A new report from the American Immigration Council highlights the significant role that immigrant entrepreneurs and their children play in shaping the U.S. economy. The report, titled “New American Fortune 500 in 2023: The Largest American Companies and Their Immigrant Roots,” reveals that 44.8% of Fortune 500 companies, or 224 firms, were founded by immigrants or their descendants.
Since 2011, the American Immigration Council has tracked the contributions of immigrant founders and their children to corporate America, using Fortune Magazine’s annual ranking of the 500 largest U.S. corporations by revenue. The report details the economic impact these companies have, not only on the national stage but also globally.
In fiscal year 2022, these New American Fortune 500 companies generated $8.1 trillion in revenue—exceeding the GDP of many developed countries. Additionally, they are key job creators, employing over 14.8 million people. The report emphasizes the crucial role these companies play in driving innovation and economic growth across industries.
Steven Hubbard, senior data scientist at the American Immigration Council, noted, “These companies are a testament to the entrepreneurial spirit of immigrants. Their contributions have been instrumental in the United States’ rise as a global economic leader.”
The report also provides a state-by-state breakdown of the impact of these companies, with New York leading with 30 such firms, followed by California with 24. Other states like Texas, Illinois, Florida, and Virginia also benefit significantly from the economic influence of immigrant-founded companies, whose revenues in some cases surpass a large portion of their state’s GDP.
You can read the full report here:
https://www.americanimmigrationcouncil.org/research/new-american-fortune-500-2023
