Robust growth returns with lucky number eight 

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ver 50% of the 32 participating networks in the survey recorded double digit growth rates including the top four mid-tier network players. The combined fee income growth rate of the six largest global networks, after the Big Four, was 13% with sixth ranked RSM seeing the largest fee income increase of 16% to just over $7.2bn.

The Big Four firms did not reach double digit combined growth but reported a healthy increase with a 7% combined increase in fee income to $167bn. The smallest of the Big Four, KPMG, was the only Big Four firm to see double digit growth of 10% to $32bn for year-end 30 September 2021. This is a significant increase for the firm as in 2020, it reported a reduction of 3% year-on-year.

Combined fee income for the 32 participating networks was $229bn in 2021, up by 8%.

Similarly, it was a good year for associations as the 20 participating global associations grew a combined 8% to $31.9bn.

The top five associations by fee income saw a combined growth of 11% to $21.4bn.

Across the board there has been little change in the rankings but, notably, MGI Worldwide has moved into the networks table as it takes its organisation more towards a network structure, following its merger with CPAAI in 2019. MGI Worldwide ranked as the 17^th largest network.

Additionally, Russell Bedford International overtook UHY International to become the 19^th largest global network.

The IAB has not included Chinese network Pan-China International in the global ranking despite its growing ambition and plans for a global presence; however the network is sizable with fee income of $680.5m, making it the 12^th largest network in the Asia-Pacific region.

In the associations arena, PrimeGlobal had a strong year with 20% growth to $3.5bn, overtaking GGI to become the third largest association.

For networks, 2021 was a good year across all service lines, with advisory continuing strong double-digit growth of 12%. Tax services grew among networks by 6% with several mid-tier networks reporting double digit-growth such as RSM, Nexia International, Kreston Global and Russell Bedford.

For a change, there has also been an improvement for assurance and audit services, as fee income in the service line grew 5% among participating networks to $75bn.

Similarly, accounting services saw an increase of 8% for networks, a combined $6.5bn.

It was a very similar picture for associations, with both advisory and accounting services growing strongly at 13% and 10% respectively.

Audit and assurance services as well as tax fee income increased 6% for associations.

Regionally, there was an overall positive picture, with both mid-tier networks and associations seeing a double-digit growth of 12%.

In Europe, mid-tier networks fared better with a 13% overall fee income increase to a combined $26.5bn. For associations growth was harder to come by in Europe, as fee income grew 2% to a combined $11.6bn.

The Asia-Pacific region was the best performing region in 2021 with mid-tier networks seeing a 14% increase in fee income and a staggering 22% for associations.

The Latin America region did not perform as well with a lot of the region severely hit by the Covid fall-out, with mid-tier networks increasing fee income by 2% and associations collectively seeing a 20% decrease in fee income.

Similarly, Africa was a region of two tales where mid-tier networks found more favorable conditions with a 13% increase in fee income. Associations on the other hand had a much harder job of it, seeing a collective 28% decrease in fees year-on-year.

For the Big Four, Asia-Pacific and EMEA were the best performing regions with sluggish and flat growth rates in the Americas.