The current annual turnover of tech giant Amazon is $ 265,468 billion, but how does the turnover of small companies around the world relate to the tech giant's fortune? Latona has analyzed the data from Eurostat and the Census Bureau of the United States to show how small companies' sales compare to those of Amazon.
- Switzerland's SMEs have the highest average sales, with $ 8.53 million, making Amazon sales equivalent to 31,125 Swiss SMEs
- The US comes in 3rd place in the race to meet Amazon, with 120,709 SMEs that match Amazon's earnings
- Ireland is in 4th place, with 173,122 SMEs equal to Amazon's sales
- The UK is in 9th place with an average SME turnover of $ 1.18 million
- In Spain, Amazon's sales are the same as those of 523,682 SMEs
The current annual turnover of tech giant Amazon is $ 265,468 billion, but how does the turnover of small companies around the world relate to the tech giant's fortune? Latona has analyzed the data from Eurostat and the Census Bureau of the United States to show how small companies' sales compare to those of Amazon. You can view the full findings here.
At the top is Switzerland, where the average turnover of a small to medium-sized enterprise (SME) is an impressive $ 8.53 million. This puts Swiss SMEs far ahead of the competition in terms of turnover, since the second highest average SME turnover is $ 3.74 million in Luxembourg. This means that a combined turnover of more than 31,000 Swiss SMEs would be needed to match that of Amazon, which currently stands at $ 265,468.
Ireland's SMEs come in 4th place and far surpass the UK, with the UK in 9th place. The average SME turnover of Ireland is $ 1.53 million, while that of the UK is $ 1.18 million. While this is an impressive achievement for Irish business, it still places them far behind Amazon's massive sales, which corresponds to 173,122 Irish SMEs and 224,055 British SMEs.
The US is slightly closer to Amazon's sales, with an average SME sales of $ 2.20 million, putting them in 3rd place in the race to meet Amazon. However, the race is clearly more of a marathon than a sprint, because the combined sales of 120,709 American SMEs would still be needed to match Amazon's sales.
Germany comes in sixth place, home to a number of large car companies, such as Mercedes, BMW and Audi, which generate a lot of money for the country's economy. The German SME, however, still has a long way to go to compare with the technology giant Amazon. In fact, it would equal 196,942 combined sales of SMEs to Amazon, with sales of an SME in Germany averaging $ 1.35 million per year.
The top 10 alone brings Norway with an average annual turnover of SMEs at $ 1.17 million, more than seven times less than that of SMEs in Switzerland. Amazon's huge annual turnover is equivalent to 227,211 SMEs in Norway.
Rick Latona, Director of Latona, notes: "Our research shows the enormous scale of Amazon & # 39; s wealth compared to SMEs around the world, but it also shows that millions of small businesses are flourishing both in Europe and the US and grow.
It's great to see smaller countries such as Belgium and tech-forward Estonia reaching the top 20. It only proves that innovation and hard work are the cornerstones of a successful company. & # 39;