Global accounting firm PricewaterhouseCoopers said today that gross aggregate revenues for its firms in fiscal 2005 were $20.3 billion.
Excluding expenses reimbursed by clients, net aggregate revenues were $19 billion for the year ended June 30th.
PwC said South America and Asia fuelled its growth in fiscal 2005. On a regional basis, PwC said revenue growth was highest in South America at nearly 22 per cent.
PwC said its firms have invested more than $200 million in China in the last 12 years. PwC China now employs 6,500 people and expects to employ 10,000 within five years.
"PricewaterhouseCoopers' aggregate revenue increase was driven by increased demand for our services, by new regulatory requirements in a number of major capital markets and by a favorable global economic climate," said PwC's Global chief executive Samuel DiPiazza in a statement.
"The continuing expansion of emerging economies in Asia and South America also fueled overall growth," Mr DiPiazza said.