NEW YORK, NY—Today, New American Economy (NAE) released new data showing that almost 44 percent of 2018’s Fortune 500 companies were founded by immigrants or their children. Among these are some of the largest and most successful companies in the world, including Apple, Amazon, Costco, and Bank of America. Together, these companies employ 13 million people worldwide.
Key findings from the brief – The New American Fortune 500: 2018 Edition – include:
- 43.8 percent (or 219 firms) of all Fortune 500 companies were founded by an immigrant or the child of immigrants. 20 percent (or 100 firms) were founded directly by foreign-born entrepreneurs.
- The New American Fortune 500 employ 13 million people worldwide and made more than $5.5 trillion in combined revenue in 2017. This amount equals more than Japan’s GDP ($4.9 trillion) and more than the GDP of California and Texas combined. If these companies formed a country, they would represent the third largest economy in the world, following only the United States and China.
- In some states, the revenues of the New American Fortune 500 are equal to significant shares of total state GDP. In New York, the Fortune 500 companies founded by immigrants or their children produced revenue that equals 57.3 percent of the state’s total GDP. In Illinois, New American companies brought in combined revenue equal to 69 percent of the state’s GDP.
“This is immigration in a nutshell – it means more entrepreneurs, more innovation, and more jobs for Americans across the country,” said John Feinblatt, President of New American Economy. “Immigrants or their children started 44% of Fortune 500 companies, and to ensure our economic future, it’s imperative that we continue to attract more of the world’s best and brightest.”