Top 500 family firms’ revenue up by 10% despite global slowdown: Study

SINGAPORE – The world’s 500 largest family enterprises have grown their revenue by 10 per cent to US$8.02 trillion (S$10.7 trillion), despite the global economic slowdown, according to a new study.

Of the 500 listed in the study, 17 family firms are from South-east Asia, with two from Singapore.

Singapore palm oil firm Golden Agri-Resources was ranked 230th in 2021 and rose to 177th in 2023.

Local real estate developer Yanlord Land Group ranked 437th in 2021 and rose to 339th this year.

Known as the 2023 EY and University of St Gallen Family Business Index, the study found that the 500 largest family businesses had generated US$8.02 trillion in revenue and employed 24.5 million people across 47 jurisdictions.

The index is published once every two years and is based on a global ranking of 500 family-owned businesses according to their revenues.

The number of Singapore…