The Fortune 500 is a prestigious list of the largest companies in the United States, featuring corporate giants like Apple, Amazon, and ExxonMobil. These companies are known for their vast influence on the American economy. But there's another player on the field - the "New American Fortune 500." This emerging list comprises businesses driven by immigrants, and it's reshaping the landscape of American entrepreneurship and economic success. Read more to learn what the New American Fortune 500 represents and the pivotal role that immigration plays in this evolving narrative.
The New American Fortune 500
The New American Fortune 500 represents a transformative shift in the business landscape. It consists of companies founded or co-founded by immigrants, first-generation Americans, and entrepreneurs who have embraced the American dream. These businesses have not only achieved remarkable success but also contributed significantly to the U.S. economy.
According to The American Immigration Council, the data speaks volumes about the profound impact of immigrants on the American business landscape. More than two out of every five Fortune 500 companies, representing the 500 largest corporations by revenue in the country, have been shaped by immigrants or their descendants. In a recent report, The American Immigration Council revealed that 44.8 percent of Fortune 500 companies could be classified as "New American" enterprises, meaning they were founded by immigrants or their children. This figure illustrates the significant and growing influence of immigrant entrepreneurship in the United States. Out of these companies, 103 were directly established by foreign-born individuals, while another 121 were founded by the children of immigrants. Among the latest additions to the New American Fortune 500, several remarkable and impactful companies have emerged, further exemplifying the transformative force of immigrant entrepreneurship.
These New American firms not only leave an indelible mark on the U.S. economy but also play a pivotal role in the global economic landscape. In fiscal year 2022, the 224 New American companies amassed a staggering $8.1 trillion in revenue. To put this immense figure into perspective, it surpasses the GDP of several developed countries, including economic powerhouses like Japan, Germany, and the United Kingdom. In fact, a hypothetical nation with an economic output equivalent to the revenues generated by these New American Fortune 500 firms would stand as the third-largest economy globally, trailing only the United States and China. This extraordinary economic prowess underscores the substantial contributions that immigrant-founded and immigrant-influenced businesses make, both domestically and on the global stage.
Beyond their significant economic contributions, the New American Fortune 500 companies are instrumental in job creation, employing over 14.8 million people globally. These businesses are catalysts for employment opportunities, fostering economic growth in the United States and beyond. Notably, six U.S. states stand out as focal points for these dynamic enterprises. New York, California, Texas, Illinois, Florida, and Virginia host a remarkable concentration of at least ten New American Fortune 500 firms each. These states serve as vibrant hubs for immigrant entrepreneurship, showcasing the diversity and dynamism that immigrant-founded companies bring to regional economies.
The New American Fortune 500 highlights the invaluable role that immigrants play in driving economic growth, innovation, and job creation in the United States. As immigrant entrepreneurs continue to make their mark on the business world, it becomes increasingly clear that immigration is intricately linked to the nation's economic success. If you are an investor or entrepreneur eager to be part of this flourishing movement and are considering making your mark in the United States, we invite you to reach out to us. With a track record of assisting thousands of foreign nationals, we specialize in helping individuals like you identify, start, and grow businesses in the U.S. Our expertise lies in comprehensive consulting, crafting robust business plans, and offering vital business deliverables that pave the way for your entrepreneurial dreams to become a reality.
The information provided in this blog is intended solely for informational purposes. While we strive to offer accurate and up-to-date content, it should not be considered legal advice. Immigration laws and regulations are subject to change, and individual circumstances can vary widely. For personalized guidance and legal advice regarding your specific immigration situation, we strongly recommend consulting with a qualified immigration attorney who can provide you with tailored assistance and ensure compliance with current laws and regulations.
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in four different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital, and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration, SBA loans, and others.
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