Hong Kong drops to 16th place in global talent ranking, lagging behind regional rival Singapore
- Hong Kong’s overall ranking lowest since 2019, when it was positioned at 15th place
- Singapore was placed first among Asia-Pacific economies, followed by Hong Kong and Australia
Hong Kong has dropped two places to rank 16th in attracting and fostering talent, trailing regional rival Singapore, with the high cost of living and a brain drain taking a toll on the city, according to a global study by a Swiss-based business school.
The International Institute for Management Development’s annual World Talent Ranking, released on Thursday, showed Singapore placed first among Asia-Pacific economies, followed by Hong Kong and Australia.
The city state ranked eighth overall, while Hong Kong came in at 16th place and Australia at 18th.
Hong Kong’s overall ranking is the lowest since 2019, when it claimed 15th spot.
Switzerland topped the list, followed by Luxembourg and Iceland, with Belgium and the Netherlands rounding out the top five.
The report evaluated the performance of 64 jurisdictions in three categories: investment and development, appeal and talent readiness.
Within these broad categories are 31 specific indicators, including cost of living, quality of life and judicial systems, as well as the standard of primary, secondary and university education.
In terms of investment and development of home-grown talent, Hong Kong fell two spots from last year to 15th place.