Singapore leads Southeast Asia 500 revenue rankings despite its small size

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 billion in revenue, while Olam recorded $51.5 billion, up 4.5% and 22.5% from the previous year’s figures, respectively. (Olam’s divestment of its food, feed and fiber business, Olam Agri, which took effect in April, could affect its ranking in next year’s Southeast Asia 500 list.)

DBS, Southeast Asia’s largest bank by assets, sits in the No. 8 slot with $28.3 billion in revenue, while global manufacturing giant Flex—which maintains Singapore as its legal headquarters, even as its operational headquarters sits in the U.S.—is No. 9, with $27.9 billion.

Singapore is also the home of Sea, No. 12 on the ranking and the region’s highest-ranked tech company. 

Profits, too, are a Singapore story. Singaporean firms generated $43 billion in profits, out of a total $150 billion. That’s far ahead of the country in second place, Indonesia, whose companies earned a total of $26.9 billion in profits last year.

Four Singaporean companies sit at the very top of the rankings, including Singapore’s “Big Three” banks—DBS, OCBC and UOB—and telecoms and data center giant Singtel. (No. 5 on the profits rankings is Indonesia’s Bank Central Asia)