Logo of EYLogo of Center of Family Business of the University of St. Gallen

How the world’s largest family businesses are outstripping global economic growth

The 2023 EY and University of St.Gallen Family Business Index reveals the largest 500 family businesses are growing faster than the global economy - at nearly twice the rate of advanced economies and around 1.5 times the rate of emerging market and developing economies. They collectively generate US$8.02 trillion in revenue and employ 24.5 million people worldwide.

Almost half of all the businesses in the Index are based in Europe. North America is host to 30 % of family businesses, and Asia-Pacific has 16% of family businesses in the Index. The number of businesses from Asia-Pacific has constantly risen since the Index was first published in 2015, from 61 companies to 79 over this period.​ The consumer sector remains the largest sector (37.4%), but Advanced Manufacturing and Mobility has increased its presence on the Index this year to 28.6%.

Nineteen percent of family businesses have a family member under 40 years on the board, while women hold 23% of board seats. Seventy-six percent of companies in the Index are older than 50 years and almost one-third (30.8%) are over 100 years old.

The Index has been published every two years since 2015. Use the interactive tool below to search the data based on jurisdictions and other key fields of information for the world’s 500 largest family businesses.

Read further analysis on ey.com.

The Team

Top 3 family businesses by revenue
in each geographic area

Jump to the list

Family businesses across the world

The map highlights countries where the world’s 500 largest family enterprises are headquartered. Hover above any country to see the details.

None
1 - 10
11 - 20
21 - 50
51 - 100
101 - 118

Data analytics

See the makeup of the world’s 500 largest family enterprises across industries, revenue, number of employees, maturity (founding year), geographical location, and board diversity

Industries

2023 Family Business Index

Search:
Board
CEO
Rank
Company
Type
Founding Year
Revenues
Employees
Jurisdiction
Industries
Family
Shareholding
No. of directors
Women
Family members
Gender
Family
1Wal-Mart Inc.Public1962572.82,300,000United StatesConsumerWalton48.9%1133No
2Berkshire Hathaway, Inc.Public1955276.1372,000United StatesFinancial ServicesBuffett37.2%1443Yes
3Cargill, Inc.Private1865165.0155,000United StatesConsumerCargill-MacMillan85.0%1020No
4Schwarz GroupPrivate1930151.5550,000GermanyConsumerSchwarz100%0No
5Ford Motor CompanyPublic1919136.3183,000United StatesAdvanced Manufacturing & MobilityFord40.0%1443No
6Bayerische Motoren Werke AG (BMW)Public1916131.6118,909GermanyAdvanced Manufacturing & MobilityQuandt46.8%2771No
7Koch Industries Inc.Private1940125.0120,000United StatesAdvanced Manufacturing & MobilityKoch84.0%722Yes
8Comcast Corp.Public1936116.4189,000United StatesTechnology, Media and CommunicationsRoberts33.8%921Yes
9Dell Technologies Inc.Public1984101.2133,000United StatesTechnology, Media and CommunicationsDell75.0%821Yes
10Reliance Industries Ltd.Public197394.0342,982IndiaEnergyAmbani44.3%1322Yes
11Robert Bosch GmbHPrivate188693.1402,600GermanyAdvanced Manufacturing & MobilityBosch100%2061No
12SK Corp.Public195385.9114,842South KoreaAdvanced Manufacturing & MobilityChey32.7%911No
13Country Garden Holdings Co LtdPublic199281.1100,705Mainland ChinaGovernment & InfrastructureYang Guoqiang59.3%1323No
14Arcelor MittalPublic197676.6157,909LuxembourgEnergyMittal35.6%1033Yes
15LVMH Moët Hennessy Louis Vuitton SAPublic198776.0175,647FranceConsumerArnault47.5%1320Yes
16Roche Holding AG (Roche Group)Public189668.7100,920SwitzerlandHealth Sciences & WellnessHoffman and Oeri50.1%1032No
17JBS S.A.Public195365.0250,000BrazilConsumerBatista35.8%921No
18LG CorporationPublic194763.075,000South KoreaTechnology, Media and CommunicationsKoo (In-Hwoi)33.7%711Yes
19A.P. Møller – Mærsk GroupPublic190461.8100,000DenmarkAdvanced Manufacturing & MobilityMærsk Mc-Kinney Uggla70.6%831No
20Aditya Birla GroupPrivate185760.0140,000IndiaAdvanced Manufacturing & MobilityBirla100%922Yes
21INA-Holding Schaeffler GmbH & Co. KGPrivate194658.4309,721GermanyAdvanced Manufacturing & MobilitySchaeffler100%312No
22CK Hutchison HoldingsPublic182857.3285,000Hong KongTechnology, Media and CommunicationsLi56.2%1751Yes
23CMA CGM S.A.Private197856.0150,000FranceAdvanced Manufacturing & MobilitySaadé74.1%1464Yes
24Power Corp. of CanadaPublic192555.528,000CanadaFinancial ServicesDesmarais50.6%1442No
25Idemitsu Kosan Co. LtdPublic191154.614,044JapanEnergyIdemitsu37.6%1121Yes
26Anheuser-Busch InBev SAPublic200854.3169,339BelgiumConsumerSicupira / Telles / Lemann33.6%1652No
27Midea Group Co. Ltd.Public196853.2165,799Mainland ChinaConsumerHe32.0%811No
28Hinduja Group LtdPrivate191950.0200,000IndiaAdvanced Manufacturing & MobilityHinduja100%404Yes
29Louis Dreyfus Holding B.V.Private185149.617,000NetherlandsConsumerLouis Dreyfus96.0%1111No
30Tyson Foods Inc.Public193547.0137,000United StatesConsumerTyson70.6%1342No
31Nike Inc.Public196446.779,100United StatesConsumerKnight84.2%1241No
32Hanwha CorporationPublic195246.24,751South KoreaAdvanced Manufacturing & MobilityKim38.1%903No
33Mars Inc.Private191145.0140,000United StatesConsumerMars100%303No
34George Weston Ltd. CompanyPublic188242.9215,298CanadaConsumerWeston53.2%731Yes
35America Movil SA de CVPublic200041.6181,205MexicoTechnology, Media and CommunicationsSlim52.9%1433No
36Enterprise Products Partners LPPublic196840.86,911United StatesEnergyDuncan32.1%1120No
37Meritz Financial GroupPublic200740.320South KoreaFinancial ServicesCho69.1%400No
38Exor SpAPublic192739.8373,126ItalyFinancial ServicesAgnelli53.0%931No
39Koç Holding A.Ş.Public192639.1105,908TürkiyeAdvanced Manufacturing & MobilityKoc64.3%1244No
40L'Oréal SAPublic190938.285,400FranceConsumerBettencourt-Meyers33.2%1673No
41Phoenix Pharmahandel GmbH & Co KGPrivate199437.439,773GermanyHealth Sciences & WellnessMerckle100%1301No
42Tata Motors Ltd.Public194537.173,608IndiaAdvanced Manufacturing & MobilityTata46.4%920No
43Casino Guichard PerrachonPublic189836.7208,000FranceConsumerNaouri56.5%1561Yes
44Porsche Automobil Holding SEPublic193136.436,996GermanyAdvanced Manufacturing & MobilityPorsche-Piëch53.3%1515No
45Kuehne + Nagel International AGPublic189035.978,087SwitzerlandAdvanced Manufacturing & MobilityKuehne58.0%1110No
46Jardine Matheson Holdings Ltd.Public183235.9400,000Hong KongAdvanced Manufacturing & MobilityKeswick50.1%1102No
47Groupe Auchan SAPrivate196134.5163,098FranceConsumerMulliez95.0%601No
48Heraeus Holding GmbHPrivate185133.316,200GermanyTechnology, Media and CommunicationsHeraeus94.6%1640No
49HEB Grocery Co.Private190532.8145,000United StatesConsumerButt100%101Yes
50Rajesh Exports Ltd.Public198832.6135IndiaConsumerMehta55.6%623Yes
51Industria de Diseno Textil SA (Inditex)Public196332.6165,042SpainConsumerOrtega59.3%1152No
52ALDI GroupPrivate191332.025,000GermanyConsumerAlbrecht100%0No
53Penske CorporationPrivate196932.060,000United StatesAdvanced Manufacturing & MobilityPenske60.0%1002Yes
54Mercadona SaPrivate197731.495,800SpainConsumerRoig100%857Yes
55Investor ABPublic191630.914,812SwedenFinancial ServicesWallenberg43.0%1142No
56CJ Corp.Public195330.164,259South KoreaAdvanced Manufacturing & MobilityLee44.8%2513No
57Reyes Holdings LLCPrivate197630.033,000United StatesConsumerReyes100%202Yes
58Societe De Negoce Et De Participation (Sonepar)Private196929.845,000FranceFinancial ServicesCoisne / Lambert100%1145No
59Randstad Holding NVPublic196029.1653,300NetherlandsFinancial ServicesGoldschmeding37.9%1150No
60ViacomCBS Inc.Public198628.622,965United StatesTechnology, Media and CommunicationsRedstone79.9%1271No
61Rongsheng Petrochemical Co., LtdPublic198927.419,331Mainland ChinaAdvanced Manufacturing & MobilityLi72.4%101Yes
62Lennar CorporationPublic195427.110,753United StatesGovernment & InfrastructureMiller58.1%1021No
63Techint GroupPrivate194527.155,800ArgentinaAdvanced Manufacturing & MobilityRocca60.5%201No
64Pilot Travel Centers LLCPrivate195826.628,000United StatesAdvanced Manufacturing & MobilityHaslam50.1%622No
65Heineken Holding N.V.Public186425.982,257NetherlandsConsumerde Carvalho - Heineken50.0%1044No
66Fairfax Financial Holdings Ltd.Public198525.615,891CanadaFinancial ServicesWatsa42.5%1132Yes
67C&S Wholesale Grocers Inc.Private191825.013,800United StatesConsumerCohen100%101No
68Antarchile SAPublic198924.838,133ChileAdvanced Manufacturing & MobilityAngelini74.4%702No
69Jeronimo Martins SGPS SAPublic179224.7123,458PortugalConsumerSoares dos Santos56.1%1142Yes
70CH Boehringer Sohn AG & Co KGPrivate188524.452,391GermanyHealth Sciences & WellnessBoehringer100%511No
71Empire Co LtdPublic196324.0130,000CanadaConsumerSobey92.9%1565No
72Fidelity Investments Inc.Private194624.057,000United StatesFinancial ServicesEdward Johnson50.0%922Yes
73Enterprise Holdings Inc.Private195723.980,000United StatesAdvanced Manufacturing & MobilityTaylor100%422Yes
74Henkel AG & Co. KGaAPublic187623.752,700GermanyConsumerHenkel61.6%2280No
75Bolloré SAPublic182223.473,407FranceAdvanced Manufacturing & MobilityBollore75.4%1355Yes
76H&M Hennes & MauritzPublic194723.4107,375SwedenConsumerPersson75.3%1161No
77Merck KGaAPublic166823.362,770GermanyHealth Sciences & WellnessMerck70.3%2171No
78Shv Holdings N.V.Private189622.656,750NetherlandsAdvanced Manufacturing & MobilityFentener van Vlissingen100%1431No
79Compagnie Financiere RichemontPublic198822.335,853SwitzerlandConsumerRupert51.0%1652No
80Formosa Petrochemical CorpPublic199222.25,329TaiwanEnergyWang56.5%1513No
81Bertelsmann SE & Co. KGaAPrivate183521.1145,027GermanyTechnology, Media and CommunicationsMohn100%1423No
82Shimao Property Holdings Ltd.Public200121.024,334Hong KongGovernment & InfrastructureHui65.0%912Yes
83Southern Glazer’s Wine & SpiritsPrivate196821.022,500United StatesConsumerChaplin / Glazer50.0%403Yes
84Groupe LactalisPrivate193320.980,000FranceConsumerBesnier100%101Yes
85Kering SAPublic196320.942,800FranceConsumerPinault41.4%1361Yes
86Sodexo SAPublic196620.8412,088FranceGovernment & InfrastructureBellon57.1%1273Yes
87New Hope Liuhe Co., LtdPublic199820.880,168Mainland ChinaConsumerLiu62.3%632Yes
88Medline Industries, Inc.Private196620.230,000United StatesHealth Sciences & WellnessMills100%301Yes
89Adolf Würth GmbH & Co. KGPrivate194520.283,183GermanyAdvanced Manufacturing & MobilityWürth100%1713No
90Loves Travel Stops & Country Stores Inc.Private196420.037,000United StatesConsumerLove100%211Yes
91Cox Enterprises Inc.Private189820.050,000United StatesTechnology, Media and CommunicationsCox100%812Yes
92Fast Retailing Co. Ltd.Public194919.955,589JapanConsumerYanai33.2%913Yes
93Suntory Holdings Ltd.Private189919.840,275JapanConsumerSaji89.5%903No
94SPAR Holding AGPrivate195419.690,000AustriaConsumerReisch / Drexel / Poppmeier100%0Yes
95Meijer Inc.Private193419.570,000United StatesConsumerMeijer100%822No
96JSW Steel Ltd.Public198219.313,128IndiaEnergyJindal33.0%1231Yes
97Wittington Investments Ltd.Private194119.2129,348United KingdomWealth & Asset ManagementWeston79.2%1135Yes
98Banco Bradesco SAPublic195319.087,274BrazilFinancial ServicesAguiar100%1122Yes
99United Shipping & Trading Company A/SPrivate187618.43,920DenmarkAdvanced Manufacturing & MobilityØstergaard-Nielsen100%623Yes
100Otto GmbH & Co. KGPrivate194918.243,249GermanyTechnology, Media and CommunicationsOtto100%2654No
101China Hongqiao Group Ltd.Public199417.742,650Mainland ChinaAdvanced Manufacturing & MobilityZhang (Shiping)68.4%1243Yes
102Estee Lauder Cos., Inc.Public194617.763,000United StatesConsumerLauder86.0%1784No
103CP All Public Company Ltd.Public198817.763,414ThailandConsumerChearavanont35.8%1613No
104Evergreen Marine Corporation Ltd.Public196817.58,103TaiwanAdvanced Manufacturing & MobilityChang35.9%914Yes
105Bechtel Group Inc.Private189817.555,000United StatesGovernment & InfrastructureBechtel100%1422Yes
106Grupo BimboPublic194517.2137,543MexicoConsumerServitje60.0%1847Yes
107Orient Overseas (International) Ltd.Public194716.810,678Hong KongAdvanced Manufacturing & MobilityTung49.6%1221No
108The GAPPublic196916.797,000United StatesConsumerFisher46.9%1152No
109Jm Family Enterprises Inc.Private196816.05,000United StatesAdvanced Manufacturing & MobilityMoran100%300No
110Marfrig Global Foods S.A.Public198615.834,001BrazilConsumerMolina dos Santos36.3%713No
111Rethmann SE & Co. KGPrivate193415.779,971GermanyEnergyRethmann100%404Yes
112Bharti Airtel LtdPublic199515.614,774IndiaTechnology, Media and CommunicationsBharti Mittal56.2%1133No
113ChanelPrivate190915.628,467FranceConsumerWertheimer100%421No
114Tetra Laval International SAPrivate199315.635,275SwitzerlandAdvanced Manufacturing & MobilityRausing100%913No
115Cencosud SAPublic196015.5116,214ChileConsumerPaulmann53.3%932No
116AlfaPublic197415.255,005MexicoAdvanced Manufacturing & MobilityGarza Sada40.0%1102Yes
117El Corte Ingles SAPrivate194015.179,800SpainConsumerAreces / Alvarez69.9%943No
118Gordon Food Service Inc.Private189715.115,600United StatesConsumerGordon100%612No
119S.A.C.I. FalabellaPublic188915.1108,888ChileConsumerSolari70.6%825No
120Ferrero International SAPrivate194614.938,767ItalyConsumerFerrero100%501No
121Grupo MéxicoPublic189014.829,707MexicoEnergyGerman Larrea Mota-Velasco59.4%1302Yes
122Emil Frey GroupPrivate192414.722,000SwitzerlandAdvanced Manufacturing & MobilityFrey100%0No
123Indorama CorpPublic197614.626,000ThailandAdvanced Manufacturing & MobilityLohia64.8%1525Yes
124Metalúrgica Gerdau SAPublic190114.536,000BrazilEnergyGerdau Johannpeter75.1%2528No
125Wanxiang GroupPrivate196914.37,961Mainland ChinaAdvanced Manufacturing & MobilityLu100%101Yes
126Knauf Gips KGPrivate193214.240,000GermanyAdvanced Manufacturing & MobilityKnauf83.3%1013No
127Jim Pattison Group Inc.Private196114.049,000CanadaAdvanced Manufacturing & MobilityPattison100%701Yes
128Fox CorporationPublic197914.010,600United StatesTechnology, Media and CommunicationsMurdoch39.7%812Yes
129DM-drogerie markt GmbH + Co. KGPrivate197313.966,076GermanyConsumerWerner50.0%811Yes
130Decathlon GroupPrivate197613.993,710FranceConsumerLeclercq85.0%0No
131Marriott International, Inc.Public192713.9120,000United StatesGovernment & InfrastructureMarriott81.4%1252No
132Kingston Technology Company, Inc.Private198713.84,100United StatesTechnology, Media and CommunicationsTu / Sun100%0Yes
133Lotte ShoppingPublic197013.621,042South KoreaConsumerShin58.7%910No
134DKV Mobility Services GroupPrivate193413.61,700GermanyAdvanced Manufacturing & MobilityFischer80.0%912No
135Liebherr-International SAPrivate194913.249,611SwitzerlandAdvanced Manufacturing & MobilityLiebherr100%956Yes
136Canadian Tire Corp Ltd.Public192213.013,435CanadaConsumerBilles40.9%1632No
137Rocket Companies, Inc.Public198512.924,000United StatesFinancial ServicesGilbert100%732No
138Universal Health Services, Inc.Public197912.689,400United StatesHealth Sciences & WellnessMiller89.4%832Yes
139Dirk Rossmann GmbHPrivate197212.634,800GermanyHealth Sciences & WellnessRossmann100%612Yes
140KONE OyjPublic191012.462,720FinlandAdvanced Manufacturing & MobilityHerlin62.0%833No
141Marquard & Bahls AGPrivate194712.45,529GermanyEnergyWeisser100%922No
142Hancock Prospecting Pty Ltd.Private195512.43,358AustraliaEnergyRinehart100%411No
143Schindler Holding Ltd.Public187412.369,015SwitzerlandAdvanced Manufacturing & MobilitySchindler / Bonnard70.4%1342No
144Dick's Sporting Goods, Inc.Public194812.350,800United StatesConsumerStack56.0%1131No
145DKSH Holding AGPublic186512.231,453SwitzerlandFinancial ServicesKeller45.0%922No
146Motor Oil (Hellas) Corith Refineries SAPublic197012.12,990GreeceEnergyVardinoyannis40.0%1023Yes
147Logan Group Company Ltd.Public199612.12,897Mainland ChinaGovernment & InfrastructureKei77.0%821No
148Jumbo Groep Holding B.V.Private197912.1100,000NetherlandsConsumervan Eerd100%1433Yes
149Droege International Group AGPrivate198812.04,211GermanyFinancial ServicesDroege100%623Yes
150SHI International Corp.Private198912.06,000United StatesTechnology, Media and CommunicationsLee100%211Yes
151Saputo, Inc.Public195412.018,600CanadaConsumerSaputo32.0%1041Yes
152Menard Inc.Private195811.845,000United StatesConsumerMenard89.0%201Yes
153Rogers CommunicationsPublic196011.723,000CanadaTechnology, Media and CommunicationsRoger98.0%1433No
154Swire Pacific LtdPublic181611.780,000Hong KongGovernment & InfrastructureSwire55.0%1542Yes
155Colruyt SAPublic192811.731,210BelgiumConsumerColruyt63.4%954Yes
156Reitangruppen ASPrivate194811.639,000NorwayConsumerReitan100%303Yes
157Doosan Heavy Industries & Construction Co.Public189611.52,798South KoreaAdvanced Manufacturing & MobilityPark45.0%702Yes
158The Hearst CorporationPrivate188711.521,141United StatesTechnology, Media and CommunicationsHearst100%1123No
159NorgesgruppenPrivate186611.544,618NorwayConsumerJohannson74.4%1362No
160Li & Fung Ltd.Private190611.416,796Hong KongConsumerFung60.0%0No
161Liberty Media Corp.Public194511.46,800United StatesTechnology, Media and CommunicationsMalone48.3%912No
162Hormel Foods Corp.Public189111.420,000United StatesConsumerHormel47.5%1240No
163Freudenberg SEPrivate184911.349,836GermanyAdvanced Manufacturing & MobilityFreudenberg100%1742No
164HCL Technologies Ltd.Public197611.3208,877IndiaTechnology, Media and CommunicationsNadar60.3%1341No
165Wegmans Food Markets Inc.Private191611.252,000United StatesConsumerWegman100%323Yes
166Edizione SrlPrivate195511.168,922ItalyConsumerBenetton100%923No
167Takenaka CorporationPrivate161011.17,757JapanGovernment & InfrastructureTakenaka50.2%1103No
168S.C. Johnson & Son Inc.Private188611.013,000United StatesConsumerJohnson100%932Yes
169Bloomberg LPPrivate198211.019,000United StatesTechnology, Media and CommunicationsBloomberg88.0%810Yes
170Icahn Enterprises LPPublic198710.919,536United StatesAdvanced Manufacturing & MobilityIcahn91.9%922No
171AFK Sistema PAOPublic199310.9150,000RussiaTechnology, Media and CommunicationsYevtushenkov64.2%1111No
172China Light and PowerPublic190110.88,183Hong KongEnergyKadoorie35.0%1442No
173Hermes InternationalPublic183710.617,595FranceConsumerHermes / Dumas69.3%1675No
174Wipro Ltd.Public194510.6247,073IndiaTechnology, Media and CommunicationsPremji69.7%932No
175Aker ASAPublic184110.531,000NorwayGovernment & InfrastructureRokke68.2%731No
176Molson Coors Brewing Co.Public178610.316,300United StatesConsumerCoors / Molson95.5%1434No
177Golden Agri-Resources Ltd.Public199610.2169,700SingaporeConsumerWidjaja50.5%812Yes
178Saras GroupPublic196210.11,572ItalyEnergyMoratti40.2%1255No
179Tengelmann Warenhandelsgesellschaft KGPrivate186710.175,000GermanyConsumerHaub100%931Yes
180Altice Europe N.V.Public200110.19,000NetherlandsTechnology, Media and CommunicationsDrahi77.8%1211No
181MHK Group AGPrivate198010.13,633GermanyConsumerStrothoff100%1100Yes
182Esselunga SpAPrivate195710.125,415ItalyConsumerCaprotti100%1211No
183Sun Hung Kai Properties Ltd.Public197210.040,500Hong KongGovernment & InfrastructureKwok86.3%2025Yes
184Dole Food Company, Inc.Private18519.736,000United StatesConsumerMurdock100%511No
185RaceTrac Petroleum, Inc.Private19349.69,000United StatesEnergyBolch100%101No
186CGI Inc.Public19769.688,500CanadaTechnology, Media and CommunicationsGodin49.5%1652No
187Acciona SAPublic19319.641,664SpainEnergyEntrecanales55.1%1244Yes
188Corporación Gestamp S.L.Public19979.640,494SpainAdvanced Manufacturing & MobilityRiberas72.9%1342Yes
189Groupe SEBPublic18579.532,695FranceConsumerLescure52.8%1692No
190STO Building GroupPrivate19719.54,000United StatesGovernment & InfrastructureMarino / Donaghy100%1221No
191Marcegaglia SpAPrivate19599.56,600ItalyEnergyMarcegaglia100%212Yes
192PPF Group N.V.Private19919.578,000NetherlandsFinancial ServicesKellner98.9%300No
193Harim Holdings Co., Ltd.Public19789.470South KoreaConsumerKim47.8%81Yes
194AG Anadolu Grubu Holding A.Ş.Public19509.363,612TürkiyeAdvanced Manufacturing & MobilityÖzilhan / Yazıcı78.0%1213No
195Adani Enterprises Ltd.Public19889.32,042IndiaAdvanced Manufacturing & MobilityAdani65.5%913Yes
196Nine Dragons PaperPublic19959.320,098Hong KongConsumerCheung66.4%1121Yes
197Grupo Comercial ChedrauiPublic19209.362,938MexicoConsumerChedraui83.7%1123Yes
198Seaboard CorporationPublic19189.213,200United StatesAdvanced Manufacturing & MobilityBresky78.3%521Yes
199Pon Holdings B.V.Private18959.216,500NetherlandsAdvanced Manufacturing & MobilityPon100%620No
200Arca ContinentalPublic20019.262,857MexicoConsumerBarragan46.6%2325No
201First Pacific Company Ltd.Public19819.1100,120Hong KongFinancial ServicesSalim44.3%1022No
202Chow Tai Fook Jewellery GroupPublic19299.128,400Hong KongConsumerCheng (Yu Tung)72.4%1527No
203Danfoss A/SPrivate19338.940,043DenmarkAdvanced Manufacturing & MobilityClausen99.9%1232No
204Giant Eagle Inc.Private19188.932,000United StatesConsumerShapira100%312Yes
205Amway Corp.Private19598.915,000United StatesConsumervan Andel / de Vos100%1136No
206B. Braun Melsungen AktiengesellschaftPrivate18398.966,234GermanyHealth Sciences & WellnessBraun100%2173Yes
207Wendel SAPublic17048.990,266FranceFinancial ServicesWendel39.4%1461No
208Companhia Siderurgica NacionalPublic19418.924,660BrazilEnergySteinbruch53.5%501Yes
209Red Bull GmbHPrivate19848.813,610AustriaConsumerMateschitz / Chalem / Yoovidhya100%300No
210Constellation Brands IncPublic19728.810,000United StatesConsumerSands58.4%1342No
211Majid Al Futtaim Holding LLCPrivate19928.841,832United Arab EmiratesGovernment & InfrastructureAl Futtaim100%1001No
212Lego A/SPrivate19328.824,000DenmarkConsumerKristiansen75.0%731No
213Orbia Advance CorporationPublic19788.822,350MexicoAdvanced Manufacturing & Mobilitydel Valle77.9%1234No
214Gudang Garam PTPublic19588.733,647IndonesiaConsumerWonowidjojo76.2%1313Yes
215Votorantim Participações S.A.Private19188.735,536BrazilAdvanced Manufacturing & MobilityMoraes100%603No
216HAL TrustPublic18738.742,772MonacoFinancial Servicesvan der Vorm68.0%812No
217maxingvest AGPrivate19498.620,567GermanyConsumerHerz100%1832Yes
218Benteler International AGPrivate18768.623,319AustriaAdvanced Manufacturing & MobilityBenteler100%1201No
219Einkaufsbüro Deutscher Eisenhändler GmbHPrivate19318.61,125GermanyAdvanced Manufacturing & MobilityTrautwein75.5%711Yes
220Flex-N-Gate CorporationPrivate19568.626,000United StatesAdvanced Manufacturing & MobilityKhan100%101Yes
221Axel Johnson ABPrivate18738.624,001SwedenFinancial ServicesAx:son Johnson100%1051No
222Dassault AviationPublic19358.612,371FranceAdvanced Manufacturing & MobilityDassault62.2%832No
223Campbell Soup Co.Public18698.614,700United StatesConsumerDorrance32.5%1342No
224Burelle SAPublic19478.625,023FranceAdvanced Manufacturing & MobilityBurelle85.4%1054Yes
225SM Investments CorporationPublic19588.5126,872PhilippinesGovernment & InfrastructureSy43.7%823No
226Visy Industries Holdings Pty Ltd.Private19488.57,000AustraliaAdvanced Manufacturing & MobilityPratt100%600No
227Quinenco S.A.Public19578.521,749ChileAdvanced Manufacturing & MobilityLuksic83.0%814No
228Franklin Resources, Inc.Public19478.410,300United StatesFinancial ServicesJohnson42.7%1133Yes
229Dr. August Oetker KGPrivate18918.446,384GermanyConsumerOetker100%310No
230Gulf States Toyota Inc.Private19578.35,900United StatesAdvanced Manufacturing & MobilityFriedkin100%101Yes
231Sonae SGPS SAPublic19598.346,834PortugalConsumerBelmiro Mendes de Azevedo52.9%1032Yes
232Dachser GmbH & Co. KGPrivate19308.031,756GermanyAdvanced Manufacturing & MobilitySimon100%802No
233Ferrovial SAPublic19528.063,070SpainGovernment & InfrastructureDel Pino35.2%1242No
234Mansfield EnergyPrivate19578.01,004United StatesEnergyMansfield100%101Yes
235Pentland Group PLCPrivate19328.068,000United KingdomConsumerRubin100%834No
236EMKE LuLu GroupPrivate20008.060,000United Arab EmiratesConsumerYusuffali100%101Yes
237Perdue Farms Inc.Private19208.021,050United StatesConsumerPerdue100%951No
238Swatch GroupPublic19838.031,444SwitzerlandConsumerHayek42.9%622Yes
239Knorr-Bremse AGPublic19057.930,544GermanyAdvanced Manufacturing & MobilityThiele59.0%1661No
240Barry Callebaut AGPublic19967.912,783SwitzerlandConsumerJacobs45.1%921No
241Unternehmensgruppe Theo Müller GmbH & Co. KGaAPrivate18967.931,700GermanyConsumerMüller100%302No
242McCain Foods Ltd.Private19577.822,000CanadaConsumerMcCain100%1033No
243Globus Holding Gmbh & Co. KgPrivate18287.818,500GermanyConsumerBruch75.0%201Yes
244Otsuka Corp.Public19217.89,171JapanTechnology, Media and CommunicationsOtsuka41.6%1001Yes
245Thai Beverage Public Co., Ltd.Public20037.743,422ThailandConsumerSirivadhanabhakdi46.1%1744Yes
246Organización Soriana SAB de CVPublic19687.786,565MexicoConsumerSoberon / Bringas57.3%735Yes
247JR Simplot CoPrivate19237.613,000United StatesConsumerSimplot100%914No
248St1 Nordic OyPrivate19957.51,095FinlandEnergyAnttonen100%411No
249Mansour GroupPrivate19527.560,000EgyptAdvanced Manufacturing & MobilityMansour100%303Yes
250Dyson James Ltd.Private19937.414,000United KingdomConsumerDyson51.0%200No
251Wacker Chemie AGPublic19147.314,406GermanyAdvanced Manufacturing & MobilityWacker51.3%2082No
252Koninklijke VolkerWessels N.V.Private19337.317,000NetherlandsGovernment & InfrastructureWessels97.8%902No
253Murugappa Group Ltd.Private19007.353,000IndiaAdvanced Manufacturing & MobilityMurugappa100%611Yes
254Helm AGPrivate19007.21,653GermanyAdvanced Manufacturing & MobilitySchnabel100%602Yes
255GOME Electrical Appliances Holding Ltd.Public19877.232,278Hong KongConsumerHuang50.3%731No
256Hella KGaA Hueck & Co.Public18997.236,500GermanyAdvanced Manufacturing & MobilityHueck / Roepke60.0%2280No
257Grupo ElektraPublic19507.270,434MexicoConsumerSalinas74.5%1004Yes
258Sucres et DenreesPrivate19527.15,400FranceConsumerVarsano58.4%1511Yes
259Webuild SpAPublic19067.130,798ItalyGovernment & InfrastructureSalini45.2%1562Yes
260Tönnies Holding GmbH & Co.KGPrivate19717.015,200GermanyConsumerTönnies100%403Yes
261Deichmann SEPrivate19137.042,000GermanyConsumerDeichmann100%212Yes
262Kohler Co.Private18737.040,000United StatesAdvanced Manufacturing & MobilityKohler100%623Yes
263Bass Pro Shops, Inc.Private19717.040,000United StatesConsumerMorris100%401Yes
264Yazaki Corp.Private19416.9239,753JapanAdvanced Manufacturing & MobilityYazaki100%101Yes
265Hong Kong & China Gas Co LtdPublic18626.92,106Hong KongEnergyLee41.5%902No
266Hornbach Holding AGPublic18776.924,268GermanyConsumerHornbach37.5%852Yes
267Hacı Ömer Sabancı Holding A.Ş.Public19256.965,054TürkiyeFinancial ServicesSabancı48.5%942No
268UCB SAPublic19286.88,561BelgiumHealth Sciences & WellnessJanssen35.0%1452No
269Eberspächer Gruppe GmbH & Co. KGPrivate18656.810,600GermanyAdvanced Manufacturing & MobilityEberspächer100%1220No
270DOT Foods, Inc.Private19606.75,900United StatesConsumerTracy100%825Yes
271Ackermans & van HaarenPublic18766.722,653BelgiumGovernment & InfrastructureBertrand / van Haaren33.0%1033No
272United Internet AGPublic19886.79,975GermanyTechnology, Media and CommunicationsDommermuth42.3%711Yes
273Hilti AktiengesellschaftPrivate19416.732,000LiechtensteinAdvanced Manufacturing & MobilityHilti100%932No
274Dongwon Enterprise Co. Ltd.Private19696.66,192South KoreaAdvanced Manufacturing & MobilityKim99.6%501No
275Savencia SAPublic19566.621,927FranceConsumerBongrain66.6%1562No
276Dillards, Inc.Public19386.630,500United StatesConsumerDillard81.6%1525Yes
277Ashley Furniture Industries, Inc.Private19456.617,000United StatesConsumerWanek85.0%101Yes
278Pick N Pay Stores Ltd.Public19676.690,000South AfricaConsumerAckerman95.1%1013No
279Cosmos Pharmaceutical CorpPublic19736.55,101JapanHealth Sciences & WellnessUno46.1%611No
280Magazine Luiza SAPublic19576.551,000BrazilConsumerTrajano58.0%831Yes
281Arnold Clark Automobiles Ltd.Private19546.510,826United KingdomAdvanced Manufacturing & MobilityClark (Arnold)100%722No
282Gilbane Inc.Private18736.53,000United StatesGovernment & InfrastructureGilbane100%1235Yes
283European Metal Recycling Ltd.Private19406.43,503United KingdomEnergySheppard100%302Yes
284Grupo Aval Acciones y Valores SAPublic19716.470,247ColombiaFinancial ServicesLuis Carlos Sarmiento97.5%301Yes
285Hobby Lobby Stores Inc.Private19726.443,000United StatesConsumerGreen100%101Yes
286Viohalco SAPublic19376.39,782BelgiumAdvanced Manufacturing & MobilityStasinopoulos79.4%1551Yes
287Thomson Reuters Corp.Public18516.324,400United StatesTechnology, Media and CommunicationsThomson66.0%1452No
288Empresas CMPCPublic19206.320,068ChileAdvanced Manufacturing & MobilityMatte55.3%933No
289Frasers Group PLCPublic19826.330,353United KingdomConsumerAshley70.0%720No
290OCI N.V.Public19506.33,853NetherlandsGovernment & InfrastructureSawiris51.8%1331No
291Cumberland Farms, Inc.Private19396.36,000United StatesConsumerHaseotes100%111Yes
292Heartland A/SPrivate20056.322,377DenmarkConsumerHolch66.7%110No
293Skechers U.S.A., Inc.Public19926.311,700United StatesConsumerGreenberg56.7%832Yes
294Bechtle AGPublic19836.312,880GermanyTechnology, Media and CommunicationsSchick35.0%1540No
295Central China Real Estate Ltd.Public19926.33,494Hong KongGovernment & InfrastructureWu74.8%712No
296Hankook Tire & technology GroupPublic19416.220,000South KoreaAdvanced Manufacturing & MobilityCho (Hong-je)39.7%711No
297Ralph Lauren Corp.Public19676.222,200United StatesConsumerLauren84.0%1242No
298Central National-Gottesman Inc.Private18866.23,000United StatesConsumerWallach100%202Yes
299Radiance Holdings (Group) Co. Ltd.Public19966.23,383Mainland ChinaGovernment & InfrastructureLam65.0%101Yes
300LLG A/SPrivate19796.237,000DenmarkConsumerBrunsborg99.0%312No
301Sinclair Broadcast Group, Inc.Public19716.111,500United StatesTechnology, Media and CommunicationsSmith81.1%914No
302Amkor Technology, Inc.Public19686.130,400United StatesAdvanced Manufacturing & MobilityKim (James)58.9%1122No
303OSI Group LLCPrivate19096.118,321United StatesConsumerLavin100%502Yes
304Wieland-Werke AktiengesellschaftPrivate18206.18,000GermanyEnergySchleicher54.7%200No
305Bombardier, Inc.Public19426.113,800CanadaAdvanced Manufacturing & MobilityBombardier48.4%1341No
306Brose Fahrzeugteile GmbH & Co. KGPrivate19086.125,500GermanyAdvanced Manufacturing & MobilityStoschek100%501No
307J.C.B. ServicePrivate19456.011,000United KingdomAdvanced Manufacturing & MobilityBamford100%101Yes
308China Risun Group Ltd.Public19956.07,678Hong KongEnergyYang100%902Yes
309Knight-Swift Transportation Holdings Inc.Public19666.027,900United StatesAdvanced Manufacturing & MobilityMoyes / Knight43.9%1022No
310Industrias PeñolesPublic18876.015,723MexicoEnergyBailleres68.9%1302No
311LDC SAPublic19095.923,000FranceConsumerLambert40.4%1874Yes
312Grifols SAPublic19095.823,245SpainHealth Sciences & WellnessGrifols36.0%1463Yes
313Central GroupPrivate19475.880,000ThailandGovernment & InfrastructureChirathivat100%707Yes
314Seven Group Holdings Ltd.Public19915.86,175AustraliaTechnology, Media and CommunicationsStokes61.1%931Yes
315Clark Enterprises, Inc.Private19725.84,500United StatesFinancial ServicesClark (James)100%311No
316Demoulas Super Markets Inc.Private19165.825,000United StatesConsumerDemoulas100%0Yes
317Asklepios Kliniken Gesellschaft mit beschränkter HaftungPrivate19855.849,967GermanyHealth Sciences & WellnessGrosse Broermann100%2150No
318Sundrug Co. Ltd.Public19575.87,450JapanHealth Sciences & WellnessTada42.0%92No
319Levi Strauss & Co.Public18535.816,600United StatesConsumerHaas70.9%1240No
320Daou Data Corp.Public19925.8163South KoreaTechnology, Media and CommunicationsKim40.8%504Yes
321AmercoPublic19455.732,200United StatesConsumerShoen58.5%812Yes
322Claas KGaA mbHPrivate19135.711,957GermanyAdvanced Manufacturing & MobilityClaas100%1833No
323Bekaert GroupPublic18805.727,000BelgiumEnergyBekaert34.3%1150No
324Continental Resources, Inc.Public19675.71,254United StatesEnergyHamm83.0%711No
325Bestway GroupPrivate19635.728,000United KingdomConsumerPervez / Choudrey / Sheikh58.0%606Yes
326Schneider National Inc.Public19355.616,050United StatesAdvanced Manufacturing & MobilitySchneider93.1%1021No
327Sheetz Inc.Private19525.617,000United StatesConsumerSheetz90.0%411Yes
328Bank Central Asia Tbk PTPublic19575.623,952IndonesiaFinancial ServicesHartono54.9%1721No
329VDL Groep BVPrivate19535.615,645NetherlandsAdvanced Manufacturing & Mobilityvan der Leegte100%2025Yes
330Coca-Cola Consolidated, Inc.Public19025.616,000United StatesConsumerHarrison86.2%1132Yes
331Les Laboratoires ServierPrivate19545.521,800FranceHealth Sciences & WellnessServier100%910No
332Sopra Steria Group SAPublic19685.547,437FranceTechnology, Media and CommunicationsPasquier / Odin32.2%1472No
333Ortwin Goldbeck Holding SePrivate19695.58,637GermanyGovernment & InfrastructureGoldbeck100%402Yes
334Southwire Company LLCPrivate19375.57,000United StatesAdvanced Manufacturing & MobilityRichards100%722No
335The Kraft Group LLCPrivate19725.514,000United StatesAdvanced Manufacturing & MobilityKraft100%404Yes
336Miele & Cie. KGPrivate18995.520,944GermanyConsumerMiele / Zinkann100%612Yes
337Groupe SouffletPrivate19005.56,585FranceConsumerSouflet100%902Yes
338The Walsh Group Ltd.Private18985.46,000United StatesGovernment & InfrastructureWalsh100%704Yes
339Yanlord Land Group Ltd.Public19935.48,730SingaporeGovernment & InfrastructureZhong70.5%904Yes
340Grupo Catalana OccidentePublic18645.47,507SpainFinancial ServicesSerra62.0%1625No
341Der Kreis Systemverbund Holding GmbH & Co. KGPrivate19795.33,400GermanyGovernment & InfrastructureSchaible100%0Yes
342Telephone & Data Systems, Inc.Public19695.38,800United StatesTechnology, Media and CommunicationsCarlson56.8%1234Yes
343Italiana Petroli SpAPrivate19335.31,103ItalyEnergyPeretti100%914No
344Coty Inc.Public19045.311,012United StatesConsumerReimann60.0%1150No
345Warner Music Group Corp.Public19295.35,900United StatesTechnology, Media and CommunicationsBlavatnik98.6%1132No
346SeAH Holdings CorporationPublic19605.342South KoreaEnergyLee53.1%62Yes
347Linamar CorporationPublic19665.225,500CanadaAdvanced Manufacturing & MobilityHasenfratz38.9%621Yes
348Fritz Dräxlmaier GmbH & Co. KGPrivate19585.272,000GermanyAdvanced Manufacturing & MobilityDräxlmaier100%501Yes
349Discount Tire CompanyPrivate19605.225,000United StatesConsumerHalle100%100No
350Chimet SpAPrivate19765.2141ItalyEnergySquarcialupi72.0%422No
351Imerys SAPublic18805.216,900FranceAdvanced Manufacturing & MobilityFrère / Desmarais53.9%1240No
352Hikari Tsushin, Inc.Public19885.25,310JapanConsumerShigeta46.7%1021Yes
353Sun Pharmaceutical Industries Ltd.Public19835.219,021IndiaHealth Sciences & WellnessShangvi49.9%811Yes
354Musgrave Group PlcPrivate18765.141,000IrelandConsumerMusgrave100%821No
355Greenyard NVPublic19875.19,900BelgiumConsumerDeprez42.4%933Yes
356D&H Distributing Co., Inc.Private19185.11,128United StatesTechnology, Media and CommunicationsSchwab50.0%613Yes
357Grupo Televisa SABPublic19695.146,700MexicoTechnology, Media and CommunicationsAzcarraga43.8%2021No
358Voith GmbHPrivate18675.119,918GermanyAdvanced Manufacturing & MobilityVoith100%1730No
359Zorlu Holding A.Ş.Private19535.132,000TürkiyeConsumerZorlu97.0%1035No
360Andreas Stihl AG & Co. KGPrivate19265.120,094GermanyConsumerStihl100%1974No
361Batu Kawan BerhadPublic19655.05,700MalaysiaAdvanced Manufacturing & MobilityLee54.7%923Yes
362Jungheinrich AGPublic19535.019,103GermanyAdvanced Manufacturing & MobilityWolf / Lange53.0%1652No
363The Renco Group Inc.Private19755.017,000United StatesAdvanced Manufacturing & MobilityRennert100%202Yes
364E&J Gallo WineryPrivate19335.07,000United StatesConsumerGallo100%101Yes
365Samuel, Son & Co.Private18555.05,500CanadaAdvanced Manufacturing & MobilitySamuel100%621No
366Oldendorff CarriersPrivate19215.04,500GermanyAdvanced Manufacturing & MobilityOldendorff100%1401Yes
367Ingles Markets, Inc.Public19635.026,000United StatesConsumerIngle72.9%832No
368Mann + Hummel Holding GmbHPrivate19415.023,211GermanyAdvanced Manufacturing & MobilityMann / Hummel83.3%1441No
369Energisa SAPublic19055.015,648BrazilEnergyBotelho66.4%712Yes
370L. Possehl & Co. mbHPrivate18474.912,965GermanyEnergyPossehl100%1630No
371Kelly Services, Inc.Public19464.94,500United StatesFinancial ServicesAdderley91.6%930No
372Firmenich International SAPrivate18954.911,000SwitzerlandConsumerFirmenich100%922No
373Kuala Lumpur Kepong BerhadPublic19064.837,896MalaysiaConsumerHian47.2%922Yes
374Rich Products CorporationPrivate19454.810,000United StatesConsumerRich100%1223No
375The Wonderful CompanyPrivate19794.810,000United StatesConsumerResnick100%212Yes
376M.A. Mortenson Companies, Inc.Private19544.85,700United StatesGovernment & InfrastructureMortenson100%311No
377Cosan Ltd.Public19364.810,581BrazilEnergyMello35.9%1801No
378Westcoast (Holdings) Ltd.Private19844.81,600United KingdomFinancial ServicesHemani100%911Yes
379Magasins Galeries LafayettePrivate18944.814,000FranceConsumerMoulin-Houzé100%1536Yes
380Kolon Corp.Public19544.73,240South KoreaAdvanced Manufacturing & MobilityLee51.4%62No
381Ayala Corp.Public18344.760,200PhilippinesFinancial ServicesAyala47.3%731No
382Asplundh Tree Expert Co.Private19284.734,000United StatesGovernment & InfrastructureAsplundh100%202Yes
383JD Heiskell Holdings LLCPrivate18864.7685United StatesConsumerHeiskel / Hillman100%823No
384AMAG Automobil- und Motoren AGPrivate19454.76,500SwitzerlandAdvanced Manufacturing & MobilityHaefner100%611No
385JG Summit Holdings, Inc.Public19574.721,028PhilippinesAdvanced Manufacturing & MobilityGokongwei38.3%912Yes
386Grupo BarillaPrivate18774.78,727ItalyConsumerBarilla100%914No
387GrumaPublic19494.722,492MexicoConsumerMoreno46.9%1112Yes
388AmorepacificPublic19454.75,158South KoreaConsumerSuh53.9%611Yes
389Menarini GroupPrivate18864.617,000ItalyHealth Sciences & WellnessAleotti100%622No
390Cremonini SpAPrivate19634.618,500ItalyConsumerCremonini100%412No
391Laing O’Rourke Corporation Ltd.Private18484.613,000United KingdomGovernment & InfrastructureO'Rourke100%1032Yes
392Grupo Antolin-Irausa SAPrivate19594.625,023SpainAdvanced Manufacturing & MobilityAntolin67.4%523No
393Consolidated Electrical Distributors, Inc.Private19574.65,920United StatesConsumerColburn100%0No
394Bacardi Ltd.Private18624.67,640BermudaConsumerBacardi heirs100%1321No
395First Quality Enterprises, Inc.Private19894.64,000United StatesGovernment & InfrastructureDamaghi100%0No
396Nongfu SpringPublic19964.620,000Mainland ChinaConsumerZhong84.0%912Yes
397Grundfos Holding A/SPrivate19454.620,154DenmarkAdvanced Manufacturing & MobilityJensen97.7%930Yes
398UEE Holding GmbHPrivate20064.63,506GermanyEnergyWobben100%0No
399De Agostini SpAPrivate19014.512,000ItalyTechnology, Media and CommunicationsDrago / Boroli74.9%1206No
400Aboitiz Equity Ventures, Inc.Public19204.5100,000PhilippinesAdvanced Manufacturing & MobilityAboitiz56.4%925Yes
401Ronesans Holding ASPrivate19934.518,000TürkiyeGovernment & InfrastructureIlicak90.0%711Yes
402ALPLA Werke Alwin Lehner GmbH & Co KGPrivate19554.522,100AustriaAdvanced Manufacturing & MobilityLehner100%502Yes
403Wilh. Werhahn KGPrivate18414.510,228GermanyAdvanced Manufacturing & MobilityWerhahn100%1532Yes
404China SCE Group Holdings Ltd.Public19874.59,770Mainland ChinaGovernment & InfrastructureWong50.1%802No
405T.J. Morris Ltd.Private19764.522,816United KingdomConsumerMorris100%512Yes
406Rigby GroupPrivate19754.58,000United KingdomAdvanced Manufacturing & MobilityRigby100%503Yes
407Trumpf GmbH & Co. KGPrivate19234.516,554GermanyAdvanced Manufacturing & MobilityLeibinger100%1853Yes
408A.I.A. Agricola Italiana Alimentare SpAPrivate19674.5720ItalyConsumerVeronesi100%603No
409Wilhelm Hoyer GmbH & Co. KGPrivate19244.52,200GermanyEnergyHoyer100%1115No
410Müller Holding Ltd. & Co. KGPrivate19534.435,000GermanyConsumerMüller100%0No
411Roquette FrèresPrivate19334.48,360FranceHealth Sciences & WellnessRoquette100%1225No
412New Balance Athletic Shoe, Inc.Private19064.46,500United StatesConsumerDavis95.0%212No
413American National Insurance Co.Public19054.44,545United StatesFinancial ServicesMoody70.4%1413No
414WEG SAPublic19614.436,987BrazilConsumerVoigt / Silva / Werninghaus64.5%713No
415Pfeifer & Langen Industrie- und Handels-KGPrivate18704.415,219GermanyConsumerPfeifer / Langen100%No
416Franz Haniel & Cie. GmbHPrivate17564.320,715GermanyEnergyHaniel100%1220No
417Shaw Communications Inc.Public19664.39,400CanadaTechnology, Media and CommunicationsShaw78.8%1331Yes
418Eramet SAPublic18804.313,373FranceEnergyDuval43.9%1872No
419Fininvest SpAPrivate19784.316,272ItalyTechnology, Media and CommunicationsBerlusconi97.0%824No
420Bajaj Auto Ltd.Public19264.310,134IndiaAdvanced Manufacturing & MobilityBajaj51.2%1214Yes
421Krones AGPublic19514.316,303GermanyAdvanced Manufacturing & MobilityKronseder52.2%2151No
422Stena ABPrivate19394.315,400SwedenAdvanced Manufacturing & MobilityOlsson / Erikkson100%1243Yes
423Omya AGPrivate18844.39,000SwitzerlandAdvanced Manufacturing & MobilityPlüss-Staufer100%202No
424Fresh Del Monte Produce IncPublic18864.349,577United StatesConsumerAbu Ghazaleh35.2%833Yes
425Rehau AG + Co.Private19484.220,000GermanyAdvanced Manufacturing & MobilityWagner100%202No
426Hub Group, Inc.Public19714.24,700United StatesAdvanced Manufacturing & MobilityYaeger62.2%930Yes
427Weis Markets IncPublic19124.224,000United StatesConsumerWeis65.0%501Yes
428Ben E Keith CompanyPrivate19064.24,000United StatesConsumerHallam100%202Yes
429Møller Mobilty Group ASPrivate19364.24,166NorwayAdvanced Manufacturing & MobilityMøller100%723No
430Yuzhou Properties Company Ltd.Public19944.27,295ChinaGovernment & InfrastructureLam / Kwok59.1%723Yes
431Webasto SEPrivate19014.215,710GermanyAdvanced Manufacturing & MobilityBaier100%921No
432YTL Corp Bhd.Public19554.211,985MalaysiaGovernment & InfrastructureYeoh50.0%1237Yes
433Lee & Man Paper Manufacturing Ltd.Public19944.211,000Hong KongConsumerLee50.2%903Yes
434Porto Seguro SAPublic19454.214,000BrazilFinancial ServicesGarfinkel70.8%722No
435Avenue Supermarts Ltd.Public20024.111,312IndiaConsumerDamani59.1%721No
436Prosegur Compania de SeguridadPublic19764.1140,976SpainAdvanced Manufacturing & MobilityRevoredo59.4%933Yes
437XignuxPrivate19664.127,215MexicoAdvanced Manufacturing & MobilityGarza Herrera97.0%1217Yes
438Buzzi Unicem SpAPublic19074.19,776ItalyAdvanced Manufacturing & MobilityBuzzi51.5%1254Yes
439Grupo LalaPublic19494.07,757MexicoConsumerHaro76.4%1011No
440Viessmann Werke GmbH & Co. KGPrivate19174.013,000GermanyAdvanced Manufacturing & MobilityViessmann100%933Yes
441Industrias BachocoPublic19524.032,058MexicoConsumerRobinson Bours73.3%1206No
442Groupe PomonaPrivate19104.011,200FranceConsumerDewavrin61.5%1146Yes
443Cevital SpAPrivate19714.018,000AlgeriaAdvanced Manufacturing & MobilityRebrab100%1114No
444Agrosuper SAPrivate19554.019,157ChileConsumerVial100%1036Yes
445Unibel SAPublic19214.011,757FranceConsumerFievet80.0%1354Yes
446bioMérieux SAPublic19634.013,076FranceHealth Sciences & WellnessMérieux70.7%941Yes
447Stadler RailPublic19424.013,067SwitzerlandAdvanced Manufacturing & MobilitySpuhler41.5%821Yes
448Prada GroupPublic19134.013,140ItalyConsumerPrada80.0%1141Yes
449DIeteren SAPublic18054.036,549BelgiumConsumerD'Ieteren62.0%1031No
450Drägerwerk AG & Co. KGaAPublic18893.915,900GermanyHealth Sciences & WellnessDräger71.5%1721Yes
451Grimaldi Group SpAPrivate19473.99,714ItalyAdvanced Manufacturing & MobilityGrimaldi100%402Yes
452Messer Group GmbHPrivate18983.911,025GermanyEnergyMesser81.9%1343Yes
453Brown-Forman Corp.Public18703.95,200United StatesConsumerBrown56.1%1033No
454Hero MotoCorp Ltd.Public19843.99,173IndiaAdvanced Manufacturing & MobilityMunjal34.6%1033Yes
455Elsewedy ElectricPublic19383.915,000EgyptAdvanced Manufacturing & MobilityEl Sewedy67.7%1026Yes
456Vorwerk & Co. KGPrivate18833.811,700GermanyConsumerMittelsten Scheid100%1112No
457Danieli & C. Officine Meccaniche SpAPublic19143.88,688ItalyAdvanced Manufacturing & MobilityDanieli / Benedetti54.0%1254Yes
458Alghanim IndustriesPrivate19323.814,000KuwaitAdvanced Manufacturing & MobilityAl Ghanim100%901No
459Festo AG & Co. KGPrivate19253.820,700GermanyAdvanced Manufacturing & MobilityStoll100%1414No
460SEW-EuroDrive GmbH & Co KGPrivate19313.819,000GermanyAdvanced Manufacturing & MobilityBlickle100%101Yes
461Want Want China Holdings Ltd.Public19623.741,193Hong KongConsumerTsai56.1%1524Yes
462Vaillant GmbHPrivate18743.716,000GermanyConsumerVaillant100%1623No
463Borusan Holding A.Ş.Private19443.711,757TürkiyeAdvanced Manufacturing & MobilityKocabıyık70.2%622No
464Delaware North Companies, Inc.Private19153.755,000United StatesGovernment & InfrastructureJacobs100%714Yes
465MSC Industrial Direct Co., Inc.Public19413.77,500United StatesAdvanced Manufacturing & MobilityJacobson42.2%721No
466Fritz Egger GmbH & Co. OGPrivate19613.710,233AustriaAdvanced Manufacturing & MobilityEgger100%1002No
467IOI Corporation BerhadPublic19693.724,247MalaysiaConsumerLee47.4%732Yes
468Daesang Holdings Co. Ltd.Public19563.7449South KoreaConsumerLim61.2%712Yes
469Cheng Shin Rubber Industry Co. Ltd.Public19673.625,599TaiwanAdvanced Manufacturing & MobilityLuo / Chen43.3%1124Yes
470Quebecor, Inc.Public19653.610,000CanadaTechnology, Media and CommunicationsPéladeau73.7%842Yes
471Mayr-Melnhof Karton AGPublic19503.612,492AustriaAdvanced Manufacturing & MobilityMayr Melnhof59.0%1202Yes
472Huafon Group Co. Ltd.Private19913.614,000Mainland ChinaAdvanced Manufacturing & MobilityYou100%705Yes
473The H.T. Hackney CompanyPrivate18913.63,600United StatesConsumerSansom100%101Yes
474Bose CorporationPrivate19643.610,000United StatesConsumerBose100%530No
475Estes Express Lines, Inc.Private19313.621,700United StatesAdvanced Manufacturing & MobilityEstes100%101Yes
476Cosco Capital, Inc.Public19883.612,332PhilippinesConsumerCo77.0%712Yes
477Diehl Stiftung & Co. KGPrivate19023.616,135GermanyAdvanced Manufacturing & MobilityDiehl100%1506No
478MD SpAPrivate19943.58,000ItalyConsumerPodini100%914Yes
479Orascom Construction Industries CompanyPublic19503.561,757EgyptGovernment & InfrastructureSawiris51.8%720No
480Ipsen SAPublic19293.55,700FranceHealth Sciences & WellnessBeaufour42.1%1462No
481Boparan Holdings Ltd.Private19933.514,000United KingdomConsumerBoparan100%712No
482Hallmark Cards Inc.Private19103.527,000United StatesConsumerHall100%732No
483Hunter Douglas N.V.Public19193.523,000NetherlandsConsumerSonnenberg83.9%1813Yes
484Alfred Kärcher SE & Co. KGPrivate19353.514,400GermanyAdvanced Manufacturing & MobilityKärcher100%601No
485Bucher Industries AGPublic18073.513,562SwitzerlandAdvanced Manufacturing & MobilityHauser35.2%612No
486Johnson Electric Holdings Ltd.Public19593.535,000Hong KongAdvanced Manufacturing & MobilityWang57.3%1155Yes
487Dangote CementPublic19923.516,700NigeriaGovernment & InfrastructureDangote85.3%1542No
488Doğuş GroupPrivate19513.421,000TürkiyeAdvanced Manufacturing & MobilityŞahenk100%801Yes
489Daelim Corporation Ltd.Private19943.4467South KoreaAdvanced Manufacturing & MobilityLee (Jae-joon)100%0No
490ATCO Ltd.Public19473.46,400CanadaEnergySouthern87.0%932Yes
491Endress+Hauser AGPrivate19533.415,117SwitzerlandAdvanced Manufacturing & MobilityEndress96.0%1622No
492Raley's Inc.Private19353.411,500United StatesConsumerRaley Teel100%652No
493Great Lakes Cheese Company, Inc.Private19583.43,000United StatesConsumerEpprecht100%100No
494Fuchs Petrolub SEPublic19313.45,976GermanyEnergyFuchs54.0%1142Yes
495Axel Springer SEPrivate19463.416,000GermanyTechnology, Media and CommunicationsSpringer73.8%1441No
496Tecnicas ReunidasPublic19603.46,500SpainGovernment & InfrastructureLladó37.1%1232No
497Fufeng Group Ltd.Public19993.315,000ChinaAdvanced Manufacturing & MobilityLi39.3%614No
498Hoogwegt Groep B.V.Private19653.3450NetherlandsConsumerHoogwegt100%100No
499PHW-Group / Lohmann & CO. AGPrivate19323.38,900GermanyConsumerWesjohann100%513Yes
500Hubert Burda MedienPrivate19033.310,500GermanyTechnology, Media and CommunicationsBurda100%410No

The Global Family Business Index methodology

The Family Business Index is based on a global ranking of 500 family-owned businesses according to their revenues. The criteria to enter the Index is as follows:

  1. The business should be in the second generation or more. If the business is still in the first generation, at least two family members should be in the board of directors, supervisory board, or the executive leadership team.
  2. The family should have substantial ownership and thus decision-making authority in the business. Private companies are family firms in case the family controls* at least 50% of the voting rights. Public listed companies are family firms in case the family holds* at least 32% of the voting rights.
  3. To allow wider representation of families, the Index features one business per family. If two or more companies controlled by the same family qualify for the Index, the Index will feature either the parent/holding company or the business with the highest revenues.
  4. Revenues of featured businesses should originate from published accounts that are no more than 24 months old.
  5. Data sources used to generate the Index include public domain, filed and published financial statements or annual reports, and commercially accessible databases including Bloomberg, S&P CapIQ, Orbis, BoardEx and D&B Hoovers.

(* directly or through a family foundation or trust)


The Index is drawn from available data in the public domain and should not be considered a formal or certified list of largest family businesses in the world.

Compiled by the Center for Family Business at the University of St.Gallen, Switzerland in cooperation with EY.
Corresponding research addresses: Marie Klein.(Give feedback)

Data visualization by smartive AG.

Version 5.0, January 2023 (View older version)