Family Businesses - Economic Phenomenon
are extremely important and are viewed as economically significant business entities. These types of businesses might be small but they make up a large portion of businesses within most countries. In the United States, family-owned businesses are the backbone of the economy because studies have shown that about 35 percent of Fortune 500 companies are family-controlled. Additionally, they account for 64 percent of the nation’s GDP and generate 62 percent of employment. In North America, family businesses account for about 90 percent of businesses. Walmart is currently the largest family owned business in the United States with net sales at $443 billion.