The New American Fortune: Immigrant Roots in America's Top Companies

Research by the American Immigration Council reveals a remarkable statistic: nearly half of the companies on the latest Fortune 500 list were established by "New Americans"—a term encompassing both immigrants and their children. This group includes trailblazers like the son of a Syrian immigrant who founded Apple, a Russian immigrant who co-founded Google (now Alphabet), the son of a Cuban immigrant behind Amazon, and the progeny of Canadian immigrants with Romanian roots who started Costco. These four behemoths alone generated a staggering $1.4 trillion in revenue in fiscal 2023, surpassing the GDP of most Western countries, and employed about 2.2 million people.

In total, 224 companies on the 2023 list, representing 44.8%, have their origins in New American families. Of these, 103 were initiated by immigrants themselves, while 121 were the brainchild of their children. These companies collectively reported revenues of $8.1 trillion, a figure exceeding the GDP of every country except the U.S. and China, and employed a global workforce of 14.8 million.

These New American businesses span a wide array of sectors, from retail (Kohl's) and telecommunications (Verizon, AT&T) to finance (JP Morgan Chase, Citigroup), pharmaceuticals (Pfizer, Moderna), and beyond. This diversity underscores the broad impact of immigrant entrepreneurship across the American economy.

Since the Council began tracking New American Fortune 500 firms in 2011, the trend has remained consistent: over 40% of these companies have immigrant or second-generation immigrant roots.

Recent noteworthy additions to the Fortune 500 list include Coupang, an e-commerce giant founded by Bom Kim, a South Korean immigrant; Moderna, co-founded by the son of a Chinese immigrant and other immigrant scientists; and Commercial Metals, a century-old steel corporation started by Russian immigrant Moses Feldman.

The list also celebrates long-standing corporations with immigrant origins, such as Kohl’s department store, founded by a Polish immigrant, and Estée Lauder, initiated by the daughter of Hungarian Jewish immigrants.

These success stories are a testament to the integral role of immigrants in shaping American corporate history and driving economic progress. Beyond the Fortune 500, immigrants contribute significantly to the U.S. economy through medium and small businesses. Approximately 3.2 million immigrants, accounting for 21.7% of all U.S. entrepreneurs, run their own businesses, demonstrating a higher propensity for entrepreneurship compared to native-born Americans. This entrepreneurial spirit is vital for the U.S. economy, especially considering that most net job growth comes from startups and new ventures.

The narrative of the New American Fortune 500 serves as a powerful reminder of how immigrants and their descendants continue to foster job creation and propel the American economy, embodying the enduring spirit of innovation and diversity that defines the United States.

Source: https://immigrationimpact.com/2023/08/29/immigrant-fortune-500-companies-gdp/#:~:text=Research%20by%20the%20American%20Immigration,Russian%20immigrant%3B%20Amazon%2C%20founded%20by