PwC brought in $50.3 billion in global revenue for the year ending June 30, up 13.4% in local currency terms and 11.4% in U.S. dollars, the firm said on Oct. 4. Last year PwC achieved revenue of $45.3 billion globally.

“In a year of rapid change and numerous challenges globally, our talented people used their broad and diverse range of capabilities to support our clients and stakeholders and to make positive contributions to society. The results we achieved in FY22 are a direct outcome of our strategy, The New Equation, which we launched in June 2021. Its impact is apparent in our financial performance,”

“For the first time, PwC firms across the world earned gross annual revenues of more than $50 billion. During a difficult year for the global economy, we achieved growth in all businesses while also repositioning our portfolio including 17 acquisitions and the disposal of our Global Mobility & Immigration business.”

                                                                                      PwC Global Chairman Bob Moritz.

With Monday’s earnings announcement, PwC remains the world’s second-largest accounting firm by revenue, behind Deloitte, which had $59.3 billion in revenue in fiscal 2022 and ahead of EY, with revenue of $45.4 billion in the fiscal year 2022. The newest company in the Big Four, KPMG, will announce 2022 revenue in December.

PwC’s revenue in the Americas region posted revenue growth of 16% year-over-year, following flat results for fiscal 2021. The U.S. grew 17%, and the company saved the idea. Sales growth in South and Central America was strongest in Brazil, with a 21% increase. Revenue in the Asia-Pacific region grew 14%, with Korea up 23% year-over-year, India up 21%, China at 13%, and Australia up 17%.

Sales in Europe, Middle East and Africa (EMEA) region increased 10%. In the UK and the Middle East, total revenue is up 12%, while in Germany it’s up 14% by 2022.

Among the company’s three main service industries, consulting saw the strongest revenue growth at 23.5%, driven by strong demand for technology-driven business transformation, both in enterprise and in specific business functions, such as finance, back office, and human resources. , according to PwC. This involves helping more customers move to a cloud environment. The company also noted that demand for a sustainable and tax-efficient supply chain transformation is high, due to widespread disruptions. Consulting revenue in 2022 is $20.7 billion, compared with $17 billion in 2021.

Insurance revenue grew 7.6% from $17.1 billion last year to $18 billion this year. PwC says the growth in its audit business is the result of managing complex market dynamics, such as increased auditor revenue, regulation and competition. The company notes that the need for assurance on a wide range of non-financial information will increase, such as disclosures about environmental, social and governance (ESG) factors. According to PwC, the company’s tax and legal services business revenue has grown from $11 billion in 2021 to $11.6 billion in 2022, driven by demand for compliance services. integrated procedures and managed services due to changes in the tax landscape.

Nearly 328,000 people work for PwC globally, and the company says it’s already ahead of its goal last year to hire 100,000 more (real) professionals by 2026.