KPMG’s global revenue crosses USD 35bn mark; MESAC region doubles FY21 growth

KPMG announced an aggregated global revenue of USD 35bn, with Advisory, Tax & Legal Services and Audit reporting a steady growth of 19%, 10% and 8%, respectively, for the fiscal year ending 30 September 2022. This growth was cascaded in the MESAC region, which grew by 18.3% in local currency terms for FY22.

Kuwait, 11 January 2023: Despite the challenges surrounding the global economic landscape, KPMG’s aggregated revenue grew by about 14% in FY22 to break the USD 35bn barrier. This growth came as a result of the robust financial performance delivered by all three functions of the multi-disciplinary global organization, namely Advisory, Tax & Legal Services and Audit.

FY22 has been a strong year. KPMG firms’ financial performance validates an unwavering commitment to deliver services of the highest quality, through a multi-disciplinary approach that helps us to provide solutions to clients’ most difficult challenges and the stability and resilience to invest, even in hard times. But the true measure of our success is what we’ve been able to accomplish for those that rely on us most. Clients and wider society continue to face complex problems that require KPMG professionals to work across borders and disciplines and to collaborate more closely than ever. Few organizations 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.

Bill Thomas

Global Chairman & CEO

KPMG International

The steady global growth was largely driven by Advisory, which grew the most, i.e. 19% on FY21, owing to the success of Transaction and Deal Advisory services and the continued demand for innovative technologies and advanced cybersecurity solutions. Additionally, the technology investments combined with KPMG firms’ globally connected local knowledge propelled Tax & Legal Services and Audit, causing a growth increase of 10% and 8%, respectively.

Compared to FY21, KPMG member firms in the MESAC (Middle East, South Asia, and Caspian) region also witnessed an increase in aggregate revenue, doubling to 18.3% in local currency terms for FY22.

In a new milestone, the talent pool in the MESAC region exceeded 10,000 people for the first time. Moreover, particularly strong growth was achieved in Advisory where revenue grew by nearly 30% over prior year.

The region expanded its reach by welcoming the Caspian cluster which brought KPMG member firms in six more countries and territories into the MESAC region. Together with these, the MESAC region has now established KPMG member firm presence in 20 countries and territories.

After two years of the Covid-19 pandemic, the KPMG offices were fully open and we could reach out to our clients in-person. In addition to advising our clients on complex business problems, KPMG in Kuwait contributed to the economic growth of the country by supporting the SMEs, start-ups and early-stage companies, which are the real drivers of the economy. We also strived to become a better business and started our KPMG Impact Plan, which allows our employees to reach out to the community and take up several social responsibilities in the field of education, healthcare, environment and technology. This program is closely aligned with KPMG’s ESG philosophy which acts as a watermark running through our organization. We are committed to quality and integrity as they are vital to inspire confidence and enable change. They form the foundation that strengthens all areas of our business, as a result of which we have become a trusted partner to multiple businesses and stakeholders across the world.

Dr. Rasheed Al-Qenae

Chairman of the KPMG Middle East, South Asia, Caucasus and Central Asia (MESAC) region and

Managing Partner, KPMG in Kuwait

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MESAC Region

The MESAC region focused on building strategic corridors to strengthen resource mobilization and delivery networks, in addition to making working arrangements with key global and regional alliances, especially in the technology domain.

The global organization also remained committed to buttressing the quality and trust agenda and welcomed new specialists and subject-matter experts at all levels to deliver high-quality and multi-disciplinary services to support in solving modern organizations’ complex problems globally. As a consequence, a total of 29,000 new roles were created, causing a notable rise in headcount to reach 265,645 partners and employees.

KPMG stood true to its gender parity commitments and achieved near-equal representation from men (51.5%) and women (48.5%) on the Global Management Team in the said fiscal year. In KPMG in Kuwait, the female staff grew by 15% as compared to the previous financial year to stand at 40%. The firm comprises employees and partners of 17 different nationalities as it recognizes the importance of IDE (inclusion, diversity and equity) as a driver of fresh schools of thought and will continue to leverage it to maintain and build on a positive workforce that works in tandem toward achieving a common goal.

In the 2022 KPMG International Transparency Report, we outline our structure, governance and approach to audit quality — operating within a robust and consistent system of quality management using market-leading technology to transform the audit experience for our clients and teams

Dr. Rasheed Al-Qenae

Chairman of the KPMG Middle East, South Asia, Caucasus and Central Asia (MESAC) region and

Managing Partner, KPMG in Kuwait

For more on KPMG’s commitment to quality: KPMG International 2022 Transparency Report.

For more of KPMG’s Corporate Highlights in FY22, including stories of KPMG professionals and how they’ve worked shoulder-to-shoulder with clients, visit: kpmg.com/corporatereporting

About KPMG International

KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

For more detail about our structure, please visit home.kpmg/governance.

Notes to editors: KPMG FY22 member firm revenues (US$ billions)

Regions	FY22	FY21	Local Growth
Americas	13.71	11.88	16%
Asia Pacific	6.31	5.97	13%
EMA	14.62	14.28	11%
Total	34.64	32.13	13%

Functions	FY22	FY21	Local Growth
Audit	11.85	11.46	8%
Tax and Legal Services	7.35	7.02	10%
Advisory	15.44	13.65	19%
Total	34.64	32.13	13%

*14% is based on the growth in continuing operations, and excludes the FY21 and FY22 revenues from businesses sold or countries from which KPMG exited during this period. When not restated, the revenue growth is 13% and all other growth rates in this press release are similarly not restated, unless highlighted.

Regions	FY22	FY21	Local Growth
Americas	13.71	11.88	16%
Asia Pacific	6.31	5.97	13%
EMA	14.62	14.28	11%
Total	34.64	32.13	13%

Further information

The financial information set out represents combined information of the independent KPMG member firms that perform professional services for clients, affiliated with KPMG International Limited. The information is combined here solely for presentation purposes. KPMG International Limited performs no services for clients nor, concomitantly, generates any client revenue.

FY22 revenues throughout this press release, reflect KPMG’s financial year between 1 October 2021 and 30 September 2022 and are based on US dollar gross revenues, including travel and other client reimbursable expenses. Local growth percentages are based on maintaining consistent FY22 exchange rates within the prior year.

Headcount reported above based on partners and staff employed as of 30 September 2022.

Legal services may not be offered to SEC registrant audit clients or where otherwise prohibited by law.

Throughout this press release, “we”, “KPMG”, “us” and “our” refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.