Singapore’s $100 Billion Club: DBS and SEA lead the market cap race — who deserves the lion’s share?

Singapore: The nation’s corporate landscape has just crossed a new milestone, with two homegrown giants now valued at over $100 billion each, according to the latest list from Companies Market Cap.

Topping the list is DBS Group, now boasting a market capitalisation of $141.71 billion. Much of the bank’s remarkable growth took place under the leadership of former CEO Piyush Gupta, who served from 2009-2025.

In 2009, DBS was in dire need of a strategic overhaul. The bank was still recovering from the global financial crisis and had a reputation for being bureaucratic and risk-averse.

Gupta’s tenure transformed DBS from a regional banking heavyweight into a global name in digital finance. Under his watch, the bank aggressively expanded, attracting investors for high-growth markets.

Just behind DBS is SEA Limited, with a market cap of $132.19 billion. Best known as the parent company of Shopee — the e-commerce platform that has become a staple in Southeast Asia and Garena —the gaming division behind hits like Call Of Duty Mobile, SEA has become one of Singapore’s most recognisable tech success stories.

Helmed by Forrest Li, SEA has expanded far beyond online shopping and gaming. Li is also an influential figure in Singapore’s football scene, owning Lion City Sailors FC and being named as the President of The Football Association of Singapore.

Is crossing the $100 billion mark just a symbolic achievement?

Many critics have argued that they rarely see the money trickling down to the grassroots level, and a large portion gets funnelled out for investments in foreign economies; however, the milestone signals that Singapore is home to companies that can compete and dominate on the global stage.

Together, they represent two sides of Singaporean “Innovation” — the stability of established finance and the dynamism of digital disruption in a nation where physical retail rental prices are rapidly increasing.

Singapore’s business ecosystem continues to punch above its weight, but many Singaporeans are asking — at what cost and who really benefits?

Singaporean’s have long been lauded as the most talented in the developed world, putting in work hours much higher than the global average.

Are Singaporean companies achieving a global presence as a result of visionary leaders who rake in the fame and large salaries, or hard-working Singaporeans who are facing rapidly rising costs of living with wages barely keeping up?

As these companies grow, their influence extends beyond market charts. DBS shapes the way millions globally manage their money, and SEA transforms how people shop, play, and connect both online and in-person.