WASHINGTON, Aug. 29, 2023—In an annual review of the most successful companies in the United States, the American Immigration Council unveiled today a report that sheds light on the contributions of immigrant entrepreneurs and their children to the U.S. economy. The report, “New American Fortune 500 in 2023: The Largest American Companies and Their Immigrant Roots,” reveals that an impressive 44.8% of Fortune 500 companies in 2023, equating to 224 companies, were founded by immigrants or their children.  

Since the inception of the New American Fortune 500 report in 2011, the American Immigration Council has consistently tracked the impact of immigrant founders and their descendants on corporate America. The report draws from Fortune Magazine’s annual ranking of the United States’ 500 largest corporations, ranked by revenue, to analyze the share of companies that were founded by immigrants or the children of immigrants and these firms’ contributions to the U.S. and global economy. 

These New American Fortune 500 companies collectively generated a staggering $8.1 trillion in revenue during fiscal year 2022, surpassing the GDP of several developed nations. Their significant contributions extend beyond revenue, as they employ over 14.8 million people, emphasizing their role as a crucial driver of job creation and economic prosperity. 

“These New American Fortune 500 companies stand as a testament to the extraordinary entrepreneurial spirit of immigrants. Immigrants have long been economic catalyzers, known for igniting innovation and growth across industries,” said Steven Hubbard, senior data scientist at the American Immigration Council. “This report underscores the pivotal role that immigrants and their descendants play in shaping the nation’s economic landscape. Their innovative contributions and dedication to entrepreneurship have contributed significantly to the United States' standing as a global economic powerhouse as evident in this report.” 

Furthermore, the report showcases the state-level impact of these New American Fortune 500 companies. New York leads the states with the most companies (30), followed by California (24), Texas, Illinois, Florida, and Virginia. These companies collectively shape state economies, with revenues in some cases exceeding a significant portion of the state’s GDP. 

The full report and interactive tool can be accessed here.   

###

For more information, contact: Brianna Dimas at the American Immigration Council, [email protected] or 202-507-7557.  

The American Immigration Council works to strengthen America by shaping how America thinks about and acts towards immigrants and immigration and by working toward a more fair and just immigration system that opens its doors to those in need of protection and unleashes the energy and skills that immigrants bring. The Council brings together problem solvers and employs four coordinated approaches to advance change—litigation, research, legislative and administrative advocacy, and communications. In January 2022, the Council and New American Economy merged to combine a broad suite of advocacy tools to better expand and protect the rights of immigrants, more fully ensure immigrants’ ability to succeed economically, and help make the communities they settle in more welcoming. Follow the latest Council news and information on ImmigrationImpact.com and Twitter @immcouncil.