New American Companies Surge Ahead with $8.6 Trillion in Revenue, Surpassing Global Economies
A newly issued report conducted by the American Immigration Council reveals that in 2024, 46% of Fortune 500 companies were founded by immigrants or by the children of immigrants. This roughly equates to more than two out of every five Fortune 500 companies – or 230 companies. An increase from last year.
These immigrant-founded companies are referred to as “New American” companies. House-hold names include Apple, Nordstrom, Costco Wholesale, and emerging companies such as DoorDash and Monster Beverage. Collectively, New American companies employ 15.5 million people globally. And in 2023, New American companies outpaced the world’s largest economies, producing $8.6 trillion in revenue. In comparison, Germany’s Gross Domestic Product (GDP) for 2023 was $4.5 trillion, Japan’s GDP was $4.2 trillion, and India’s GDP was $3.6 trillion.
New American companies not only contribute significantly to the national economy and GDP, but these companies also stimulate the economies of their home states. New York, California, Texas, Illinois, Florida, and Virginia host the highest concentration of New American companies and are reaping substantial benefits. Data shows these immigrant-founded companies propel business development, investment, economic growth as well as job creation.
New American Fortune 500 companies dominate the Manufacturing, Professional and Other Services, and Information sectors and hold the largest industry share as compared to other Fortune 500 companies. With a significant presence in the Resources and Energy, Retail, Transportation, and Finance industries as well, New American Fortune 500 companies are pivotal to the U.S. economy. Investing in these critical industries is essential for the U.S. to maintain its place in the global economy, stay competitive, and continue to lead in global markets.
You can read the full report here: American Immigration Council, New American Fortune 500 in 2024.
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