SW International is ranked 20th in terms of fee income and 17th in terms of total headcount, with the highest growth rates among all top 30 networks globally according to International Accounting Bulletin (IAB). SW International recorded revenue of USD 454.8 million in 2018, representing a year-on-year growth of 26%. Global headcount also increased by 22% to 8,258 across 80 offices worldwide.
Over 20% Growth in Both Income Fees and Headcount
Despite growing uncertainty in the international landscape, our growth of fee income and headcount remains robust given our combination of organic growth and acquisition of new member firms.
Significant achievements have been made across all service lines. Advisory topped the growth with a 120% increase; tax increased by 67.8%, accounting by 46.8% and audit by 27.8%. The recruitment of a new member firm in Germany with over 450 people further solidified our position in Europe. Aside from the addition of our new member firm in Germany, we also admitted member firms in Thailand, Taiwan and Indonesia and reorganized our Japanese firm. By far, we have 14 member firms worldwide, extending our global reach steadily.
In the past few years, SW has been investing greater resources in technology. Mr. Zhang Ke, Chairman of sw International, said: “Despite the fast-evolving international environment, SW remains strong with our core competitiveness and takes a rapid move towards digitization.”
When asked about specific efforts made to strengthen SW technology capabilities, Mr. Zhang Ke said: “We established a data center in China with 270 staff in 2018 and expect to reach up to 1,000 staff in 3 years. Tax declaration robots went on line and footnote auto-generation software for multiple financial reports was successfully developed.”
It’s inevitable that the industry would reshuffle as a result of digitization. SW is confident and steadfast in the face of these challenges and will continue to grow our member firms in the years to come.