOENIX Pharma (Merckle) – $51.3 billion
28. A.P. Møller – Mærsk (Maersk) – $51 billion
29. Louis Dreyfus Company (Dreyfus) – $50 billion
30. Enterprise Products Partners (Duncan) – $49.7 billion
31. Exor Group (Agnelli) – $48.3 billion
32. América Móvil (Slim) – $48.3 billion
33. Mars (Mars) – $47 billion
34. CMA CGM Group (Saadé) – $47 billion
35. Rongsheng Petrochemical Co (Li) – $45.9 billion
36. Meritz Financial Group (Cho) – $44.9 billion
37. George Weston (Weston) – $44.5 billion
38. L’Oréal Groupe (Bettencourt) – $44.5 billion
39. H.E. Butt Grocery Company (Butt ) – $43.6 billion
40. Hanwha Corporation (Kim) – $40.8 billion
41. Reyes Holdings (Reyes) – $40 billion
42. Heineken (de Carvalho-Heineken) – $39.7 billion
43. Inditex Group (Ortega) – $38.9 billion
44. Enterprise Mobility (Taylor) – $38 billion
45. Sonepar (Coisne) – $36.3 billion
46. Jardine Matheson Holdings (Keswick) – $36 billion
47. Groupe Auchan (Mulliez) – $35.9 billion
48. Mercadona (Roig) – $35.8 billion
49. C&S Wholesale Grocers (Cohen) – $34.7 billion
50. Lennar Corporation (Miller) – $34.2 billion
51. Rajesh Exports (Mehta) – $33.9 billion
52. Jerónimo Martins (Soares dos Santos) – $33 billion
53. Itaú Unibanco Holding (Moreira Salles / Souza Aranha) – $32.9 billion
54. Groupe Lactalis (Besnier) – $32.2 billion
55. CJ Corporation (Lee) – $31.6 billion
56. Antarchile (Angelini ) – $30.7 billion
57. Paramount Global (Redstone) – $29.6 billion
58. Penske Automotive Group (Penske) – $29.5 billion
59. Power Corporation of Canada (Desmarais) – $29.2 billion
60. Heraeus Group (Heraeus) – $28 billion
61. C.H. Boehringer Sohn AG & Co (Boehringer) – $27.9 billion
62. Kühne + Nagel International (Kuehne) – $26.5 billion
63. Love’s Travel Stops & Country Stores (Love ) – $26.5 billion
64. WH Group (Wan) – $26.2 billion
65. Southern Glazer’s Wine & Spirits (Glazer / Chaplin) – $26 billion
66. Ultrapar Participações (Igel) – $25.9 billion
67. Fairfax Financial Holdings (Watsa) – $25.8 billion
68. CP ALL (Chearavanont) – $25.7 billion
69. SHV Holdings (Fentener van Vlissingen) – $24.8 billion
70. RETHMANN Group (Rethmann) – $24.7 billion
71. Great Wall Motor, GWM (Wei) – $24.4 billion
72. Sodexo (Bellon) – $23.9 billion
73. Marriott International (Marriott) – $23.7 billion
74. Henkel AG & Co (Henkel) – $23.2 billion
75. Cox Enterprises (Cox) – $23 billion
76. Formosa Petrochemical Corporation (Wang ) – $22.8 billion
77. Empire Company (Sobey) – $22.7 billion
78. Liberty Media Corporation (Malone) – $22.7 billion
79. Merck (Merck) – $22.7 billion
80. Grupo Bimbo (Servitje) – $22.5 billion
81. Compagnie Financiere Richemont (Rupert) – $22.3 billion
82. Adolf Würth GmbH & Co (Würth) – $22.2 billion
83. H&M (Persson ) – $22.2 billion
84. Bertelsmann SE & Co (Mohn) – $21.8 billion
85. Kering (Pinault) – $21.1 billion
86. Meijer (Meijer) – $21 billion
87. Gordon Food Service (Gordon) – $21 billion
88. Suntory Holdings (Saji) – $20.9 billion
89. JSW Steel (Jindal) – $20.8 billion
90. QuikTrip (Cadieux) – $20.3 billion
91. Banco Bradesco (Aguiar) – $20 billion
92. New Hope Liuhe (Liu) – $20 billion
93. JM Family Enterprises (Moran) – $20 billion
94. Fast Retailing (Yanai) – $19.9 billion
95. Chanel (Wertheimer) – $19.7 billion
96. RaceTrac (Bolch) – $19.7 billion
97. Aker ASA (Røkke) – $18.9 billion
98. Wawa (Wood) – $18.9 billion
99. China Hongqiao (Zhang) – $18.8 billion
100. DKV Mobility (Fischer) – $18.5 billion

7) Top 100 Business Families

EY & University of St. Gallen Global 500 Family Business Index 2025

The 2025 EY and University of St.Gallen Global 500 Family Business Index highlights the extent to which the world’s largest family enterprises are contributing in distinctive ways to the global economy.

Methodology – The EY organization and University of St. Gallen have published the EY and St.Gallen Family Business Global 500 Index every two years since 2015. It includes the 500 largest family-controlled businesses based on revenues. The criteria for inclusion are as follows:

1. Revenues of qualified businesses are sourced from published accounts or disclosed financial information that are no more than 24 months old.
2. Qualified businesses have substantial family voting control in the business. Businesses where the family is believed to have voting rights of 50% or more are eligible. For publicly listed businesses, family voting control of at least 32% is considered as substantial for inclusion.ⁱ
3. Qualified businesses have trans-generational profiles in that they have a demonstrated involvement of multiple generations and/or are at least 50 years old.
4. Where two or more businesses are controlled by the same family group, the parent, holding company or business with the highest disclosed revenues is featured. As a result, the Index is limited to one business per family group.
5. The Index reflects our best efforts and practical judgements in discovering and interpreting information available about the world’s leading family businesses and the families that control them.

EY Family Enterprise – EY teams are dedicated to supporting family enterprises in shaping their future with confidence. As trusted advisors to most of the world’s largest 500 family enterprises, EY teams have the experience and know-how to support you, your family, your business, and your investments. Our mission is to assist you to grow a more valuable enterprise, navigate disruptions, and manage successful generational transitions.  Through the EY Family Enterprise DNA Model, we focus on four strategic drivers for long-term success: business growth, company capitalization, generational transition, and shareholder liquidity. Our model is built on over 100 years of experience working with family enterprises like yours.

EY – EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.  Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.  EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.  All in to shape the future with confidence.

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Caproasia | Driving the future of Asia
a financial information technology co.
since 2014

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