#Singapore #Fortune #Southeast Asia 500 #Trafigura

Fortune Unveils 2025 Southeast Asia 500 Rankings

On June 16, 2025, Fortune announced the release of the Southeast Asia 500 rankings, showcasing the largest companies in the region based on their revenue from the previous fiscal year. This being the second annual list, the rankings reflect the growing economic significance of Southeast Asia, particularly as it emerges as a resilient growth engine for the global economy.

Key Highlights

Singaporean commodities trader Trafigura retained the top spot, generating over $243 billion in revenue for 2024. Following Trafigura are Thailand's PTT, Indonesia's Pertamina, and Singapore’s food giants, Wilmar and Olam. Collectively, the top five companies produced almost $516 billion in revenue, constituting 28% of the total amassed by the entire 500 companies.

The regions represented in this year’s list include Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. Indonesia continues to lead with 109 representations, followed closely by Thailand with 100, while Malaysia and Singapore have 92 and 81, respectively. As countries in the region strive to enhance their economic presence, Vietnam and the Philippines have 76 and 40 companies on the list. Cambodia rounded out the list with two companies.

Economic Insights and Sector Performance

The total revenue generated by all companies on the 2025 list reached an impressive $1.82 trillion, showing an increase from $1.79 trillion in the previous year. The energy sector once again dominated the rankings overall, accounting for nearly a third of total revenue, highlighting its importance in the regional economy.

Growth and Development

Notably, the top 20 firms alone achieved $836 billion in revenue, demonstrating the concentrated economic power of the region's largest entities. This economic momentum has been partially fueled by shifting manufacturing capacities from China, driven by trade tensions and tariff hikes, prompting companies to turn towards Southeast Asia. The region is recognized for its manufacturing and export capabilities, attracting significant overseas investment.

Interestingly, the list also shines a light on the progress of female leadership in these organizations, with a total of 37 female CEOs, a noteworthy increase from 29 last year. Additionally, the trend showcases younger leadership, with ten CEOs in their 30s. The average age of the executives leading the Southeast Asia 500 is 58, demonstrating the evolving corporate landscape in the region.

Future Prospects

According to Clay Chandler, Executive Editor for Asia, this year’s rankings illustrate the region’s pivotal role in global growth and its potential to harness emerging industries such as electric vehicles, mining, and artificial intelligence. As the world economy navigates uncertainty, Southeast Asia's resilience and adaptability stand out, further solidifying its stature in global supply chains.

Fortune’s Southeast Asia 500 list and analysis are available on Fortune.com/asia and will soon appear on newsstands across the region as well. With insights into the booming industries and businesses reshaping the economic framework, this report is essential for understanding the future trajectory of Southeast Asia.

Conclusion

As Southeast Asia positions itself as a robust economic hub, its companies are not merely adapting to changes but are also thriving, providing a roadmap for growth that combines regional strength with global strategies.