has tracked the ups and downs of America’s largest private companies. Nearly all of these companies have deliberately avoided public markets, preferring to operate as they see fit, not subject to the scrutiny and pressures of public markets. In fact, eight of the top 10 were on our very first list in 1985, and the average age of the companies is 75.
These companies also have massive economic heft, employing 4.7 million people worldwide and bringing in combined revenues of $1.7 trillion. That’s up from $1.65 trillion a year ago, despite the fact that only 228 companies, one less than in 2018, made the list, which requires minimum revenues of $2 billion.
While there was very little change, especially at the top, 14 companies not on last year’s list climbed into the ranks. That includes 8 that returned after a year or more absence. Leading that group is Smart & Final, a California-based chain of warehouse-style stores, at No. 24. Smart & Final first joined the ranks in 2007 when it was acquired by Apollo Global Management. Apollo sold the company to Ares Management in 2012.