Family-owned enterprises generate USD8.8tr in 2024

Family-owned businesses are crucial to the global economy, generating USD8.8tr in revenue in 2024, a 10% increase from 2023, and employing 25.1 million people worldwide. According to the 2025 EY and University of St. Gallen Global Family Business Index, these firms would form the world’s third-largest economy, after the U.S. and China. Europe leads the index, followed by North America and Asia, with retail, consumer goods, and manufacturing being dominant sectors. Southeast Asia is showing growth, with 17 companies from the region, including major Malaysian firms like YTL Corp. Family offices in Malaysia are also growing, enhancing wealth management and attracting investment. Despite global challenges, family enterprises continue to thrive through mergers and acquisitions, leveraging long-term vision and adaptability.