In this article, we take a look at the 20 largest private companies in the world. If you want to see more largest private companies in the world, go directly to 5 Largest Private Companies in the World.
Private companies are not listed on any public stock exchanges.
As a result, they don’t have to disclose a lot of their financial data to the public. Although many private companies do have to file various paperwork with the government, the level of disclosure of financial results is a lot less.
While they don’t have to disclose as much, some of the biggest private companies in the world are among some of the world’s largest companies as their businesses have considerable market share in various industries. By market share alone, it is possible to make a rough estimate on their annual sales in terms of one sector. Some of the biggest private companies are also among the nation’s leading employers that is also public data.
Some of the biggest private companies in the world stay private because the owners see it as an advantage. Because their earnings results aren’t released to the public every quarter, the largest private companies can adopt long term strategies when it comes to their businesses.
Some of the world’s biggest private companies can spend more money on building a brand, for instance, or investing in a money losing business if it means ultimately creating more value later on.
Public companies that try to spend a lot of money on money losing initiatives for the long term might find it more difficult as their financial results might not meet estimates in some cases and some shareholders might not be too happy as a result.
Just as the largest public companies, the largest private companies operate in a variety of different industries.
Given the United States is the largest economy in the world, many of the world’s largest private companies are based in the United States.
Given the Federal Reserve has raised rates substantially in 2022 and inflation is still high, many of the largest private companies have faced more challenges last year. Nevertheless, many of the largest private companies in the world still rank among the largest in terms of sales.
Like 2022, 2023 could also be an uncertain year for many companies given the Federal Reserve is expected to raise interest rates further this year. Although inflation in the United States has eased from its highs in late 2022, Federal Reserve officials have signaled they are not done with tightening. New York Fed President John Williams said in February 2023, “We need to attain a sufficiently restrictive stance of policy. We’re going to need to maintain that for a few years to make sure we get inflation to 2%.”
If the Federal Reserve raises interest rates too much, there is potential for an economic slowdown or even a recession. Although Goldman Sachs estimates the odds of a U.S. recession are 25% in the next 12 months given the strong labor market, projections can change depending on economic developments and Federal Reserve policy.
If there is an economic slowdown, many of the largest private companies in the world might not grow as quickly in terms of their sales for 2023.
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Methodology
For our list of 20 Largest Private Companies in the World, we included the top 10 companies by revenue from Forbes’ America’s Largest Private Companies 2022 list.
We also included the world’s 6 biggest companies internationally. We do not include state owned companies even if they are not listed on an exchange. Given state owned companies are owned by the government, they are technically not private companies even though some of the world’s state owned companies have substantial revenues.
We also included the big 4 accounting firms, Ernst & Young, Deloitte, PricewaterhouseCoopers, and KPMG three of the four which are headquartered in Britain. For those of you interested, check out 25 Largest British Companies by Revenue.
20 Largest Private Companies in the World
20. Love’s Travel Stops & Country Stores
2022 Revenue: $25.5 billion
2022 Number of Employees: 38,000
Love’s Travel Stops & Country Stores, also known as Love’s, is a family owned and operated chain of convenience stores and gas stations with headquarters in Oklahoma City. Founded in 1964, Love’s Travel Stops & Country Stores has 590 locations in 41 states. Their locations have convenience stores, fast food restaurants, gas stations, shower rooms, and more. In 2022, Love’s Travel Stops & Country Stores had revenue of $25.5 billion, ranking #20 on our list of 20 Largest Private Companies in the World.
19. Enterprise Holdings
2022 Revenue: $30 billion
2022 Number of Employees: 80,000
Enterprise Holdings is the parent company of Enterprise Rent-A-Car and the largest car rental company in America. Collectively, the company has over 10,000 locations and 80,000 employees. In 2022, Enterprise Holdings had revenue of $30 billion.
18. C&S Wholesale Grocers
2022 Revenue: $33 billion
2022 Number of Employees: 14,000
C&S Wholesale Grocers is the largest wholesale grocery supply company in the United States that supplies over 7,700 independent supermarkets, chain stores and more. In 2022, C&S Wholesale Grocers had 14,000 employees and revenue of $33 billion.
17. KPMG
2022 Revenue: $35 billion
2022 Number of Employees: 265,000
KPMG is one of the ‘big four’ accounting firms with substantial scale and the only one of the big four that isn’t headquartered in Britain. In 2022, KPMG had sales of $35 billion and 265,000 employees. KPMG is also growing. In FY22, the company’s revenues rose 14% year over year with Americas sales rising 16% year over year.
16. Reyes Holdings
2022 Revenue: $35.3 billion
2022 Number of Employees: 33,000
Reyes Holdings is a food & drink firm that produces and delivers various brands of food and beverages to retailers. Founded in 1976, the family owned and operated company has 33,000 employees and 2022 sales of $35.3 billion.
15. H-E-B
2022 Revenue: $38.9 billion
2022 Number of Employees: 145,000
H-E-B is a regional supermarket chain based with 340 stores across Texas and also Mexico. Founded in 1905, the chain has 145,000 employees and also substantial revenue. In 2022, H-E-B had sales of $38.9 billion, ranking #15 on our list of 20 Largest Private Companies in the World.
14. Pilot Company
2022 Revenue: $41.9 billion
2022 Number of Employees: 30,000
Pilot Company is the largest operator of travel centers in North America with over 750 travel center locations across 44 states and six Canadian provinces. In 2022, Pilot Company had 30,000 employees of sales of $41.9 billion.
13. Mars, Incorporated
2022 Revenue: $45 billion
2022 Number of Employees: 140,000
Mars, Incorporated is one of the largest candy companies in the world with well known brands such as Skittles, Snickers, and M&Ms. The company also has a petcare and a food business. In 2022, the company had 140,000 employees in more than 80 countries. In the same year, Mars, Incorporated had sales of $45 billion.
12. Ernst & Young
2022 Revenue: $45.4 billion
2022 Number of Employees: 365,399
Ernst & Young, also known as EY, is one of the big four accounting firms. In FY2022, the company experienced its highest growth rate in nearly two decades with sales rising 16.4% year over year in local currency to $45.4 billion. In the same year, Ernst & Young had 365,399 employees.
11. Publix Super Markets
2022 Revenue: $48 billion
2022 Number of Employees: 230,000
Publix Super Markets, also known as Publix, is a supermarket chain that operates 1,288 retail food supermarkets across Florida, Georgia, South Carolina, and several other Southern states. In 2022, the company had 230,000 employees and revenue of $48 billion.
10. PricewaterhouseCoopers
2022 Revenue: $50.3 billion
2022 Number of Employees: 328,000
PricewaterhouseCoopers, also known as PwC, is the second largest ‘big four’ auditing firm in the world by 2022 revenue. In terms of its sales, PwC’s global revenue rose 13.4% year over year to $50 billion for the 12 months ending June 30, 2022. For the year, the company’s Americas sales increased 17% year over year and its Asia Pacific sales rose 14% year over year. In 2022, PricewaterhouseCoopers had 328,000 employees. Given its scale, PricewaterhouseCoopers ranks #10 on our list of 20 Largest Private Companies in the World.
9. Deloitte
2022 Revenue: $59.3 billion
2022 Number of Employees: 415,000
Deloitte is the largest of the ‘big four’ accounting firms with 2022 sales of $59.3 billion, up 19.6% year over year in local currency for the fiscal year ending May 31 2022. In terms of its businesses, the company’s consulting sales rose 24.4% year over year while its financial advisory business rose 22.1% year over year. Deloitte describes its consulting business, “Consulting helped clients build organizational resilience, pivot business models, and shape better futures using its scale, depth of experience, and breadth of offerings to deliver a full suite of Advise, Implement, and Operate services. We continued to invest in, and accelerate, digital transformation and help clients address sustainability and climate initiatives by scaling our practices in software engineering, artificial intelligence, and cloud and edge computing.” In 2022, Deloitte was the biggest employer among the big four with 415,000 employees.
8. Huawei
2021 Revenue: $99.9 billion
2021 Number of Employees: 195,000
Huawei is one of China’s largest private companies that had sales of $99.9 billion in 2021. For 2022, the company sees sales of $91.6 billion as the company has faced headwinds given U.S. tech sanctions. In 2021, Huawei had 195,000 employees.
7. Koch Industries
2022 Revenue: $125 billion
2022 Number of Employees: 120,000
Koch Industries ranks #7 on our list of 20 Largest Private Companies in the World with 2022 revenue of $125 billion. The privately held conglomerate operates a diverse group of companies in manufacturing, agriculture, paper, packaging, and more. In 2022, Koch Industries had over 120,000 employees globally in over 70 countries, with around half of its employees in America.
6. Tata Group
2022 Revenue: $128 billion
2022 Number of Employees: 935,000
Tata Group is an Indian conglomerate that owns Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, and more. In 2022, the company’s diverse operations had collective sales of $128 billion and employed 935,000 employees. With India’s future growth, Tata Group’s sales could potentially increase further if it maintained its market share.
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Disclosure: None. 20 Largest Private Companies in the World is originally published on Insider Monkey.
