More than two out of five of America’s top-earning companies were founded by an immigrant or the child of an immigrant, a record high, according to a new report by the American Immigration Council.
Since 2011, the American Immigration Council has kept track of how immigrant founders and their descendants impact American business. The D.C.-based nonprofit uses Fortune Magazine’s list of the 500 biggest U.S. companies, ranked by how much money they make, to see how many were started by immigrants.
The report, titled “New American Fortune 500 in 2024: The Largest American Companies and Their Immigrant Roots,” found that 46% of Fortune 500 companies were started by immigrants or their children. This year, 10 new companies, including food delivery company DoorDash and satellite communications provider EchoStar, made the list.
The 230 immigrant-founded companies made a whopping $8.6 trillion in revenue in 2023, more than the economies of many countries. They also employed over 15.5 million people worldwide, pointing to how important they are for creating jobs and economic growth.
“This report shows how immigrants are a boon for our economy, driving job creation and keeping the U.S. economy dynamic and competitive at a global level,” said Nan Wu, director of research at the American Immigration Council, in a statment. “Our country is stronger and richer thanks to those who’ve immigrated here, and we need our policymakers to recognize that reality.”
The report also looked at which states were home to the most immigrant-founded Fortune 500 companies. New York came out on top with 32, followed by California with 28. These companies are a big part of local economies, sometimes making up a large part of the state’s income.
Read the full report here.