About 45% of America’s top companies were founded by immigrants or their children. These firms brought in $6.1 trillion in revenues in the fiscal year 2018, according to a recent report.
This figure put into context is larger than the GDP of Germany, Japan and the United Kingdom, reports the New American Economy Research Fund.
These companies are strong drivers of both the American economy and the global economy. Employing 13.5 million workers, a population, if ranked as a state, would be America’s fifth largest, the July 22 report says.
The report, called the New American Fortune 500, revealed that 223 companies were founded by immigrants or their children. Of those companies, 101 were founded directly by people born outside of America. Children of im- migrants founded 122 of the 500.
New York leads the nation with 35 firms founded by immigrants. California was second with 29, followed by Illinois with 21, Texas with 18, Virginia with 12, Florida and New Jersey with 10 each.
These companies play a significant part in the states economies. New York reported 56.3% of GDP was brought in by these firms. In Illinois the percentage was 70.3% of GDP.
The New American Fortune 500 reported 3.2 million immigrants own and operate businesses.