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A recent report by the American Immigration Council (AIC) found that 224 of the 500 largest corporations (44.8 percent) in the United States based on revenue were founded by immigrants or their children.
The report noted a spike in immigrant-founded companies, compared to the first New American (moniker used to describe companies founded by immigrants or second/third generation immigrants) Fortune 500 report released in 2011, where it found that more than two out of every five Fortune 500 companies had at least one immigrant or child-of-immigrant founder.
Out of the 224 immigrant-founded New American companies, 103 were founded directly by foreign-born individuals, while children of immigrants founded the remaining 121. The 224 New American companies collectively brought in US $8.1 trillion in revenue, during the fiscal year 2022.
The number is greater than the GDP of developed countries including Japan, Germany, and the UK, as per the International Monetary Fund data. In addition, each of the New American Fortune 500 companies employs 66,192 workers on average. These companies, together, employ over 14.8 million people worldwide.
The report acknowledged the efforts of immigrants and their children in breaking new grounds and being the vanguard of new businesses that fueled job creation for American workers, directly contributing to the growth of the country’s economy, said an AIC news release. The New American Fortune 500 companies are a testament to their success and an indication of the strength of the U.S. economy that embraces entrepreneurial spirit, the release stated.