The First Emerging Market Multinationals Report (EMR) explores how Emerging economies have gained ground in wealth and influence over the past two decades, bringing about radical changes in the global economic landscape. The rise of their multinationals, the so-called emerging market multinationals (or eMNCs), is an illustration of this phenomenon. Lourdes Casanova and Anne Miroux look at the overseas expansion of eMNCs has indeed been remarkable: for instance about 20% of global outward FDI flows today are accounted for by a group of 20 top emerging economies[1], the E20; that share was 2% at the turn of the century. Not only have emerging market multinationals significantly increased their investment abroad; they have also made significant inroads in the global corporate world. For instance, today, about 30% of the firms in the Fortune Global 500 list (based on revenues) are enterprises from emerging markets; they were less than 10% ten years ago. True, China leads the trend: with 98 companies, it ranks second in term of number of Fortune 500 firms - not that far from the US (128), and much more than the number 3, Japan (54). However a wide array of emerging economies is represented: 14 countries of the above mentioned E20 grouping are represented in the Fortune Global 500 list (sometimes with only one entry in the list). The new players come in particular from China, Korea, India, Brazil, Russia, Mexico and Indonesia.