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How the world’s largest family businesses are proving their resilience

The 2021 EY and University of St. Gallen Family Business Index reveals that the largest family-owned businesses are vital to the health of the global economy. They collectively generate US$7.28 trillion in revenue and employ 24.1 million people.

Longevity and stability have mattered these past two years. Seventy-five per cent of family businesses are over 50 years old and almost one third are over 100 years old. They have balanced their long-term business outlook with an ability to pivot quickly amidst a crisis. Some have also stepped forward to provide medical equipment and even financial support revealing an enduring sense of social responsibility.

Almost half of all the businesses in the Index are based in Europe. The United States is host to the highest number of family businesses, and consumer-based businesses remains the largest sector (37%) by number. One in five have a family member under 40 years on the board and almost one third have a female family member on the board. As the demand rises for responses to issues like ESG, innovation, and future consumer needs so will the demand for talent and the need to embrace more age and gender diversity.

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.

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Authors

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.

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1 - 10
11 - 20
21 - 50
51 - 100
101 - 119

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

2021 Family Business Index

Search:
Board
CEO
Rank
Company
Type
Founding Year
Revenues
Employees
Jurisdiction
Industries
Family
Shareholding
No. of directors
Family members
Gender
Family
1Wal-Mart Inc.Public1962559.12,300,000United StatesConsumerWalton48.9%111No
2Berkshire Hathaway, Inc.Public1955245.5360,000United StatesFinancial ServicesBuffett37.2%142Yes
3EXOR SpAPublic1927145.3343,415ItalyFinancial ServicesAgnelli53.0%93Yes
4Schwarz GroupPrivate1930140.0450,000GermanyConsumerSchwarz100%33No
5Ford Motor CompanyPublic1919127.1186,000United StatesAdvanced Manufacturing & MobilityFord40.0%162No
6Bayerische Motoren Werke AG (BMW)Public1916122.2120,726GermanyAdvanced Manufacturing & MobilityQuandt46.8%262No
7Koch Industries Inc.Private1940115.0120,000United StatesAdvanced Manufacturing & MobilityKoch84.0%61Yes
8Cargill, Inc.Private1865114.6155,000United StatesConsumerCargill-Macmillan85.0%100No
9Comcast Corp.Public1936103.6168,000United StatesTelecom, Media, and TechnologyRoberts33.8%101Yes
10Dell Technologies Inc.Public198494.2158,000United StatesTelecom, Media, and TechnologyDell75.0%81Yes
11Robert Bosch GmbHPrivate188687.0395,034GermanyAdvanced Manufacturing & MobilityBosch100%201No
12Reliance Industries Ltd.Public197379.5195,618IndiaEnergyAmbani44.3%142Yes
13SK Corp.Public195373.9107,983South KoreaAdvanced Manufacturing & MobilityChey32.7%91No
14Country Garden Holdings Co LtdPublic199271.193,899Mainland ChinaGovernment & InfrastructureYang Guoqiang59.3%133No
15INA-Holding Schaeffler GmbH & Co. KGPrivate194670.5317,316GermanyAdvanced Manufacturing & MobilitySchaeffler100%32No
16Roche Holding AG (Roche Group)Public189668.5101,465SwitzerlandHealth Sciences & WellnessHoffman and Oeri50.1%121No
17LG CorporationPublic194758.175,000South KoreaTelecom, Media, and TechnologyKoo In-Hwoi33.7%82Yes
18LVMH Moët Hennessy Louis Vuitton SAPublic198754.8150,479FranceConsumerArnault47.5%253Yes
19George Weston Ltd. CompanyPublic188254.7226,229CanadaConsumerWeston53.2%163Yes
20Aditya Birla GroupPrivate185753.522,477IndiaAdvanced Manufacturing & MobilityBirla100%71Yes
21Arcelor MittalPublic197653.3191,000LuxembourgEnergyMittal35.6%103Yes
22JBS SAPublic195352.2250,000BrazilConsumerBatista35.8%132No
23America Movil SA de CVPublic200051.0191,523MexicoTelecom, Media, and TechnologySlim52.9%133No
24Gunvor SAPrivate200050.01,600SwitzerlandEnergyTörnqvist100%111Yes
25Anheuser-Busch InBev SAPublic200849.7163,695BelgiumConsumerSicupira, Telles and Lemann33.6%152No
26Hanwha CorporationPublic195246.85,575South KoreaAdvanced Manufacturing & MobilityKim38.1%93No
27Midea Group Co. Ltd.Public196843.5134,897Mainland ChinaConsumerHe32.0%81No
28Tyson Foods Inc.Public193543.2139,000United StatesConsumerTyson70.6%173No
29Idemitsu Kosan Co. LtdPublic191142.013,766JapanEnergyIdemitsu37.6%161Yes
30Casino Guichard PerrachonPublic189841.8202,955FranceConsumerNaouri56.5%221Yes
31AP Moeller/Maersk GroupPublic190440.083,624DenmarkAdvanced Manufacturing & MobilityMærsk Mc-Kinney Uggla70.6%101No
32Power Corp. of CanadaPublic192539.530,000CanadaFinancial ServicesDesmarais50.6%132No
33Groupe Auchan S.A.Private196138.9179,590FranceConsumerMulliez95.0%60No
34Nike Inc.Public196437.475,400United StatesConsumerKnight84.2%131No
35Mars Inc.Private191137.0130,000United StatesConsumerMars100%33No
36ALDI GroupPrivate191335.625,000GermanyConsumerAlbrecht100%No
37Reyes Holdings L.L.C.Private197635.030,000United StatesConsumerReyes100%22Yes
38Tata Motors Ltd.Public194534.942,597IndiaAdvanced Manufacturing & MobilityTata46.4%80No
39Porsche Automobil Holding SEPublic193134.6916GermanyAdvanced Manufacturing & MobilityPorsche-Piëch53.3%116No
40CK Hutchison HoldingsPublic182834.4270,000Hong KongTelecom, Media, and TechnologyLi56.2%181Yes
41L'Oréal SAPublic190933.685,087FranceConsumerBettencourt-Meyers33.2%163No
42Louis Dreyfus Holding B.V.Private185133.617,000NetherlandsConsumerLouis Dreyfus96.0%122No
43PHOENIX Pharmahandel GmbH & Co KGPrivate199433.039,013GermanyHealth Sciences & WellnessMerckle100%71No
44Penske CorporationPrivate196932.056,000United StatesAdvanced Manufacturing & MobilityPenske60.0%132Yes
45CMA CGM S.A.Private197831.5110,000FranceAdvanced Manufacturing & MobilitySaadé74.1%143Yes
46HEB GROCERY CO LPPrivate190531.2135,500United StatesConsumerButt100%11Yes
47Mercadona SaPrivate197729.895,142SpainConsumerRoig100%87Yes
48Bolloré SAPublic182229.779,207FranceAdvanced Manufacturing & MobilityBollore75.4%135Yes
49Pilot Travel Centers LLCPrivate195829.526,696United StatesAdvanced Manufacturing & MobilityHaslam50.1%62No
50CJ Corp.Public195329.459,915South KoreaAdvanced Manufacturing & MobilityLee44.8%213No
51BCD GroupPrivate197527.514,500NetherlandsGovernment & Infrastructurevan Vlissingen100%91No
52Enterprise Products Partners LPPublic196827.27,130United StatesEnergyDuncan32.1%141No
53Rajesh Exports Ltd.Public198826.6377IndiaConsumerMehta55.6%82Yes
54Koc Holding ASPublic192626.2100,000TurkeyAdvanced Manufacturing & MobilityKoc64.3%124No
55Meritz Financial GroupPublic200726.221South KoreaFinancial ServicesCho69.1%40No
56C & S Wholesale Grocers Inc.Private191825.815,500United StatesConsumerCohen100%11No
57Randstad Holding NVPublic196025.4603,480NetherlandsFinancial ServicesGoldschmeding37.9%130No
58ViacomCBS INCPublic198625.322,109United StatesTelecom, Media, and TechnologyRedstone79.9%131No
59Heraeus Holding GmbHPrivate185125.214,883GermanyTelecom, Media, and TechnologyHeraeus94.6%120No
60Industria de Diseno Textil SA (Inditex)Public196324.8144,116SpainConsumerOrtega59.3%101No
61Heineken Holding N.V.Public186424.284,394NetherlandsConsumerHeineken and de Carvalho50.0%101No
62CH Boehringer Sohn AG & Co KGPrivate188523.852,000GermanyHealth Sciences & WellnessBoehringer100%51No
63Henkel AG & Co. KGaAPublic187623.752,950GermanyConsumerHenkel61.6%60No
64Jeronimo Martins SGPS SAPublic179223.7118,210PortugalConsumerSoares dos Santos56.1%102Yes
65Sodexo SAPublic196623.6420,000FranceGovernment & InfrastructureBellon57.1%123No
66Kuehne + Nagel International AGPublic189023.378,249SwitzerlandAdvanced Manufacturing & MobilityKuehne58.0%91No
67Societe De Negoce Et De Participation (Sonepar)Private196923.045,000FranceFinancial ServicesCoisne and Lambert100%115No
68Enterprise Holdings Inc.Private195722.590,000United StatesAdvanced Manufacturing & MobilityTaylor100%42Yes
69Groupe LactalisPrivate193322.580,000FranceConsumerBesnier100%33Yes
70Lennar CorporationPublic195422.59,495United StatesGovernment & InfrastructureMiller58.1%111No
71Edizione SrlPrivate195522.5103,251ItalyConsumerBenetton100%73No
72Merck KGaAPublic166822.458,096GermanyHealth Sciences & WellnessMerck70.3%211No
73H & M Hennes & MauritzPublic194722.0110,325SwedenConsumerStefan Persson75.3%141No
74Empire Co LtdPublic196321.9127,000CanadaConsumerSobey92.9%155No
75Bertelsmann SE & Co. KGaAPrivate183521.8132,842GermanyTelecom, Media, and TechnologyMohn100%123No
76Shimao Property Holdings Ltd.Public200121.024,334Hong KongGovernment & InfrastructureHui65.0%82Yes
77Fidelity Investments IncPrivate194621.047,000United StatesFinancial ServicesEdward Johnson50.0%53Yes
78Shv Holdings N.V.Private189620.751,600NetherlandsAdvanced Manufacturing & MobilityFentener van Vlissingen100%151No
79Loves Travel Stops & Country Stores Inc.Private196420.630,000United StatesConsumerLove100%11Yes
80Cox Enterprises Inc.Private189820.050,000United StatesTelecom, Media, and TechnologyCox100%93Yes
81Southern Glazer’s Wine & SpiritsPrivate196820.022,000United StatesConsumerChaplin and Glazer50.0%42Yes
82Charoen Pokphand Foods Public Co. Ltd.Public197819.871,318ThailandConsumerChearavanont53.4%153No
83Suntory Holdings Ltd.Private189919.440,044JapanConsumerSaji89.5%71No
84Fairfax Financial Holdings LtdPublic198519.115,000CanadaFinancial ServicesWatsa42.5%122Yes
85Fast Retailing Co., LtdPublic194919.157,727JapanConsumerYanai33.2%93Yes
86Antarchile SAPublic198918.325,667ChileAdvanced Manufacturing & MobilityAngelini74.4%72No
87Rethmann SE & Co. KGPrivate193418.278,329GermanyEnergyRethmann100%44Yes
88Meijer Inc.Private193418.170,000United StatesConsumerMeijer100%82No
89Jm Family Enterprises Inc.Private196817.74,329United StatesAdvanced Manufacturing & MobilityMoran100%30No
90Bechtel Group Inc.Private189817.653,000United StatesGovernment & InfrastructureBechtel100%183Yes
91Adolf Würth GmbH & Co. KGPrivate194517.579,139GermanyAdvanced Manufacturing & MobilityWürth100%133No
92Techint GroupPrivate194517.451,956ArgentinaAdvanced Manufacturing & MobilityRocca60.5%21Yes
93New Hope Liuhe Co., LtdPublic199817.270,600Mainland ChinaConsumerLiu62.3%82Yes
94El Corte Ingles SaPrivate194017.188,268SpainConsumerAreces and Alvarez69.9%92No
95Alfa, S. A. B. de C. V.Public197416.577,997MexicoAdvanced Manufacturing & MobilityGarza Sada40.0%132Yes
96Otto GmbH & Co. KGPrivate194916.451,982GermanyTelecom, Media, and TechnologyOtto100%264No
97Kering SA (ex PPR SA)Public196316.138,553FranceConsumerFrançois Pinault41.4%131Yes
98Rongsheng Petrochemical Co., LtdPublic198916.117,544Mainland ChinaAdvanced Manufacturing & MobilityLi72.4%93Yes
99Tetra Laval International SAPrivate199316.035,557SwitzerlandAdvanced Manufacturing & MobilityRausing100%93No
100Compagnie Financiere RichemontPublic198815.635,657SwitzerlandConsumerRupert51.0%203No
101Doosan Heavy Industries & Construction CoPublic189615.64,984South KoreaAdvanced Manufacturing & MobilityPark45.0%71Yes
102Gordon Food Service Inc.Private189715.520,000United StatesConsumerGordon100%32No
103Bombardier, Inc.Public194215.516,000CanadaAdvanced Manufacturing & MobilityBombardier48.4%121No
104Grupo Bimbo Sa de CVPublic194515.2134,458MexicoConsumerServitje60.0%186Yes
105Ferrero International SaPrivate194614.937,122ItalyConsumerFerrero100%52No
106Lotte ShoppingPublic197014.925,298South KoreaConsumerShin58.7%80No
107Marquard & Bahls AGPrivate194714.76,715GermanyEnergyWeisser100%82No
108Estee Lauder Cos., Inc.Public194614.348,000United StatesConsumerLauder86.0%164No
109Geely Automobile Holdings Ltd.Public199714.250,000Hong KongAdvanced Manufacturing & MobilityLi41.2%112No
110Formosa Petrochemical CorpPublic199214.15,338TaiwanEnergyWang56.5%154No
111Decathlon GroupPrivate197614.192,839FranceConsumerLeclercq85.0%72No
112dm-drogerie markt GmbH + Co. KGPrivate197314.062,606GermanyConsumerWerner50.0%81No
113Medline Industries, Inc.Private196613.927,000United StatesHealth Sciences & WellnessMills100%11Yes
114The GAPPublic196913.8117,000United StatesConsumerFisher46.9%133No
115Cencosud SAPublic196013.5117,638ChileConsumerPaulmann53.3%93No
116Liebherr-International SAPrivate194913.547,925SwitzerlandAdvanced Manufacturing & MobilityLiebherr100%96Yes
117China Hongqiao Group LtdPublic199413.442,445Mainland ChinaAdvanced Manufacturing & MobilityZhang Shiping and68.4%125Yes
118Altice Europe N.V.Public200113.419,748NetherlandsTelecom, Media, and TechnologyDrahi77.8%81No
119S.A.C.I. FalabellaPublic188913.096,111ChileConsumerSolari70.6%95No
120Marfrig Global Foods S.A.Public198613.030,000BrazilConsumerMolina dos Santos36.3%72No
121Kingston Technology Company, Inc.Private198712.82,384United StatesTelecom, Media, and TechnologyTu and Sun100%Yes
122Hacı Ömer Sabancı Holding A.Ş.Public192512.660,000TurkeyFinancial ServicesSabancı48.5%94No
123RaceTrac Petroleum, Inc.Private193412.69,213United StatesEnergyBolch100%11Yes
124Dirk Rossmann GmbHPrivate197212.656,300GermanyHealth Sciences & WellnessRossmann100%22Yes
125Saputo, Inc.Public195412.317,200CanadaConsumerSaputo32.0%101Yes
126NorgesgruppenPrivate186612.343,800NorwayConsumerJohannson74.4%101No
127Fox CorporationPublic197912.39,000United StatesTelecom, Media, and TechnologyMurdoch39.7%72Yes
128Jardine Matheson Holdings Ltd.Public183212.3226,105Hong KongAdvanced Manufacturing & MobilityKeswick50.1%191No
129ChanelPrivate190912.327,713FranceConsumerWertheimer100%42Yes
130DKSH Holding AGPublic186512.232,447SwitzerlandFinancial ServicesKeller45.0%92No
131KONE OyjPublic191012.261,380FinlandAdvanced Manufacturing & MobilityHerlin62.0%83No
132Schindler Holding LtdPublic187412.166,674SwitzerlandAdvanced Manufacturing & MobilitySchindler & Bonnard70.4%122No
133DKV MOBILITY SERVICES GroupPrivate193412.01,244GermanyAdvanced Manufacturing & MobilityFischer80.0%No
134Droege International Group AGPrivate198812.03,714GermanyFinancial ServicesDroege100%63Yes
135maxingvest AGPrivate194912.031,922GermanyConsumerHerz100%41Yes
136Bharti Airtel LtdPublic199511.79,958IndiaTelecom, Media, and TechnologyBharti Mittal56.2%113No
137Universal Health Services, Inc.Public197911.689,000United StatesHealth Sciences & WellnessMiller89.4%72Yes
138The Hearst CorporationPrivate188711.524,000United StatesTelecom, Media, and TechnologyHearst100%131No
139Li & Fung Ltd.Private190611.416,796Hong KongConsumerFung60.0%103No
140Takenaka CorporationPrivate161011.47,741JapanGovernment & InfrastructureTakenaka50.2%113No
141Knauf Gips KGPrivate193211.235,000GermanyAdvanced Manufacturing & MobilityKnauf83.3%83No
142Indorama CorpPublic197611.224,000ThailandAdvanced Manufacturing & MobilityLohia64.8%164No
143A/S United Shipping & Trading CompanyPrivate187611.12,526DenmarkAdvanced Manufacturing & MobilityØstergaard-Nielsen100%92Yes
144Logan Group Company Ltd.Public199611.02,999Mainland ChinaGovernment & InfrastructureKei77.0%82No
145Wanxiang GroupPrivate196910.840,000Mainland ChinaAdvanced Manufacturing & MobilityLu100%11Yes
146Rogers CommunicationsPublic196010.825,300CanadaTelecom, Media, and TechnologyRoger98.0%144No
147Freudenberg SEPrivate184910.8480,000GermanyAdvanced Manufacturing & MobilityFreudenberg100%132No
148Sun Hung Kai Properties Ltd.Public197210.739,500Hong KongGovernment & InfrastructureKwok86.3%185Yes
149Canadian Tire Corp LtdPublic192210.713,399CanadaConsumerBilles40.9%162No
150Menard Inc.Private195810.745,000United StatesConsumerMenard89.0%21Yes
151Grupo México S.A.B. de C.V.Public189010.730,263MexicoEnergyGerman Larrea Mota-Velasco59.4%152Yes
152Colruyt SAPublic192810.730,631BelgiumConsumerColruyt63.4%93Yes
153Marriott International, Inc.Public192710.6121,000United StatesGovernment & InfrastructureMarriott81.4%133No
154Jim Pattison Group IncPrivate196110.551,000CanadaAdvanced Manufacturing & MobilityPattison100%71Yes
155S. C. Johnson & Son Inc.Private188610.513,000United StatesConsumerJohnson100%92Yes
156BLOOMBERG L.P.Private198210.520,000United StatesTelecom, Media, and TechnologyBloomberg88.0%80Yes
157Axel Johnson ABPrivate187310.422,574SwedenFinancial ServicesAx:son Johnson100%101No
158Swire Pacific LtdPublic181610.3130,716Hong KongGovernment & InfrastructureSwire55.0%112Yes
159China Light and PowerPublic190110.38,060Hong KongEnergyThe Kadoorie's35.0%142No
160SHI International Corp.Private198910.35,000United StatesTelecom, Media, and TechnologyLee100%21Yes
161Esselunga SpAPrivate195710.225,109ItalyConsumerCaprotti100%101No
162Tengelmann Warenhandelsgesellschaft KGPrivate18679.890,000GermanyConsumerHaub100%31Yes
163Emil Frey GroupPrivate19249.822,000SwitzerlandAdvanced Manufacturing & MobilityFrey100%11No
164JSW Steel Ltd.Public19829.713,209IndiaEnergyJindal33.0%132Yes
165Jumbo Groep Holding B.V.Private19799.716,445NetherlandsConsumervan Eerd100%61Yes
166Giant Eagle Inc.Private19189.732,000United StatesConsumerShapira100%11Yes
167Wegmans Food Markets Inc.Private19169.752,000United StatesConsumerWegman100%51Yes
168Globus Holding Gmbh & Co. KgPrivate18289.720,000GermanyConsumerBruch75.0%11Yes
169Molson Coors Brewing Co.Public17869.717,000United StatesConsumerCoors and Molson95.5%144No
170Hormel Foods Corp.Public18919.619,100United StatesConsumerHormel47.5%120No
171Dick's Sporting Goods, Inc.Public19489.650,100United StatesConsumerStack56.0%111No
172AFK Sistema PAOPublic19939.613,000RussiaTelecom, Media, and TechnologyYevtushenkov59.2%122No
173Gulf States Toyota Inc.Private19579.45,600United StatesAdvanced Manufacturing & MobilityFriedkin100%11Yes
174HCL Technologies Ltd.Public19769.4150,423IndiaTelecom, Media, and TechnologyNadar60.3%122No
175Liberty Media Corp.Public19459.44,555United StatesTelecom, Media, and TechnologyMalone48.3%102No
176MHK Group AGPrivate19809.33,472GermanyConsumerStrothoff100%61Yes
177Corporación Gestamp S.L.Public19979.243,938SpainAdvanced Manufacturing & MobilityRiberas72.9%142Yes
178CGI Inc.Public19769.176,000CanadaTelecom, Media, and TechnologyGodin49.5%162No
179Wendel SAPublic17049.1124,118FranceFinancial ServicesWendel39.4%131No
180PPF Group N.V.Private19919.0142,000NetherlandsFinancial ServicesKellner98.9%30No
181Pon Holdings B.V.Private18959.012,232NetherlandsAdvanced Manufacturing & MobilityPon100%111No
182B. Braun Melsungen AktiengesellschaftPrivate18399.064,317GermanyHealth Sciences & WellnessBraun100%162Yes
184Acciona SAPublic19318.939,669SpainEnergyEntrecanales55.1%124Yes
185Flex-N-Gate CorporationPrivate19568.925,000United StatesAdvanced Manufacturing & MobilityKhan100%11Yes
186Tönnies Holding GmbH & Co.KGPrivate19718.916,500GermanyConsumerTönnies100%Yes
187Majid Al Futtaim Holding LLCPrivate19928.940,622United Arab EmiratesGovernment & InfrastructureAl Futtaim100%101No
188DIeteren SAPublic18058.828,445BelgiumConsumerD'Ieteren62.0%111No
189Metalúrgica Gerdau SAPublic19018.830,000BrazilEnergyGerdau Johannpeter75.1%94No
190Reitangruppen ASPrivate19488.738,000NorwayConsumerReitan100%43Yes
191Campbell Soup Co.Public18698.714,500United StatesConsumerDorrance32.5%132No
192Burelle SAPublic19478.726,427FranceAdvanced Manufacturing & MobilityBurelle85.4%127Yes
193Arca Continental SAB de CVPublic20018.662,222MexicoConsumerBarragan46.6%204No
194Constellation Brands IncPublic19728.69,300United StatesConsumerSands58.4%132No
195AG Anadolu Grubu Holding A.Ş.Public19508.657,914TurkeyAdvanced Manufacturing & MobilityÖzilhan and Yazıcı78.0%123No
196Groupe SEBPublic18578.532,847FranceConsumerLescure52.8%172No
197Amway Corp.Private19598.515,000United StatesConsumervan Andel and de Vos100%106No
198Sonae SGPS SAPublic19598.546,210PortugalConsumerBelmiro Mendes de Azevedo52.9%102Yes
199Mansfield EnergyPrivate19578.5550United StatesEnergyMansfield100%11Yes
200Pentland Group PLCPrivate19328.450,000United KingdomConsumerRubin100%84No
201Wipro Ltd.Public19458.4190,000IndiaTelecom, Media, and TechnologyPremji69.7%92No
202Dr. August Oetker KGPrivate18918.334,060GermanyConsumerOetker100%72No
203MCCAIN FOODS LTDPrivate19578.322,000CanadaConsumerMcCain100%103No
204Organización Soriana SAB de CVPublic19688.396,355MexicoConsumerSoberon and Bringas57.3%84Yes
205SM Investments CorporationPublic19588.2130,421PhilippinesGovernment & InfrastructureSy43.7%73No
206DOT Foods, Inc.Private19608.26,400United StatesConsumerTracy100%84Yes
207Orient Overseas (International) Ltd.Public19478.210,677Hong KongAdvanced Manufacturing & MobilityTung49.6%141No
208Otsuka Corp.Public19218.17,429JapanTelecom, Media, and TechnologyOtsuka41.6%131No
209Gudang Garam PTPublic19588.132,491IndonesiaConsumerWonowidjojo76.2%81Yes
210Thai Beverage Public Co., Ltd.Public20038.150,000ThailandConsumerSirivadhanabhakdi46.1%174Yes
211Hermes InternationalPublic18378.016,600FranceConsumerHermes (Guerrand, Dumas)69.3%145No
212STO Building Group (aka Structure Tone Organization)Private19718.03,500United StatesGovernment & InfrastructureMarino and Donaghy100%111No
213Koninklijke VolkerWessels N.V.Private19337.917,044NetherlandsGovernment & InfrastructureWessels97.8%60No
214Red Bull GmbHPrivate19847.912,618AustriaConsumerMateschitz, Chalem and Yoovidhya100%Yes
215Ferrovial SAPublic19527.880,119SpainGovernment & InfrastructureDel Pino35.2%123No
216Benteler International AGPrivate18767.724,908AustriaAdvanced Manufacturing & MobilityBenteler100%91No
217Knorr-Bremse AGPublic19057.629,714GermanyAdvanced Manufacturing & MobilityThiele59.0%110No
218Barry Callebaut AGPublic19967.612,335SwitzerlandConsumerJacobs45.1%81No
219Motor Oil (Hellas) Corith Refineries SAPublic19707.52,972GreeceEnergyVardinoyannis40.0%123Yes
220Westlake Chemical CorpPublic19867.59,220United StatesEnergyChao73.1%114Yes
221Mansour GroupPrivate19527.560,000EgyptAdvanced Manufacturing & MobilityMansour100%33Yes
222EMKE LuLu GroupPrivate20007.450,000United Arab EmiratesConsumerYusuffali100%11Yes
223Chow Tai Fook Jewellery GroupPublic19297.429,700Hong KongConsumerCheng Yu Tung72.4%178No
224Nine Dragons PaperPublic19957.318,740Hong KongConsumerCheung66.4%114Yes
225First Pacific Company LtdPublic19817.3101,836Hong KongFinancial ServicesSalim44.3%112No
226Dyson James Ltd.Private19937.311,774United KingdomConsumerDyson51.0%30No
227Evergreen Marine Corporation (Taiwan) Ltd.Public19687.36,726TaiwanAdvanced Manufacturing & MobilityChang35.9%94Yes
228Hancock Prospecting Pty Ltd.Private19557.33,303AustraliaEnergyRinehart100%41No
229Bechtle AGPublic19837.212,180GermanyTelecom, Media, and TechnologySchick35.0%150No
230Danfoss A/SPrivate19337.227,491DenmarkAdvanced Manufacturing & MobilityClausen99.9%122No
231Golden Agri-Resources LtdPublic19967.1173,500SingaporeConsumerWidjaja50.5%82Yes
232Seaboard CorporationPublic19187.113,100United StatesAdvanced Manufacturing & MobilityBresky78.3%51Yes
233Perdue Farms Inc.Private19207.120,000United StatesConsumerPerdue100%21No
234Harim Holdings Co., Ltd.Public19787.163South KoreaConsumerKim47.8%81Yes
235Votorantim Participações S.A.Private19187.044,700BrazilAdvanced Manufacturing & MobilityMoraes100%73No
236Kohler Co.Private18737.040,000United StatesAdvanced Manufacturing & MobilityKohler100%53Yes
237Quinenco S.A.Public19576.920,284ChileAdvanced Manufacturing & MobilityLuksic83.0%84No
238Unternehmensgruppe Theo Müller GmbH & Co. KGaAPrivate18966.924,300GermanyConsumerMüller100%32No
239Grupo Comercial Chedraui SAB de CVPublic19206.950,894MexicoConsumerChedraui83.7%103Yes
240VDL Groep bvPrivate19536.815,320NetherlandsAdvanced Manufacturing & Mobilityvan der Leegte100%215Yes
241Dassault AviationPublic19356.812,441FranceAdvanced Manufacturing & MobilityDassault62.2%103No
242Icahn Enterprises L.P.Public19876.823,800United StatesAdvanced Manufacturing & MobilityIcahn91.9%82No
243Dachser GmbH & Co. KGPrivate19306.830,782GermanyAdvanced Manufacturing & MobilitySimon100%31No
244GOME Electrical Appliances Holding Ltd.Public19876.834,001Hong KongConsumerHuang50.3%71No
245Thomson Reuters CorpPublic18516.724,000United StatesTelecom, Media, and TechnologyThomson66.0%142No
246Grupo Aval Acciones y Valores SAPublic19716.767,135ColombiaFinancial ServicesLuis Carlos Sarmiento97.5%71Yes
247UCB SAPublic19286.78,371BelgiumHealth Sciences & WellnessJanssen35.0%132No
248HAL TrustPublic18736.733,542MonacoFinancial Servicesvan der Vorm68.0%92No
249Rock Ventures LLCPrivate19856.730,000United StatesFinancial ServicesGilbert100%22No
250Central China Real Estate Ltd.Public19926.74,018Hong KongGovernment & InfrastructureWu74.8%102Yes
251United Internet AGPublic19886.79,700GermanyTelecom, Media, and TechnologyDommermuth42.3%71Yes
252Marcegaglia SpaPrivate19596.66,600ItalyEnergyMarcegaglia100%22Yes
253Clark Enterprises, Inc.Private19726.64,200United StatesFinancial ServicesJames Clark100%31No
254Pick N Pay Stores LtdPublic19676.690,000South AfricaConsumerAckerman95.1%113No
255Grifols S.A.Public19096.523,668SpainHealth Sciences & WellnessGrifols36.0%132Yes
256Hella KGaA Hueck & Co.Public18996.536,311GermanyAdvanced Manufacturing & MobilityHueck and Ropke60.0%233No
257Musgrave Group PlcPrivate18766.541,000IrelandConsumerMusgrave100%91No
258Einkaufsbüro Deutscher Eisenhändler GmbHPrivate19316.51,141GermanyAdvanced Manufacturing & MobilityTrautwein75.5%61Yes
259Bass Pro Shops, Inc.Private19716.540,000United StatesConsumerMorris100%41Yes
260TVS GroupPrivate19116.539,000IndiaAdvanced Manufacturing & MobilitySrinivasan100%131No
261Swatch GroupPublic19836.532,424SwitzerlandConsumerHayek42.9%62Yes
262Bartels-Langness GmbH & Co. KGPrivate18926.518,000GermanyConsumerLangness100%No
263Magnitogorsk Iron and Steel Works (MMK)Public19326.456,609RussiaEnergyRashnikov84.3%102No
264Gilbane Inc.Private18736.43,111United StatesGovernment & InfrastructureGilbane100%144Yes
265Ashley Furniture Industries, Inc.Private19456.433,000United StatesConsumerWanek85.0%11Yes
266COSMOS Pharmaceutical CorpPublic19736.44,386JapanHealth Sciences & WellnessUno46.1%82No
267Dillards, Inc.Public19386.3NaNUnited StatesConsumerDillard81.6%164Yes
268Deichmann SEPrivate19136.341,497GermanyConsumerDeichmann100%32Yes
269Yazaki Corp.Private19416.3249,667JapanAdvanced Manufacturing & MobilityYazaki100%11Yes
270OSI Group LLCPrivate19096.320,000United StatesConsumerLavin100%41Yes
271Savencia SAPublic19566.320,031FranceConsumerBongrain66.6%162No
272ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.Public19786.222,000MexicoAdvanced Manufacturing & MobilityGrupo Kaluz and Del Valle77.9%145No
273Central GroupPrivate19476.280,000ThailandGovernment & InfrastructureChirathivat100%77Yes
274Hilti AktiengesellschaftPrivate19416.229,549LiechtensteinAdvanced Manufacturing & MobilityMartin Hilti and100%81No
275Brose Fahrzeugteile GmbH & Co. KGPrivate19086.225,000GermanyAdvanced Manufacturing & MobilityStoschek100%30No
276Sheetz Inc.Private19526.219,700United StatesConsumerSheetz90.0%41Yes
277Grupo Elektra, S.A.B. de C.V.Public19506.288,883MexicoConsumerSalinas74.5%104Yes
278Ralph Lauren Corp.Public19676.223,381United StatesConsumerLauren84.0%132No
279Sucres et DenreesPrivate19526.15,120FranceConsumerVarsano58.4%151No
280Webuild S.p.A.Public19066.129,162ItalyGovernment & InfrastructureSalini45.2%152Yes
281Saras SpA (aka Saras Group)Public19626.11,687ItalyEnergyMoratti40.2%125No
282HELM AGPrivate19006.11,684GermanyAdvanced Manufacturing & MobilitySchnabel100%31Yes
283Shapoorji Pallonji GroupPrivate18656.070,000IndiaAdvanced Manufacturing & MobilityMistry100%82Yes
284Sinclair Broadcast Group, Inc.Public19715.911,600United StatesTelecom, Media, and TechnologySmith81.1%104No
285Huafon group co., LTDPrivate19915.914,000Mainland ChinaAdvanced Manufacturing & MobilityYou100%75Yes
286St1 Nordic OyPrivate19955.9980FinlandEnergyAnttonen100%51No
287Companhia Siderurgica NacionalPublic19415.923,196BrazilEnergySteinbruch53.5%51Yes
288Arnold Clark Automobiles LTDPrivate19545.912,865United KingdomAdvanced Manufacturing & MobilityArnold Clark100%82No
289Gebr. Heinemann SE & Co. KGPrivate18795.88,000GermanyConsumerHeinemann100%63Yes
290Hankook Tire & technology GroupPublic19415.820,000South KoreaAdvanced Manufacturing & MobilityCho Hong-je39.7%51Yes
291Wacker Chemie AGPublic19145.814,283GermanyAdvanced Manufacturing & MobilityWacker51.3%162No
292Lego A/SPrivate19325.816,112DenmarkConsumerKristiansen75.0%71No
293Adani Enterprises LtdPublic19885.82,042IndiaAdvanced Manufacturing & MobilityAdani65.5%83Yes
294Dongwon Enterprise Co., Ltd.Private19695.89,958South KoreaAdvanced Manufacturing & MobilityKim92.8%52No
295LLG A/SPrivate19795.835,000DenmarkConsumerBrunsborg99.0%32No
296Eberspächer Gruppe GmbH & Co. KGPrivate18655.79,645GermanyAdvanced Manufacturing & MobilityEberspächer100%90No
297Barceló Corporación EmpresarialPublic19625.733,929SpainGovernment & InfrastructureBarceló34.6%43No
298Southwire Company, LLCPrivate19375.77,000United StatesAdvanced Manufacturing & MobilityRichards100%61No
299Les Laboratoires ServierPrivate19545.722,500FranceHealth Sciences & WellnessServier100%70No
300Sundrug Co., Ltd.Public19575.75,241JapanHealth Sciences & WellnessTada42.0%92No
301Magazine Luiza SAPublic19575.630,000BrazilConsumerTrajano58.0%71Yes
302FRITZ DRAEXLMAIER GMBH & CO. KGPrivate19585.675,000GermanyAdvanced Manufacturing & MobilityDräxlmaier100%51Yes
303Franklin Resources, Inc.Public19475.611,800United StatesFinancial ServicesJohnson42.7%103Yes
304Groupe SouffletPrivate19005.57,138FranceConsumerSouflet100%122Yes
305The Kraft Group LLCPrivate19725.512,900United StatesAdvanced Manufacturing & MobilityKraft100%44Yes
306Visy Industries Holdings Pty LtdPrivate19485.57,000AustraliaAdvanced Manufacturing & MobilityPratt100%60No
307Bestway GroupPrivate19635.529,172United KingdomConsumerPervez58.0%63No
308J.C.B. ServicePrivate19455.515,000United KingdomAdvanced Manufacturing & MobilityBamford100%11Yes
309Magasins Galeries LafayettePrivate18945.514,000FranceConsumerMoulin100%173No
310Grupo Catalana OccidentePublic18645.47,440SpainFinancial ServicesSerra62.0%174No
311Empresas CMPCPublic19205.419,716ChileAdvanced Manufacturing & MobilityMatte55.3%92No
312Ronesans Holding ASPrivate19935.475,118TurkeyGovernment & InfrastructureIlicak90.0%61Yes
313Cremonini SpAPrivate19635.418,500ItalyConsumerCremonini100%63Yes
314Bank Central Asia Tbk PTPublic19575.326,123IndonesiaFinancial ServicesHartono54.9%101No
315Demoulas Super Markets IncPrivate19165.326,000United StatesConsumerDemoulas100%Yes
316Hobby Lobby Stores Inc.Private19725.343,000United StatesConsumerGreen100%11Yes
317Cosan Ltd.Public19365.340,508BrazilEnergyMello35.9%91No
318Hong Kong & China Gas Co LtdPublic18625.32,130Hong KongEnergyLee41.5%92No
319De Agostini SpAPrivate19015.312,626ItalyTelecom, Media, and TechnologyDrago and Boroli74.9%115Yes
320Asklepios Kliniken Gesellschaft mit beschränkter HaftungPrivate19855.250,371GermanyHealth Sciences & WellnessGrosse Broermann100%200No
321Sopra Steria Group SAPublic19685.245,960FranceTelecom, Media, and TechnologyPasquier and Odin32.2%142No
322Hornbach Holding AGPublic18775.220,477GermanyConsumerHornbach37.5%61Yes
323Telephone & Data Systems, Inc.Public19695.29,200United StatesTelecom, Media, and TechnologyCarlson56.8%124Yes
324Discount Tire CompanyPrivate19605.221,883United StatesConsumerHalle100%No
325Heartland A/SPrivate20055.222,377DenmarkConsumerHolch66.7%44No
326Murugappa Group Ltd.Private19005.251,000IndiaAdvanced Manufacturing & MobilityMurugappa100%31Yes
327China SCE Group Holdings Ltd.Public19875.19,414Mainland ChinaGovernment & InfrastructureWong50.1%82No
328Voith GmbHPrivate18675.120,634GermanyAdvanced Manufacturing & MobilityVoith100%120No
329Mann + Hummel Holding GmbHPrivate19415.122,013GermanyAdvanced Manufacturing & MobilityMann and Hummel83.3%141No
330Radiance Holdings (Group) Co. Ltd.Public19965.03,794Mainland ChinaGovernment & InfrastructureLam65.0%72Yes
331Amkor Technology, Inc.Public19685.029,050United StatesAdvanced Manufacturing & MobilityJames J Kim58.9%112No
332PROSEGUR COMPANIA DE SEGURIDAD S.A.Public19765.0147,231SpainAdvanced Manufacturing & MobilityRevoredo59.4%83Yes
333Miele & Cie. KGPrivate18995.020,211GermanyConsumerMiele and Zinkann100%52Yes
334Coca-Cola Consolidated, Inc.Public19025.015,800United StatesConsumerHarrison86.2%131Yes
335The Renco Group Inc.Private19755.017,000United StatesAdvanced Manufacturing & MobilityRennert100%21Yes
336E. & J. Gallo WineryPrivate19335.06,500United StatesConsumerGallo100%11Yes
337The Walsh Group LtdPrivate18985.08,000United StatesGovernment & InfrastructureWalsh100%74Yes
338The Wonderful CompanyPrivate19795.012,000United StatesConsumerResnick100%22Yes
339M. A. Mortenson Companies, Inc.Private19545.02,700United StatesGovernment & InfrastructureMortenson100%11No
340D&H Distributing Co., Inc.Private19185.01,350United StatesTelecom, Media, and TechnologySchwab50.0%63Yes
341Hikari Tsushin, Inc.Public19884.96,449JapanConsumerShigeta46.7%81Yes
342CLAAS KGaA mbHPrivate19134.911,395GermanyAdvanced Manufacturing & MobilityClaas100%134No
343Grupo Televisa SABPublic19694.942,900MexicoTelecom, Media, and TechnologyAzcarraga43.8%201No
344LDC SAPublic19094.922,700FranceConsumerLambert40.4%193Yes
345Investor ABPublic19164.813,964SwedenFinancial ServicesWallenberg43.0%102No
346Sinclair Oil CorporationPrivate19164.81,200United StatesEnergyHolding100%Yes
347Grupo Antolin-Irausa SAPrivate19594.829,756SpainAdvanced Manufacturing & MobilityAntolin67.4%54No
348Andreas Stihl AG & Co. KGPrivate19264.816,722GermanyConsumerStihl100%94No
349Wieland-Werke AktiengesellschaftPrivate18204.88,200GermanyEnergySchleicher54.7%111No
350L. Possehl & Co. mbHPrivate18474.813,484GermanyEnergyPossehl (Stiftung)100%120No
351Fininvest S.p.A.Private19784.715,608ItalyTelecom, Media, and TechnologyBerlusconi97.0%84No
352Globalia Corporación Empresarial, S.A.Private19714.712,158SpainGovernment & InfrastructureHidalgo100%75Yes
353Bekaert GroupPublic18804.723,839BelgiumEnergyBekaert34.3%130No
354Coty IncPublic19044.718,260United StatesConsumerReimann60.0%130No
355Consolidated Electrical Distributors, Inc.Private19574.76,000United StatesConsumerColburn100%No
356Fertitta Group Inc.Private19804.760,000United StatesGovernment & InfrastructureFertitta100%Yes
357Jungheinrich AGPublic19534.718,103GermanyAdvanced Manufacturing & MobilityWolf/Lange53.0%161No
358Daou Data Corp.Public19924.7550South KoreaTelecom, Media, and TechnologyKim40.8%52Yes
359Aker ASAPublic18414.717,000NorwayGovernment & InfrastructureRokke68.2%71No
360Knight-Swift Transportation Holdings Inc.Public19664.724,000United StatesAdvanced Manufacturing & MobilityMoyes and Knight43.9%82No
361Industrias Peñoles SAB de CVPublic18874.714,182MexicoEnergyBailleres68.9%155No
362Ackermans & van HaarenPublic18764.722,331BelgiumGovernment & InfrastructureBertrand and van Haaren33.0%103No
363Imerys SAPublic18804.716,437FranceAdvanced Manufacturing & MobilityFrère and Desmarais53.9%121No
364Viohalco S.A.Public19374.79,402BelgiumAdvanced Manufacturing & MobilityStasinopoulos79.4%154Yes
365UEE Holding GmbhPrivate20064.73,873GermanyEnergyWobben100%No
366DER KREIS Systemverbund Holding GmbH & Co. KGPrivate19794.63,300GermanyGovernment & InfrastructureSchaible100%Yes
367Ingles Markets, IncPublic19634.627,000United StatesConsumerIngle72.9%82No
368Save Mart SupermarketsPrivate19524.614,000United StatesConsumerPiccinini96.0%11Yes
369Dole Food Company, Inc.Private18514.636,000United StatesConsumerMurdock100%51Yes
370Skechers U.S.A., Inc.Public19924.611,700United StatesConsumerGreenberg56.7%103Yes
371YTL Corp Bhd.Public19554.613,306MalaysiaGovernment & InfrastructureYeoh50.0%127Yes
372Schneider National Inc.Public19354.515,225United StatesAdvanced Manufacturing & MobilitySchneider93.1%111No
373Ayala CorpPublic18344.560,000PhilippinesFinancial ServicesAyala47.3%72Yes
374Menarini Group (aka A. Menarini Diagnostics Srl)Private18864.517,000ItalyHealth Sciences & WellnessAleotti100%62No
375Linamar CorporationPublic19664.526,000CanadaAdvanced Manufacturing & MobilityHasenfratz38.9%52Yes
376Müller Holding Ltd. & Co. KGPrivate19534.535,146GermanyConsumerMüller100%No
377Kelly Services, Inc.Public19464.57,100United StatesFinancial ServicesAdderley91.6%91No
378Asplundh Tree Expert Co.Private19284.536,000United StatesGovernment & InfrastructureAsplundh100%123Yes
379Gruma SA DE CVPublic19494.522,254MexicoConsumerMoreno46.9%112Yes
380Kolon CorpPublic19544.53,895South KoreaAdvanced Manufacturing & MobilityLee51.4%62No
381TRUMPF GmbH + Co. KGPrivate19234.514,325GermanyAdvanced Manufacturing & MobilityLeibinger100%123Yes
382Greenyard NVPublic19874.58,500BelgiumConsumerDeprez42.4%93Yes
383JG Summit Holdings, Inc.Public19574.526,158PhilippinesAdvanced Manufacturing & MobilityGokongwei38.3%102Yes
384Warner Music Group Corp.Public19294.55,500United StatesTelecom, Media, and TechnologyBlavatnik98.6%112No
385Levi Strauss & Co.Public18534.514,800United StatesConsumerHaas70.9%130No
386Roquette FrèresPrivate19334.58,670FranceHealth Sciences & WellnessRoquette100%114No
387ALPLA Werke Alwin Lehner GmbH & Co KGPrivate19554.421,600AustriaAdvanced Manufacturing & MobilityLehner100%Yes
388Eramet SAPublic18804.413,129FranceEnergyDuval43.9%193No
389AMAG Automobil- und Motoren AGPrivate19454.46,500SwitzerlandAdvanced Manufacturing & MobilityHaefner100%41No
390Sun Pharmaceutical Industries Ltd.Public19834.417,759IndiaHealth Sciences & WellnessShangvi49.9%81Yes
391Ratos ABPublic18664.412,500SwedenFinancial ServicesSöderberg44.3%62No
392Webasto SEPrivate19014.313,892GermanyAdvanced Manufacturing & MobilityBaier100%101No
393Tecnicas ReunidasPublic19604.37,458SpainGovernment & InfrastructureFernandez-Urrutia37.1%140No
394Grundfos Holding A/SPrivate19454.319,221DenmarkAdvanced Manufacturing & MobilityJensen97.7%80Yes
395Bacardi Ltd.Private18624.36,826BermudaConsumerBacardi heirs (Bacardi, Schueg, Bosch,Nielsen, Cutillas, Danguillecourt, Arellano )100%150No
396Firmenich International SAPrivate18954.310,000SwitzerlandConsumerFirmenich100%93No
397Groupe PomonaPrivate19104.310,500FranceConsumerDewavrin61.5%116Yes
398Diehl Stiftung & Co. KGPrivate19024.317,557GermanyAdvanced Manufacturing & MobilityDiehl100%76No
399Unibel S.A.Public19214.212,510FranceConsumerFievet80.0%93Yes
400InterSnack GruppePrivate19354.215,213GermanyAdvanced Manufacturing & MobilityPfeifer, Langen100%No
401D. Swarovski KGPrivate18954.229,000AustriaConsumerSwarovski100%42No
402Fresh Del Monte Produce IncPublic18864.237,600United StatesConsumerAbu-Ghazaleh35.2%73Yes
403Drägerwerk AG & Co. KGaAPublic18894.215,657GermanyHealth Sciences & WellnessDräger71.5%171Yes
404Laing O’Rourke Corporation Ltd.Private18484.211,580United KingdomGovernment & InfrastructureO'Rourke100%112Yes
405Shaw Communications Inc.Public19664.29,500CanadaTelecom, Media, and TechnologyShaw78.8%131Yes
406Wilh. Werhahn KGPrivate18414.110,300GermanyAdvanced Manufacturing & MobilityWerhahn100%122Yes
407Krones AGPublic19514.116,736GermanyAdvanced Manufacturing & MobilityKronseder52.2%212No
408Weis Markets IncPublic19124.124,000United StatesConsumerWeis65.0%51Yes
409Godrej GroupPrivate18974.123,022IndiaAdvanced Manufacturing & MobilityGodrej66.4%114Yes
410Grupo BarillaPrivate18774.18,481ItalyConsumerBarilla100%94No
411AmorepacificPublic19454.113,257South KoreaConsumerSuh53.9%71Yes
412Rehau AG + Co.Private19484.09,918GermanyAdvanced Manufacturing & MobilityWagner100%22No
413Bet365 Group LtdPrivate20004.04,708United KingdomTelecom, Media, and TechnologyCoates93.3%43Yes
414Buzzi Unicem SpAPublic19074.09,820ItalyAdvanced Manufacturing & MobilityBuzzi51.5%124Yes
415New Balance Athletic Shoe, Inc.Private19064.08,000United StatesConsumerDavis95.0%22No
416Cevital SPAPrivate19714.018,000AlgeriaAdvanced Manufacturing & MobilityRebrab100%61Yes
417Carlson Holdings Inc.Private19384.018,500United StatesGovernment & InfrastructureCarlson-Gage-Nelson100%82Yes
418Rich Products CorporationPrivate19454.011,000United StatesConsumerRich100%43No
419Ben E Keith CompanyPrivate19064.04,000United StatesConsumerHallam100%22Yes
420MSC Cruises S.APrivate19704.0100,000SwitzerlandAdvanced Manufacturing & MobilityAponte69.2%32No
421AMERCOPublic19454.030,000United StatesConsumerShoen58.5%82Yes
422Stena ABPrivate19394.015,200SwedenAdvanced Manufacturing & MobilityOlsson & Erikkson100%132Yes
423Aboitiz Equity Ventures, Inc.Public19204.0145,982PhilippinesAdvanced Manufacturing & MobilityAboitiz56.4%95Yes
424Batu Kawan BerhadPublic19654.05,700MalaysiaAdvanced Manufacturing & MobilityLee54.7%83Yes
425Bajaj Auto Ltd.Public19264.07,921IndiaAdvanced Manufacturing & MobilityBajaj51.2%166Yes
426A.I.A. Agricola Italiana Alimentare SpaPrivate19673.9690ItalyConsumerVeronesi100%30No
427Energisa SAPublic19053.920,500BrazilEnergyBotelho66.4%103Yes
428SeAH Holdings CorporationPublic19603.958South KoreaEnergyLee53.1%62Yes
429The H.T. Hackney CompanyPrivate18913.93,500United StatesConsumerSansom100%11Yes
430bioMérieux S.A.Public19633.912,800FranceHealth Sciences & WellnessMérieux70.7%102Yes
431Hero MotoCorp LtdPublic19843.98,599IndiaAdvanced Manufacturing & MobilityMunjal34.6%92Yes
432Ortwin Goldbeck Holding SePrivate19693.97,068GermanyGovernment & InfrastructureGoldbeck100%65Yes
433AGROSUPER S.A.Private19553.921,446ChileConsumerVial100%61Yes
434Kuala Lumpur Kepong BerhadPublic19063.840,000MalaysiaConsumerHian47.2%82Yes
435American National Insurance Co.Public19053.84,600United StatesFinancial ServicesMoody70.4%122No
436Grupo Lala, S.A.B. de C.V.Public19493.841,000MexicoConsumerHaro76.4%101No
437Franz Haniel & Cie. GmbHPrivate17563.820,400GermanyEnergyHaniel100%120No
438Yanlord Land Group Ltd.Public19933.76,100SingaporeGovernment & InfrastructureZhong70.5%94Yes
439Steelcase Inc.Public19123.712,700United StatesConsumerPew and Welch34.2%132No
440Westcoast (Holdings) Ltd.Private19843.71,600United KingdomFinancial ServicesHemani100%32Yes
441J D Heiskell Holdings LLCPrivate18863.7650United StatesConsumerHeiskel & Hillman100%84No
442Delaware North Companies, Inc.Private19153.755,000United StatesGovernment & InfrastructureJacobs100%11Yes
443European Metal Recycling Ltd.Private19403.63,245United KingdomEnergySheppard100%52Yes
444Axel Springer SEPrivate19463.616,120GermanyTelecom, Media, and TechnologySpringer73.8%131No
445Chimet S.p.A.Private19763.6131ItalyEnergySquarcialupi72.0%41No
446Omya AGPrivate18843.68,000SwitzerlandAdvanced Manufacturing & MobilityHeirs Pluess Stauffer family100%22No
447Hoogwegt Groep B.V.Private19653.6400NetherlandsConsumerHoogwegt100%10No
448Bose CorporationPrivate19643.68,000United StatesConsumerBose100%30No
449SEW-EuroDrive GmbH & Co KGPrivate19313.617,084GermanyAdvanced Manufacturing & MobilityBlickle100%11Yes
450Zorlu Holding A.ŞPrivate19533.6NaNTurkeyConsumerZorlu97.0%55No
451Borusan Holding A.S.Private19443.5NaNTurkeyAdvanced Manufacturing & MobilityKocabıyık70.2%62No
452Hunter Douglas N.V.Public19193.522,871NetherlandsConsumerSonnenberg83.9%11Yes
453Grimaldi Group SpAPrivate19473.516,000ItalyAdvanced Manufacturing & MobilityGrimaldi100%42Yes
454Rigby GroupPrivate19753.58,120United KingdomAdvanced Manufacturing & MobilityRigby100%54Yes
455SMS group GmbHPrivate18713.513,793GermanyGovernment & InfrastructureWeiss100%71No
456Seven Group Holdings Ltd.Public19913.55,400AustraliaTelecom, Media, and TechnologyStokes61.1%92Yes
457Stadler RailPublic19423.512,303SwitzerlandAdvanced Manufacturing & MobilitySpuhler41.5%81Yes
458Nongfu SpringPublic19963.519,079Mainland ChinaConsumerZhong84.0%92Yes
459Hallmark Cards Inc.Private19103.527,000United StatesConsumerHall100%62No
460Koninklijke De Heus B.V.Private19113.56,000NetherlandsConsumerDe Heus100%61Yes
461Avenue Supermarts Ltd.Public20023.548,408IndiaConsumerDamani59.1%71No
462Hub Group, Inc.Public19713.55,000United StatesAdvanced Manufacturing & MobilityYaeger62.2%81Yes
463Laco ASPrivate19853.510,320NorwayAdvanced Manufacturing & MobilityMøgster100%96No
464GCL-Poly Energy Holdings LtdPublic19963.510,730Hong KongEnergyZhu32.1%112No
465Møller Mobilty Group ASPrivate19363.54,282NorwayAdvanced Manufacturing & MobilityMøller100%62No
466Vorwerk & Co. KGPrivate18833.562,400GermanyConsumerMittelsten Scheid100%102No
467Cosco Capital, Inc.Public19883.510,875PhilippinesConsumerCo77.0%82Yes
468Industrias Bachoco S.A.B. de C.V.Public19523.529,780MexicoConsumerRobinson Bours73.3%168No
469PhosAgro OAOPublic20013.410,882RussiaConsumerGuryev48.5%102Yes
470OTTO FUCHS KommanditgesellschaftPrivate19103.410,413GermanyEnergyFuchs76.0%No
471Consolidated Contractors CompanyPrivate19523.4110,000United Arab EmiratesGovernment & InfrastructureKhoury and Sabbagh100%104Yes
472Lee & Man Paper Manufacturing LtdPublic19943.49,300Hong KongConsumerLee50.2%72Yes
473T.J. Morris Ltd.Private19763.425,279United KingdomConsumerMorris100%22Yes
474Central National-Gottesman Inc.Private18863.43,000United StatesConsumerWallach100%11Yes
475Api Anonima Petroli Italiana SpaPrivate19333.415,000ItalyEnergyPeretti100%94No
476Festo AG & Co. KGPrivate19253.420,000GermanyAdvanced Manufacturing & MobilityStoll100%154No
477Cheng Shin Rubber Industry Co LtdPublic19673.428,596TaiwanAdvanced Manufacturing & MobilityLuo43.3%114Yes
478FRITZ EGGER GmbH & Co. OGPrivate19613.410,100AustriaAdvanced Manufacturing & MobilityEgger100%62No
479Bonnier ABPrivate18043.47,976SwedenTelecom, Media, and TechnologyBonnier100%102No
480Viessmann Werke GmbH & Co. KGPrivate19173.412,300GermanyAdvanced Manufacturing & MobilityViessmann100%83Yes
481Orascom Construction Industries CompanyPublic19503.464,000EgyptGovernment & InfrastructureSawiris51.8%60No
482Hubert Burda MedienPrivate19033.411,000GermanyTelecom, Media, and TechnologyBurda100%50No
483Brown-Forman CorpPublic18703.44,800United StatesConsumerBrown56.1%134No
484WEG SAPublic19613.433,342BrazilConsumerVoigt, Silva and Werninghaus64.5%72No
485Messer Group GmbHPrivate18983.410,937GermanyEnergyMesser81.9%61Yes
486Quebecor, Inc.Public19653.49,900CanadaTelecom, Media, and TechnologyPéladeau73.7%91Yes
487Boparan Holdings Ltd.Private19933.320,746United KingdomConsumerBoparan100%72Yes
488Ipsen S.A.Public19293.35,703FranceHealth Sciences & WellnessBeaufour42.1%142No
489Econocom Group SEPublic19823.39,240BelgiumTelecom, Media, and TechnologyBouchard57.9%92Yes
490Porto Seguro SAPublic19453.313,000BrazilFinancial ServicesGarfinkel70.8%72No
491MD S.p.A.Private19943.3NaNItalyConsumerPodini100%94Yes
492J R Simplot CoPrivate19233.311,000United StatesConsumerSimplot100%94No
493Raley's Inc.Private19353.312,200United StatesConsumerRaley Teel100%63No
494Great Lakes Cheese Company, Inc.Private19583.33,000United StatesConsumerEpprecht100%10No
495Alfred Kärcher SE & Co. KGPrivate19353.313,500GermanyAdvanced Manufacturing & MobilityKärcher100%61No
496CIR S.p.A. – Compagnie Industriali RiunitePublic19763.318,648ItalyHealth Sciences & WellnessDe Benedetti44.7%124No
497Vaillant GmbHPrivate18743.315,000GermanyConsumerVaillant100%121No
498PHW-Group / LOHMANN & CO. AGPrivate19323.37,069GermanyConsumerWesjohann100%53Yes
499Henderson Land DevelopmentPublic19763.29,065Hong KongGovernment & InfrastructureLee72.5%186Yes
500Bonduelle SCAPublic18533.214,600FranceConsumerBonduelle55.7%226No

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 and have at least one family member in the board of directors and/or the executive leadership team. If the business is still in the first generation, at least two family members should be in the board of directors and/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 the 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 held by the same family qualify for the Index, the Index will feature either the parent/holding business 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 Refinitiv.

(* 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 the 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: Josh Hsueh.(Give feedback)

Data visualization by smartive AG.

Version 4.0, June 2021 (View older version)