Why there are so many successful family businesses

When you hear the phrase “family business,” you might think of the backstabbing Roys of Succession or the dysfunctional Duttons of Yellowstone. But while TV’s family companies are entertaining, their real-life counterparts may be even more compelling.

Around the world, family businesses produce about two-thirds of all economic output and employ more than half of all workers. And they can be very profitable: The world’s 500 largest family businesses generated a collective US$8.8 trillion in 2024.