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Expand chart
Data: New American Economy Research Fund; Chart: Chris Canipe/Axios

Immigrants and their children have founded 45% of the U.S.' Fortune 500 companies, according to a new study by New American Economy, a bipartisan pro-immigration group.

Why it matters: The share of the most successful and globally recognized U.S. companies that have immigrant founders is growing, according to NAE's Hanna Siegel and Andrew Lim, while the Trump administration has tried to make it more difficult for immigrants to come to the U.S., often claiming that they take American jobs and lower wages.

Between the lines: Immigrants may have a negative impact on the work prospects of some U.S.-born workers, as Harvard economics and social policy professor George Borjas wrote for Politico. But they also are increasingly a vital part of the U.S. economy.

By the numbers: Fortune 500 companies founded by immigrants or their children employ 13.5 million people, and on average employ 11% more people than the average Fortune 500 company with a nonimmigrant founder, the study found.

  • These companies brought in $6.1 trillion in annual revenue last year.
  • More than half of the revenue brought in by Fortune 500 companies in New York, Washington state, Georgia and Pennsylvania, among others, came from companies founded by immigrants or their children.
  • In Illinois, the revenue brought in by immigrant-founded Fortune 500 companies was equal to 70% of the state’s GDP.

Go deeper

Updated 2 mins ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: FDA OKs antiviral drug remdesivir for non-hospitalized COVID patients — Walensky: CDC language "pivoting" on "fully vaccinated" — Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Teens and adults missed 37 million vaccinations during COVID — Team USA 100% vaccinated against COVID ahead of Beijing Olympics — Kids' COVID vaccination rates are particularly low in rural America — Annual COVID vaccine preferable to boosters, says Pfizer CEO.
  3. Politics: Arizona governor sues Biden administration over COVID funds tied to mandates — Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults — Beijing officials urge COVID-19 "emergency mode" before Winter Olympics.
  5. Variant tracker
29 mins ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 2 hours ago - Economy & Business

Tax season nightmare ahead for understaffed IRS

Illustration: Shoshana Gordon/Axios

The IRS will start accepting 2021 tax returns in less than a week, and the filing delays and administrative headaches to come might eclipse last year — which was “one of the worst filing seasons," according to an independent advocacy agency within the IRS.

Why it matters: For taxpayers, especially with complex or paper filings, this means headaches, delayed refunds, and mistakes.

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