Multinational enterprises (MNEs) are key drivers of globalization, but data show that few are truly global. The study focuses on the 'triad' of North America, the EU, and Asia, finding that 80.3% of sales for 320 of the 380 firms with available data are in their home triad region. This suggests that many large MNEs are regionally based rather than globally. The concept of 'triad power' is introduced, where firms have equal penetration in all triad regions. However, most MNEs struggle to achieve this, with only nine firms meeting the criteria. The paper also discusses the implications of this regional focus for MNE strategies, governance, and research. It highlights the importance of regional strategies in the context of 'semi-globalization' and the need for a regional component in MNE governance. The study also examines the performance of MNEs in different regions, showing that many are not successful in all triad regions. The paper concludes that the lack of global success among MNEs has important implications for research on international business, including the need for a more nuanced understanding of regional strategies and the role of firm-specific advantages.Multinational enterprises (MNEs) are key drivers of globalization, but data show that few are truly global. The study focuses on the 'triad' of North America, the EU, and Asia, finding that 80.3% of sales for 320 of the 380 firms with available data are in their home triad region. This suggests that many large MNEs are regionally based rather than globally. The concept of 'triad power' is introduced, where firms have equal penetration in all triad regions. However, most MNEs struggle to achieve this, with only nine firms meeting the criteria. The paper also discusses the implications of this regional focus for MNE strategies, governance, and research. It highlights the importance of regional strategies in the context of 'semi-globalization' and the need for a regional component in MNE governance. The study also examines the performance of MNEs in different regions, showing that many are not successful in all triad regions. The paper concludes that the lack of global success among MNEs has important implications for research on international business, including the need for a more nuanced understanding of regional strategies and the role of firm-specific advantages.