Immigrant‑Founded Fortune 500 Companies And Their Impact
Immigrant Entrepreneurs’ Role in the U.S. Economy
A new report from the American Immigration Council highlights the significant role immigrant entrepreneurs and their children play in shaping the U.S. economy. Titled “New American Fortune 500 in 2023: The Largest American Companies and Their Immigrant Roots,” the report finds that 44.8% of Fortune 500 companies—224 firms—were founded by immigrants or their descendants.
Tracking Immigrant Business Contributions
Since 2011, the American Immigration Council has tracked immigrant‑founded Fortune 500 companies using Fortune Magazine’s annual ranking of the 500 largest U.S. corporations by revenue. The latest report outlines the economic reach of these firms, both within the United States and globally.
Economic Impact and Job Creation
In fiscal year 2022, companies included in the New American Fortune 500 generated $8.1 trillion in revenue. This figure exceeds the gross domestic product of many developed countries. The report also shows that these companies employ more than 14.8 million people, underscoring their role as major job creators. Their combined contributions continue to influence innovation and economic growth across multiple industries.
Steven Hubbard, a senior data scientist at the American Immigration Council, emphasized the broader impact of these findings. “These companies are a testament to the entrepreneurial spirit of immigrants,” he said. “Their contributions have been instrumental in the United States’ rise as a global economic leader.”
State‑by‑State Economic Influence
The report includes a state‑by‑state analysis of where these firms operate and generate revenue. New York leads with 30 immigrant‑founded Fortune 500 companies, followed by California with 24. Texas, Illinois, Florida, and Virginia also see significant economic benefits. In some cases, revenues from these companies rival a substantial share of a state’s overall economic output.
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You can read the full report here:
New American Fortune 500 in 2023 – American Immigration Council