The smallest country on the Southeast Asia 500 generated the most revenue 

Fortune’s Southeast Asia 500, which measures the largest companies in the region by revenue, covers seven economies: Indonesia, Thailand, Malaysia, Cambodia, Vietnam, the Philippines, and Singapore.

Indonesia, Southeast Asia’s largest economy in terms of both GDP and population, has the biggest footprint on the list, covering more than a fifth of the total ranking with 109 companies. Thailand, the region’s second-largest economy, sits in second place with 100. 

Singapore, the region’s wealthiest economy by GDP per capita, sits in the middle of the pack, with 81 companies on the Southeast Asia 500.

Measured by revenue, however, the tiny city-state of six million ends up far ahead of its ASEAN peers. 

Total revenue from Singapore-based Southeast Asia 500 companies reached $637 billion, or about a third of the list’s total revenue of $1.8 trillion. That’s twice as much of Thailand, which sits in second place with revenue of $352 billion. 

What’s driving Singapore up the revenue rankings?

Singapore’s “Big Three” banks—DBS, OCBC, and UOB—are perhaps the city-state’s most prominent companies. The three banks are the most profitable companies on the Southeast Asia 500.

Yet they’re not actually the largest Singaporean-based companies on the list. 

No. 1 on the list is Trafigura Group, a commodities group that deals with metals, minerals, oil, and gas. Trafigura’s revenue for 2024 reached $243.2 billion, more than any other company on the list and almost four times more than the next biggest company by revenue in Singapore.

Wilmar and Olam, No. 4 and No. 5, are both in the agribusiness space. These two companies are deeply embedded in the supply chain for consumer goods 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 position as a hub makes it a prime location for companies hoping to do business across the region, particularly in neighboring Malaysia and Indonesia.

Singapore’s status as a financial center also helps to inflate its revenue share. Trafigura and Flex (No. 10) are both legally domiciled in Singapore, which makes them Singaporean companies according to Fortune’s methodology–even though both companies have most of their operations, and even their operational headquarters, in other countries. 

This story was originally featured on Fortune.com