Five of the world’s largest family businesses, in the top 20 of the new Fortune Global 500, have seen their combined revenues slump by more than $74.5 billion compared to last year. The 2015 fiscal year impacted the bottom lines of Volkswagen, Toyota Motor, Samsung Electronics, EXOR Group as well as Walmart. However Walmart has retained the top spot on the Global 500 for the third consecutive year and the eleventh time since 1995.
Volkswagen was the next family business in the Global 500 list, ranked in the seventh place. The group was up one spot from eighth place last year despite a 12% drop in revenue to $237 billion in the wake of the diesel emissions testing scandal.
Carmaker Toyota also climbed one position to eighth place at $236 billion in revenue but was beset by recalls over faulty airbags and a slump in Prius sales.
Third-generation family controlled Samsung Electronics maintained its 13th position regardless of a 25% drop in profits, down to $16 billion, due to poor sales of its Galaxy S6 smartphone.
The EXOR Group, controlled by the Italian fifth-generation Agnelli family, held its 19th place ranking with $152 billion in revenue. However, without the $2 billion proceeds from its sale of its US real estate company Cushman & Wakefield, its profits fell 21% last year.