Billionaires, global CEOs and crypto executives descended on Singapore last week as a growing number of high-profile conferences coincided with the country's Formula 1 Grand Prix.
More than 40 business events were held around this year's Grand Prix period, up from over 25 in 2025 and over 30 in 2024, according to the Singapore Tourism Board. The events included the Milken Institute Asia Summit, TOKEN2049, the Forbes Global CEO Conference, Solana Summit APAC and the Global-Asia Family Office Summit.
Formula 1 has generated more than 2.2 billion Singapore dollars ($1.72 billion) in incremental tourism receipts between its debut in 2008 and 2024, according to Singapore's Ministry of Energy, Trade and Industry, which equates to an average of S$150 million each. The race itself costs approximately S$140 million a year to organize, METI said, though noted it isn't directly comparable with the revenue generated.
Singapore GP said the 2026 race drew 301,294 spectators, the second-highest attendance in the event's history.
Business events themselves are becoming a larger source of tourism revenue. Receipts from meetings, incentives, conventions and exhibitions (MICE) rose 35% to S$2.3 billion in 2025, outpacing the 10% growth in Singapore's overall tourism receipts to a record S$32.8 billion, data from STB showed.