Indonesia, Southeast Asia\u2019s largest economy in terms of both GDP and population, has the biggest footprint on the list, covering more than a fifth of the total ranking with 109 companies. Thailand, the region\u2019s second-largest economy, sits in second place with 100.\u00a0<\/p>\n
Singapore, the region\u2019s wealthiest economy by GDP per capita, sits in the middle of the pack, with 81 companies on the Southeast Asia 500.<\/p>\n
Measured by revenue, however, the tiny city-state of six million ends up far ahead of its ASEAN peers.\u00a0<\/p>\n
Total revenue from Singapore-based Southeast Asia 500 companies reached $637 billion, or about a third of the list\u2019s total revenue of $1.8 trillion. That\u2019s twice as much of Thailand, which sits in second place with revenue of $352 billion.\u00a0<\/p>\n
<\/div>\n
What\u2019s driving Singapore up the revenue rankings?<\/h2>\n
Singapore\u2019s \u201cBig Three\u201d banks\u2014DBS, OCBC, and UOB\u2014are perhaps the city-state\u2019s most prominent companies. The three banks are the most profitable companies on the Southeast Asia 500.<\/p>\n
Yet they\u2019re not actually the largest Singaporean-based companies on the list.\u00a0<\/p>\n
No. 1 on the list is Trafigura Group, a commodities group that deals with metals, minerals, oil, and gas. Trafigura\u2019s revenue for 2024 reached $243.2 billion, more than any other company on the list and almost four times more than the next biggest company by revenue in Singapore.<\/p>\n
Wilmar and Olam, No. 4 and No. 5, are both in the agribusiness space. These two companies are deeply embedded in the supply chain for consumer goods like butter, nuts, grains, and cooking oils. Revenues for Wilmar and Olam reached $67.4 billion and $42 billion respectively in 2024.<\/p>\n
Singapore\u2019s central position as a hub makes it a prime location for companies hoping to do business across the region, particularly in neighboring Malaysia and Indonesia.<\/p>\n
Singapore\u2019s status as a financial center also helps to inflate its revenue share. Trafigura and Flex (No. 10) are both legally domiciled in Singapore, which makes them Singaporean companies according to Fortune\u2019<\/em>s methodology\u2013even though both companies have most of their operations, and even their operational headquarters, in other countries.\u00a0<\/p>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"Fortune\u2019s Southeast Asia 500, which measures the largest companies in the region by revenue, covers seven economies: Indonesia, Thailand, Malaysia, Cambodia, Vietnam, the Philippines, and Singapore. Indonesia, Southeast Asia\u2019s largest economy in terms of both GDP and population, has the biggest footprint on the list, covering more than a fifth of the total ranking with […]<\/p>\n","protected":false},"author":235,"featured_media":15567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[123],"tags":[],"class_list":["post-15566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n
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