Singapore companies top Southeast Asia in revenue

Singaporean companies on the list generated $819b in combined revenue.

Singapore-based companies generated the highest revenue amongst Southeast Asia’s largest firms, according to the Fortune Southeast Asia 500 list released this week.

The ranking, which measures the region’s top 500 companies by revenue, spans seven economies: Indonesia, Thailand, Malaysia, Vietnam, the Philippines, Cambodia, and Singapore.

Singapore, the region’s wealthiest nation by GDP per capita, ranked third in terms of representation with 81 companies on the list—behind Indonesia (109) and Thailand (100). But when measured by revenue, Singapore outpaced all ASEAN peers by a wide margin.

Singaporean companies on the list recorded a combined revenue of $819b (US$637b), accounting for over one-third of the total $2.31t (US$1.8t) generated by all 500 companies. That figure is nearly double Thailand’s total of $452b (US$352b)

Topping the list is Singapore-headquartered Trafigura Group, a commodities trading giant with $312.6b (US$243.2b) in revenue for 2024—making it the largest company in Southeast Asia by revenue. Despite its Singapore registration, most of Trafigura’s operations remain outside the city-state.

Singapore’s three local banks—DBS, OCBC and UOB—ranked as the most profitable companies in the region. However, they are not the largest by revenue.

Other major Singaporean firms include agribusiness giants Wilmar International and Olam Group, ranked fourth and fifth respectively. Wilmar reported $86.6b (US$67.4b) in revenue last year, whilst Olam generated $53.2b (US$42b).

Singapore’s status as a regional financial and trading hub continues to attract multinational firms. Companies such as Trafigura and Flex (No. 10) are legally domiciled in Singapore despite maintaining major operations elsewhere, a factor that boosts the city-state’s revenue share under Fortune’s methodology.