The world's 500 largest family businesses generate $8.8trn in revenues, a 10 per cent increase compared to 2023, analysis from EY and the University of St. Gallen has shown.

Their 2025 EY and University of St. Gallen Global 500 Family Business Index found that the aggregate revenues of these businesses equated to the world’s third largest economy.

They employ 25.1 million people around the world across 43 jurisdictions, according to the analysis.

Almost half (47 per cent) of the companies were based in Europe, while 29 per cent were in North America and 18 per cent were in Asia.

Looking at industry sectors, retail had the largest representation with 20 per cent, followed by consumer (19 per cent), advanced manufacturing (15 per cent), and mobility (9 per cent).

EY and the University of St. Gallen highlighted that mergers and acquisitions (M&A) remained a “cornerstone” of growth and capital strategy, with the top 500 well positioned to take advantage and seize opportunities.

Nearly half (47 per cent) of the companies had engaged in one or more transactions over the past two years.

Of the disclosed transactions, 34 per cent completed deals exceeding $250m.

More than a third (34 per cent) of the businesses had been in operation for more than 100 years, while 85 per cent had been active for over 50 years.

Commenting on the findings, EY EMEIA Family Enterprise and EY Global NextGen leader, Lauri Oinaala, said: “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."

University of St. Gallen Centre for Family Business professor, Thomas Zellweger, stated: “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.”

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