Ever wondered who the business giants of Southeast Asia are—or which country quietly dominates the region in terms of corporate revenue? The answer is revealed in the newly released Fortune Southeast Asia 500 list for 2025.
Fortune, a global media company known for its prestigious rankings such as the Fortune 500 and Fortune Global 500, is a widely trusted authority in the business world. It evaluates corporate performance using clear and rigorous metrics.
For Southeast Asia, the Southeast Asia 500 is an annual ranking, now in its second year in 2025. It assesses companies based on their revenue during the 2024 fiscal year.
The list covers seven major countries in the region: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. To qualify, companies must meet a minimum revenue threshold of US$349.4 million. The combined revenue of all companies featured totals US$1.82 trillion—an increase from US$1.79 trillion the previous year.
Who Leads in Numbers and Who Leads in Wealth?
In terms of number of companies, Indonesia takes the lead. As the region’s largest economy and most populous country, Indonesia contributes 109 companies to the list. Thailand follows closely with 100 companies, then Malaysia (92), Singapore (81), Vietnam (76), the Philippines (40), and Cambodia (2).
However, when viewed by total revenue, Singapore leaps ahead. Despite having only 81 companies on the list, the city-state accounts for US$637.1 billion—more than a third of the list’s total revenue.
In comparison, Thailand ranks second with US$352.6 billion, followed by Indonesia with US$321.8 billion.
Trafigura: Singapore’s Corporate Titan
Topping the 2025 Southeast Asia 500 is Trafigura Group, a commodity trading powerhouse headquartered in Singapore. In 2024, Trafigura reported a staggering US$243.2 billion in revenue.
The company deals in metals, minerals, oil, and gas—and far outpaces every other company on the list, generating more than four times the revenue of Singapore’s second-largest firm.
Interestingly, Singapore also hosts two other agribusiness giants: Wilmar (ranked No. 4) and Olam (No. 5), with revenues of US$67.4 billion and US$42 billion, respectively. This trio of corporate heavyweights reinforces Singapore’s position as a strategic business hub serving the entire Southeast Asian region.
Energy and Finance Sectors Dominate the Top Ranks
Energy emerged as the most dominant sector in this year’s list, accounting for nearly one-third of the total combined revenue. Alongside Trafigura, other major players include PTT from Thailand (No. 2) and Pertamina from Indonesia (No. 3). Bangchak, also from Thailand, made it into the top 20 after a remarkable 47% surge in revenue.
Beyond energy, the financial sector also stood out. Singapore’s three major banks—DBS, OCBC, and UOB—were among the most profitable companies on the list.
DBS retained its position as the bank with the highest revenue and profits for the second consecutive year. In total, 13 financial institutions ranked among the 20 most profitable companies.
New Entrants & Rapid Growth
Several newcomers joined the list this year with impressive revenue growth. Among them is NationGate from Malaysia, a precision manufacturing company that recorded the fastest revenue growth of all.
From Indonesia, mining and energy company Petrindo Jaya Kreasi saw significant gains, while Vietnam’s transport infrastructure firm Tasco JSC also made headlines for its performance.
Meanwhile, established players that posted strong growth include Philippine gaming company Digiplus Interactive, as well as transport and travel firms such as SATS and Changi Airport Group from Singapore, and Airports of Thailand.
Women in Leadership & a New Generation of CEOs
There’s positive news on the diversity front. The number of female CEOs in the Southeast Asia 500 rose to 37—an increase of 28% from last year.
The same growth rate applies to female chairpersons. Interestingly, 10 CEOs in their 30s made it onto the list, even though the average CEO age remains at 58.
Southeast Asia on the Rise
The Fortune Southeast Asia 500 is more than just a ranking of large companies—it reflects the region’s vibrant and evolving economy. With surges in the energy, finance, and manufacturing sectors, along with greater representation of women and young leaders, the list signals that Southeast Asia is increasingly poised to take center stage—especially as global supply chains shift away from China.