KPMG global revenues up by 14% to $35 billion

23 December 2022 2 min. read
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A booming advisory division has seen KPMG achieve global revenues of $35 billion over its past financial year.

Professional services firm KPMG has hit the $35 billion mark in global revenues on the back of 14% growth for the year to October.

The firm’s Americas region was the standout division, growing by 16%, outpacing Asia Pacific (+13%) and Europe, the Middle East and Africa (+11%) in growth terms.

Global revenue of KPMG

“KPMG’s financial performance validates an unwavering commitment to deliver services of the highest quality, through a multi-disciplinary approach that helps us provide solutions to clients’ most difficult challenges,” stated global chair and CEO Bill Thomas. “Few organisations have the expertise and global reach that KPMG has, and we’re at our best when we work together to inspire confidence and empower change.”

While the firm achieved growth across its three primary functions – Tax & Legal Services (up by 10%), Audit (8%), and Advisory, it was the latter which led the charge, up by an impressive 19% and now well truly accounting for the bulk of the firm’s revenues, this year contributing $15.5 billion. KPMG pointed to its transaction services practice for the strong advisory growth, along with ongoing demand for advanced technology, cyber solutions and sustainability.

In terms of headcount, KPMG added almost 30,000 new roles over 2022, equating to a 12% overall increase to take its total of partners and employees to 265,000 spread across more than 140 countries and territories worldwide – including 56,000 in the Asia Pacific. The Amsterdam-headquartered firm’s EMEA (Europe, the Middle East and Africa) geography is by far its largest, home to over 140,000 of its employees.

“This year’s growth will help us to continue to invest in our people – which remains critical in a competitive marketplace for talent,” Thomas stated. “Ensuring KPMG professionals are working on diverse projects that are making a positive difference and providing them with a flexible career path in an inclusive and caring environment are priorities for us. Keeping people motivated and happy is fundamental to success.”

Despite the healthy growth figures, KPMG remains ensconced on the bottom rung of the Big Four in terms of revenue, a long way behind the almost $60 billion generated by ladder leader Deloitte over its past financial year. KPMG’s closest competitor, Ernst & Young, grew by more than 16% this year to pull in $45 billion – although it’s looking increasingly likely EY will split itself in two in the near future, leaving behind a potential Big Three.