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Speaking at the Tourism Industry Conference 2026 on May 8 at Resorts World Convention Center, Singapore’s Minister-in-charge of Trade Relations Grace Fu said tourism receipts hit an all-time high of S$32.8 billion last year, Channel News Asia reported.

The figure exceeded the Singapore Tourism Board’s (STB) projected range of S$29 billion to S$30.5 billion for 2025 and marked a 10% increase from 2024.

International visitor arrivals reached 16.9 million in 2025, Fu said.

STB expects arrivals to rise further in 2026 to between 17 million and 18 million, while tourism receipts are forecast at between S$31 billion and S$32.5 billion.

Despite the strong performance, Fu warned that global uncertainties, including the ongoing Middle East energy crisis and its impact on consumer spending, could create challenges for the tourism sector, The Straits Times reported.

To strengthen the industry’s long-term resilience, the government is more than doubling tourism funding from the S$300 million allocated to the Tourism Development Fund in 2024.

The new S$740 million package will support Singapore’s Tourism 2040 strategy, which aims to sustain growth and reinforce the city-state’s appeal as a global destination.

Under the Tourism 2040 roadmap, Singapore is targeting tourism receipts of between S$47 billion and S$50 billion by 2040.

With a GDP per capita of $90,700, Singapore was ranked second richest country in 2025 only to Switzerland at $100,000. In the third place was Norway with a GDP per capital of $86,800, according to British publication The Economist.