Writing EFE News, Aug. 29 (EFE).– Nearly half of the largest US companies in terms of revenue and contribution to the US and global economy are founded by immigrants or their children, according to a study released Tuesday by the US Immigration Council.
The study, which has been updated annually since 2011, indicates that 44.8 percent of the companies on the 2023 Fortune 500 list were founded by immigrants or their children. This equates to 224 companies.
Combined, these companies generated $8.1 trillion in revenue during fiscal year 2022, which exceeds the gross domestic product of many developed countries.
“These new Fortune 500 companies are a testament to the extraordinary entrepreneurial spirit of immigrants. Immigrants have long been economic catalysts, and they are well-known.” driving innovation and growth across industries.”
He added that the contributions of these companies exceed revenues, as they employ more than 14.8 million people, stressing their role as a primary engine for job creation and economic prosperity.
Hubbard added that the report highlights the critical role immigrants and their descendants play in shaping the country’s economic landscape.
“His innovative contributions and dedication to entrepreneurship have greatly contributed to America’s standing as a global economic power,” he added.
The study includes household names like Apple and Costco in the Fortune 500, as well as foreign-born newcomers like Coupang (South Korea) or Lululemon Athelica (Canada). The original nationality of all the founders is not specified.
New York leads the states with the largest number of listed companies (30), followed by California (24), Texas, Illinois, Florida and Virginia. Collectively, the study says, these companies make up the state’s economies, and in some cases their revenues exceed a significant portion of the state’s gross domestic product.
He adds that by venturing into uncharted territories, immigrants and their children created new businesses that fueled job creation for American workers and boosted the country’s economy.
The study concluded that the new Fortune 500 American companies they founded are a testament not only to their success but also to the strength of the American economy and the personality that welcomes them and embraces their entrepreneurial spirit.