California, home to the most middle-market firms in the nation, also has the most middle-market businesses owned by women and multicultural entrepreneurs, according to a new report by American Express and Dun & Bradstreet.
The report defines middle-market firms as those generating between $10 million and $1 billion in annual revenue.
Of California’s 16,391 middle-market firms – significantly more than 10,105 in second-ranked Texas – 1,230 are owned by women, or about 7.5 percent. The in-state total of middle-market businesses owned by women is nearly 15 percent of the national total of 8,219.
The report said 1,288 middle-market firms in California are owned by multicultural proprietors, about 5 percent of the Golden State total and 19.2 percent of the nationwide total of 6,691.
California’s percentages were higher than the national comparisons. The report said women-owned middle-market firms accounted for about 6 percent of the national total of 136,603, and about 5 percent of all middle-market firms in the United States are owned by multicultural entrepreneurs.