Fortune SEA 500: Singapore Companies Lead Region in Revenue Generation

Singapore’s largest companies generated more revenue than their peers from any other nation in the region last year, dominating the latest Fortune Southeast Asia 500 ranking released on Tuesday. The 82 Singapore-based firms on the list posted a combined US$657.5 billion in revenue, representing nearly 35% of the total for the region’s top corporations.

Now in its third year, the annual list ranks public, private, and state-owned enterprises headquartered in Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam based on revenue for fiscal years ending on or before Dec. 31, 2025. Singapore’s revenue total far surpassed that of second-place Thailand, whose companies generated a collective $352 billion. Indonesia followed with $321.8 billion, Malaysia with $214.9 billion, and Vietnam with $177.9 billion. The Philippines recorded $146.1 billion in revenue, while two firms from Cambodia generated a combined $1.7 billion.

Commodity trading house Trafigura Group, based in Singapore, retained its top spot as the largest company in Southeast Asia. The city-state is home to three of the region’s five largest firms, including agribusiness giants Wilmar International, which ranked fourth with $70.4 billion in revenue, and Olam Group, which placed fifth with $51.5 billion. The region’s four most profitable companies are also headquartered in Singapore: banking majors DBS Group, OCBC, and UOB, alongside telecom operator Singtel.

Overall, the 500 companies on the list saw their combined revenue increase by 3.4% to $1.88 trillion in 2025, with total profits reaching $150 billion, yielding an 8% net margin for the region. Vietnam was noted as a significant growth engine. The combined revenue of Vietnamese companies on the list surged 10.5% year-on-year, the fastest pace in the region aside from Cambodia and roughly three times the regional average. Vietnamese firms accounted for approximately a quarter of the total revenue growth across the ranking, despite comprising less than 10% of the total revenue base.

In terms of representation, Thailand and Indonesia led with 105 and 104 companies on the list, respectively, followed by Malaysia with 93. Of the 34 new entrants to the ranking, Thailand contributed the most with nine, followed by Malaysia with eight.

Nick Gordon, Asia editor at Fortune, said in a press release that Southeast Asia “weathered tariffs and trade protectionism last year to remain one of the world’s most dynamic regions.” He added, “Southeast Asian countries are vital nodes in global supply chains; foreign investment from both Asia and the West is pouring in; and the region's young, mobile-savvy consumers are driving domestic spending.”