Singapore firms take 35% of Southeast Asia 500 revenue

Singapore companies accounted for more than a third of revenue on Fortune’s Southeast Asia 500, giving the city-state an outsized role in the region’s corporate rankings. The figures show how a smaller market can carry large regional weight through commodity trading, finance, manufacturing and technology groups.

Fortune said the Southeast Asia 500 ranks the region’s largest companies by revenue and covers seven economies: Indonesia, Malaysia, Thailand, Vietnam, Singapore, Cambodia and the Philippines. Singapore placed fourth by company count, with 82 firms on the list.

By revenue, Singapore ranked first. Fortune said Singapore-based companies generated $657.6 billion in 2025 revenue, equal to 35% of the $1.88 trillion total for all companies in the ranking.

Thailand was second by revenue, with $358.2 billion, according to Fortune. By number of companies, Thailand led the list with 105 firms, while Indonesia followed with 104. Fortune said the two countries swapped positions from last year, when Indonesia had 109 companies and Thailand had 100.

Trafigura leads the regional list

Fortune said five of the 10 largest companies in the Southeast Asia 500 are headquartered in Singapore. The top-ranked company was Trafigura, the commodities group, with $240.3 billion in revenue.

Two Singapore-based agribusiness companies also ranked near the top. Fortune listed Wilmar at No. 4 with $70.4 billion in revenue and Olam at No. 5 with $51.5 billion.

Fortune said Wilmar’s revenue rose 4.5% from the previous year, while Olam’s increased 22.5%. It also noted that Olam’s divestment of its food, feed and fiber business, Olam Agri, took effect in April and could affect where the company places in next year’s ranking.

DBS, described by Fortune as Southeast Asia’s largest bank by assets, ranked No. 8 with $28.3 billion in revenue. Flex ranked No. 9 with $27.9 billion; Fortune said the manufacturing company keeps its legal headquarters in Singapore while its operational headquarters is in the United States.

Banks and telecoms dominate profit rankings

Singapore also led on profits. Fortune said Singaporean companies earned $43 billion in profit, out of $150 billion across the full Southeast Asia 500.

Indonesia ranked second on that measure, with companies earning $26.9 billion in profit, according to Fortune. The top four companies by profit were all Singaporean, Fortune said.

Those companies included Singapore’s three major banks, DBS, OCBC and UOB, along with Singtel, the telecommunications and data center group. Fortune said Indonesia’s Bank Central Asia ranked fifth by profit.

Singapore’s representation extended beyond commodities and finance. Fortune said Sea ranked No. 12 overall and was the highest-ranked technology company in the region.

The ranking points to a concentration of large corporate revenue in Singapore despite its smaller number of listed companies. Fortune’s data show that the country’s biggest groups generated far more sales and profits than their company count alone would suggest.

This story draws on original reporting from Fortune.