When the term “family business” pops in a conversation, we tend to conjure an image of a small- or mid-sized business that has been handed down from one generation to another, much like an inheritance. Although some of these family-owned firms fit this description, such notion is not broad enough to encompass the major role of family businesses in boosting growth in the global economy.

Statistics show that the proliferation of family businesses makes them a driving force in the world economy. In Southeast Asia alone, 65 percent of total listed companies in the region are family-owned while family businesses make up two-thirds of firms across the globe. In a survey conducted by Credit Suisse in 2020, which polled a database of 1,000 publicly listed family companies and used basis points to describe percentage changes, family-owned businesses in Europe and Asia outshined non-family-owned firms by 470 basis points (4.7 percent) and more than 500 basis points (5 percent) per annum, respectively.

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