Immigrant entrepreneurs continue to shape our economy and play a critical role in the success and innovation of major corporations. In 2024, this trend is clearer than ever, with 46% of Fortune 500 companies being founded by immigrants or the children of immigrants.
This year marks the highest share the American Immigration Council has recorded since we began this project in 2011. As our report highlights, these “New American” companies have not only contributed significantly to the U.S. economy, but they have also created millions of jobs and sparked innovation across many U.S. industries.
In 2024, a total of 230 Fortune 500 companies were either founded by immigrants or their children. These New American companies include many household brand names like Apple, Amazon, Disney, and DoorDash. Collectively, New American companies generated $8.6 trillion in revenue in 2023—an amount that exceeds the GDP of many developed countries, including Japan, Germany, and the United Kingdom. If these companies were a standalone country, their GDP would rank as the third largest in the world, behind only the U.S. and China.
Fortune 500 companies founded by immigrants or children of immigrants also employ many workers worldwide. On average, each of the New American Fortune 500 companies employs over 67,000 workers. Together, they employ over 15.5 million people globally—equivalent to the fifth largest state in the U.S. The number of workers employed at New American Fortune companies is a little larger than the state population of Pennsylvania—the fifth largest state in the country.
In 2024, New American Fortune companies are especially prominent in key industries. The manufacturing industry had the highest number and share of companies in the Fortune 500, with over two-thirds of its largest firms started by immigrants or their children. The professional and other services industry follows closely, with 63.6% of its companies having immigrant roots. The information industry also shows a strong presence, with 56.4% of its firms founded by immigrants or their children.
Of the 22 Fortune 500 companies where the founder is still the CEO, eight of those founders are immigrants and one is a child of immigrants. These companies—Tesla, Nvidia, Coupang, Steel Dynamics, Wayfair, Sanmina, DoorDash, Prologis, and Super Micro Computer—underscore the lasting influence of immigrant entrepreneurship on the U.S. economy, with a strong presence in both tech and innovative sectors.
In today’s global economy, the United States faces several new challenges. One of the key issues is how to attract and support the next wave of entrepreneurs and innovators, especially as other nations take a more proactive approach in recruiting top talent. While the U.S. has traditionally been the premier destination for global talent, it has become increasingly clear that smarter immigration policies are needed to support and grow this advantage.
FILED UNDER: Entrepreneurship