Fortune’s Southeast Asia 500, which measures the biggest corporations within the area by income, covers seven economies: Indonesia, Thailand, Malaysia, Cambodia, Vietnam, the Philippines, and Singapore.
Indonesia, Southeast Asia’s largest financial system when it comes to each GDP and inhabitants, has the most important footprint on the listing, masking greater than a fifth of the whole rating with 109 corporations. Thailand, the area’s second-largest financial system, sits in second place with 100.
Singapore, the area’s wealthiest financial system by GDP per capita, sits in the course of the pack, with 81 corporations on the Southeast Asia 500.
Measured by income, nevertheless, the tiny city-state of six million finally ends up far forward of its ASEAN friends.
Complete income from Singapore-based Southeast Asia 500 corporations reached $637 billion, or a couple of third of the listing’s whole income of $1.8 trillion. That’s twice as a lot of Thailand, which sits in second place with income of $352 billion.
What’s driving Singapore up the income rankings?
Singapore’s “Big Three” banks—DBS, OCBC, and UOB—are maybe the city-state’s most outstanding corporations. The three banks are probably the most worthwhile corporations on the Southeast Asia 500.
But they’re not truly the biggest Singaporean-based corporations on the listing.
No. 1 on the listing is Trafigura Group, a commodities group that offers with metals, minerals, oil, and fuel. Trafigura’s income for 2024 reached $243.2 billion, greater than some other firm on the listing and nearly 4 occasions greater than the following greatest firm by income in Singapore.
Wilmar and Olam, No. 4 and No. 5, are each within the agribusiness house. These two corporations are deeply embedded within the provide chain for shopper items like butter, nuts, grains, and cooking oils. Revenues for Wilmar and Olam reached $67.4 billion and $42 billion respectively in 2024.
Singapore’s central place as a hub makes it a main location for corporations hoping to do enterprise throughout the area, significantly in neighboring Malaysia and Indonesia.
Singapore’s standing as a monetary middle additionally helps to inflate its income share. Trafigura and Flex (No. 10) are each legally domiciled in Singapore, which makes them Singaporean corporations in line with Fortune’s methodology–although each corporations have most of their operations, and even their operational headquarters, in different nations.
