The number of publicly listed firms has decreased by about half over the last 20 years even though the market capitalization of these firms is up more than 20x. Additionally, the 30 largest firms now account for about half of all public company earnings; in other words, firms are getting much bigger. Why has the number of public companies decreased so much? Are firms just getting bigger or are more companies staying private? Why might a firm wish to stay private? What is the role of private equity and particularly venture capital in fewer public companies? What is the impact on the investors and society of having fewer publicly listed firms? What is the impact of having fewer companies making a greater percentage of all income?