New American Fortune 500 in 2024

Immigrant entrepreneurs have long played a crucial role in building America’s success. Many of the country’s most well-known and influential companies were started by immigrants or their children. For this report, we refer to these businesses as “New American” companies. This group includes widely recognized brands like Amazon and Apple, as well as rising stars on the Fortune 500 list, such as DoorDash and Monster Beverage. Immigrants have consistently been a driving force of business innovation and growth in America.

Since we released the first New American Fortune 500 report in 2011, our analysis has consistently found that more than two out of every five Fortune 500 companies—the 500 largest corporations in the United States by revenue—were founded by immigrants or the children of immigrants. This year, the percentage of New American companies has reached a new high: 46 percent of Fortune 500 companies in 2024 were founded by immigrants or the children of immigrants.

These New American Fortune 500 companies are clear proof of not only immigrant success and contributions to America but also the extraordinary potential that exists for all Americans in meaningful immigration reform.

New American Companies in 2024

Looking at the New American companies that made the 2024 Fortune 500 list, we find that 46 percent, or 230 companies, were founded by immigrants or their children. Of those companies, 108 had immigrant founders and 123 had founders being children of immigrants. This year, 10 new companies made the New American Fortune 500 list, half of which were founded by immigrants (see Table 1).

These New American firms make important contributions to both the U.S. and the global economies. In fiscal year 2023, they collectively generated $8.6 trillion in revenue—an amount that exceeds the GDP of many developed countries, including Japan, Germany, India, and the United Kingdom. In fact, a country with a GDP equal to the revenues of the New American Fortune 500 firms would be the third largest economy in the world, behind only the United States and China.

New American Fortune 500 companies are powerful job creators. On average, each one on 2024’s list employs 67,332 workers. Together, they employ over 15.5 million people worldwide—a population that would rank as the fifth largest state in the United States, just after New York but easily beating Pennsylvania.

Economic Impact Across States and Industries

Existing data on all Fortune 500 companies highlights their immense contribution to the economy. According to a 2019 study, these 500 companies in the United States represented over two-thirds of the country’s gross domestic product.

The states where these Fortune 500 companies are headquartered benefit as well. States with high concentrations of Fortune 500 headquarters, such as New York, Texas, and California, tended to function as central “business hubs,” with increased business investment and development. Moreover, these states typically had places where professionals could gather and engage in industry discussions, fostering new business formation and economic activity.

New American Fortune 500 firms are concentrated in several states, providing a similar positive economic impact. New York, America’s original immigrant gateway, leads the pack with 32 firms. California comes in second with 28 New American Fortune 500 companies, followed by Texas, Illinois, Florida, and Virginia. 

Of the 14 largest U.S. industries, the highest share of New American Fortune 500 companies was in manufacturing, where more than two-thirds of firms were founded by immigrants or their children. The professional and other services industry had nearly as high a share, at 63.6 percent. The information industry had the third highest share, with 56.4 percent of its companies founded by immigrants or their children. 

Immigrant entrepreneurs are a crucial part of the broader U.S. economy, making up 22.6 percent of all entrepreneurs nationwide and even higher shares in some industries. Immigrants represent one-third of entrepreneurs in the accommodations and food service sector, for example, and 26.6 percent of entrepreneurs in the construction sector.

As new immigrant-founded businesses grow, some have the potential to become Fortune 500 companies, where they will spur even greater innovation and job creation for American workers.