Singapore punches above its weight on the Southeast Asia 500, capturing a third of total revenue

Singapore is one the smaller countries in Southeast Asia, but its companies continue to dominate the rankings of the Fortune Southeast Asia 500.

The list, which ranks Southeast Asia’s largest companies by revenue, covers seven different economies: Indonesia, Malaysia, Thailand, Vietnam, Singapore, Cambodia and the Philippines.

Thailand and Indonesia lead the list when it comes to the number of companies, with 105 and 104 firms on the list respectively. The two countries have switched places compared to last year’s ranking with 109 Indonesian companies and 100 Thai companies.

Singapore has just 82 companies on the list, putting it in fourth place. But measure by revenue, and the country’s footprint gets much larger. Singaporean companies on this year’s ranking generated $657.6 billion in 2025 revenue, 35% of the total $1.88 trillion generated by all Southeast Asia 500 firms. (In second place is Thailand, with $358.2 billion in revenue).

Half of the top 10 companies on the Southeast Asia 500 are headquartered in Singapore, with the No. 1 slot going to the commodity giant Trafigura, with revenue of $240.3 billion.

Wilmar and Olam, ranked fourth and fifth, are agribusiness firms based in Singapore. Wilmar brought in $70.4 b...