Of these 500 family businesses, 17 family enterprises in Southeast Asia are on the list, including two from Singapore and four from Malaysia. Meanwhile, the contribution of Asia-Pacific family businesses to the list has been increasing ever since the first edition of the index in 2015, from 12% to 16% this year.
The world’s 500 largest family enterprises grew their revenue by 10% amid ongoing economic slowdown, generating US$8.02 trillion ($10.72 trillion) in revenues, according to the 2023 EY and University of St.Gallen Family Business Index.
The study, which ranks 500 of the largest family businesses in the world by revenue and is issued every two years, says that family businesses employ 24.5 million people worldwide across 47 jurisdictions, high enough to be the third largest national economy by revenue behind the US and China.
