Singapore claims fifth place in global cities outlook list while retaining rank among ‘global elite’
Hong Kong takes fifth place, two spots above Singapore in a different ‘Global Cities Index’
By Jonathan Loh
Singapore has soared to rank fifth in the world in a global cities outlook report and once again remains among the “global elite” for its achievements in performance and outlook.
According to AT Kearney Global Cities Outlook 2018, which evaluates cities around the world on the basis of economic performance, liveability and quality of life, Singapore attained the position after jumping six places from its previous ranking in 2017.
San Francisco claimed the top spot followed by New York, London and Paris.
The Global Cities Outlook – put together by US management consulting firm AT Kearney – evaluates the future potential of a city based on the rate of change for 13 leading metrics across four parameters: personal well-being, economics, innovation and governance.
Singapore’s most prominent rise in rankings were for economics and governance of which it ranked second overall. AT Kearney attributed this to the city’s strength as a “stable and progressive economy” to drive further foreign direct investments and private investments.
For the second consecutive year, Singapore has continued to lead the pack for online presence, implying some level of success in the government’s “Smart Nation” drive.
Public-private sector partnerships, business initiatives, research and development as well as heavy investment into information and security were credited as contributing factors.
Chua Soon Ghee, head of Southeast Asia at AT Kearney, said: “The Singapore government has been actively investing to transform the island-state into a ‘Smart City’ equipped with cutting-edge technology and a nationwide digital platform. Various investments from the private sector have also strengthened Singapore’s journey towards a Smart Nation.”
“In today’s digital age, this is a significant factor continuing to boost Singapore’s appeal for businesses who choose the city-state as their regional headquarters. What’s more, the high level of preparedness for both physical and cyber security provide good levels of assurance for businesses.”
The island nation is also the only Asia-Pacific city to feature in the top 10 of the Global Cities Index and Global Cities Outlook lists, granting it the coveted status of “Global Elite”.
Only the top 25 cities featured in both lists are awarded such prestige.
The Global Cities Index looks into the current performance of 135 cities based on 27 metrics which span five criteria, namely business activity, human capital, information exchange, cultural experience and political engagement.
Singapore secured seventh place in the index ranking after dropping from its sixth position in the previous year.
New York, London, Paris, Tokyo and Hong Kong remain in the top five positions on this year’s global cities index, with sixth place being taken by Los Angeles.