Singapore, Singapore – October 11: (Max Verstappen of the Netherlands, driving three Oracle Red Bull Racing RB22 Red Bull Ford Powertrains, and Charles Leclerc of Monaco, driving (16 cars) Scuderia Ferrari SF-26, battle for the lead in the race at the Formula 1 Grand Prix Singapore held at Marina Bay Street Circuit in Singapore, October 11, 2026. (Photo by Joe Portlock/Getty Images)
Joe Portlock | Getty Images Sports | Getty Images
Billionaires, global CEOs and executives from crypto companies descended on Singapore last week as part of a growing number of high-profile conferences that coincided with the country’s Formula 1 Grand Prix.
According to the Singapore Tourism Board, more than 40 business events were held during this year’s Grand Prix, up from more than 25 in 2025 and more than 30 in 2024. Events include Milken Institute Asia Summit, TOKEN2049, Forbes Global CEO Conference, Solana Summit APAC, and Global Asia Family Office Summit.
According to Singapore’s Ministry of Energy, Trade and Industry, F1 has generated more than S$2.2 billion ($1.72 billion) in tourism revenue by 2024 since its debut in 2008, equating to an average of S$150 million per event. The Ministry of Economy, Trade and Industry said it costs about S$140 million a year to host the race itself, but noted that this is not directly comparable to the revenue it generates.
The 2026 race attracted 301,294 spectators, the second-highest attendance in the event’s history, according to the Singapore Grand Prix.
Business events themselves are becoming a bigger source of tourism revenue. According to STB data, revenue from meetings, incentives, conventions and exhibitions (MICE) rose 35% to S$2.3 billion in 2025, outpacing a 10% increase in Singapore’s overall tourism receipts to a record S$32.8 billion.
The Singapore Tourism Board noted that MICE visitors typically spend significantly more than leisure travelers.
According to STB’s executive director of exhibitions and conferences Po Chi Chuan, organizers are increasingly capitalizing on the excitement surrounding F1 to extend attendees’ stays.
“This creates a natural gravitational pull, and when a city is vibrant and the right target audience is already flying, smart planners will capitalize on that momentum,” Poe said.
At TOKEN 2049, one of the world’s leading crypto conferences, international attendees accounted for 85.6% of attendees this year, up from 82.7% in 2025, according to figures provided by event organizers. For this figure, overseas participants are classified as non-Singaporean citizens.
Chinese participants made up 11.8% of participants, nearly double the 6% recorded last year, and surpassed Americans as the largest group.
The influx of business travelers coincided with strong demand for luxury hotels in Singapore.
Marina Bay Sands said the hotel, an iconic three-towered building that often appears in photos of Singapore’s skyline, had been operating at near full occupancy during F1.
The integrated resort also hosted TOKEN2049 at its Expo and Convention Center, highlighting the increasing overlap between major business conferences and sporting events.
For the hotel industry as a whole, the concentration of MICE events and Formula 1 pushed room prices to record levels last year.
According to hospitality data provider CoStar, the average room rate in October 2025 rose 19.5% year-on-year to S$384.15. On the first day of that race weekend, hotel occupancy reached 95.9% and the average room rate soared to S$757.62.
