While the city-state ranked fourth in number of entries on the list, its 81 featured companies earned a combined US$637 billion in revenue last year, according to the U.S. business magazine, which ranked the firms based on 2024 revenue.
That figure accounts for a third of the list’s total revenue of $1.8 trillion and is nearly double that of Thailand, which ranked second with $352 billion.
The biggest firm in both Singapore and Southeast Asia is Trafigura Group, a commodities powerhouse dealing in oil, gas, metals and minerals. It claimed the top spot for the second year with $243.2 billion in revenue, nearly four times more than the city-state’s next largest firm, agribusiness group Wilmar.
Three Singapore banks, DBS, OCBC and UOB, were the most profitable companies in the region despite not having the highest revenues, according to Singapore Business Review.
First launched in 2024, the Southeast Asia 500 is now in its second year, showcasing a mix of publicly listed, privately held, and state-owned businesses headquartered in Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, The Edge Singapore reported.
The combined revenue of this year’s top 500 firms rose 1.7% in 2024, trailing the 4.1% GDP growth posted across the economies covered by the ranking.
“Fortune’s interest in the region reflects Southeast Asia’s growing importance as an engine of global growth,” Clay Chandler, Fortune’s executive editor, Asia, said in a press release.
“The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia.”
Singapore’s strategic position as a hub in the region also makes it an attractive base for businesses seeking to expand into nearby markets such as Malaysia and Indonesia.
