Singapore continues to rise among the 30 leading global business centres, from seventh in 2012, to third in 2014, the lion city is now ranked second - behind London - among leading global cities in PwC's 2016 edition of its Cities of Opportunity report.
The report provides a balanced benchmarking of the social and economic health of 30 of the world’s leading business cities by measuring their performance against 10 indicators - including transportation and infrastructure, ease of doing business, demographics and liveability, technology readiness and cost.
In addition to being placed second globally, the city-state also managed to maintain its top position in Asia and is the only Asian country to emerge in the top five.
Renowned for its planned development, Singapore repeated its top ranking from the previous Cities of Opportunity study for the quality of its transport and infrastructure. It is also the third consecutive edition where the country has emerged top in ease of doing business where despite not being first in any of the variables, the it came in second in five of the eight variables.
Apart from ranking first in three indicators – technology readiness, transportation and infrastructure and the ease of doing business – the city also performed well in the area of tax.
"An analysis of corporate total tax rate, personal rate, and tax efficiency shows that Singapore, along with Dubai and Hong Kong, have the lowest rates and highest efficiency collectively," the report stated.
It also noted that Singapore has risen seven places in technology readiness from eight place in the previous report to first in this edition, though it only topped one of the variables (mobile broadband speed), it fared consistently well in all variables within the indicator.
Yeoh Oon Jin, executive chairman at PwC Singapore commented: “Singapore’s performance is a testament to the success of planned development driven by the government to make the country a truly global city. We look forward to the continued strengthening of Singapore’s position through initiatives such as the Committee of Future Economy, SkillsFuture and Smart Nation push.
“Singapore is well-positioned to be the leading global city. As a regional financial and trading hub, Singapore thrives not just on economic growth alone, but on its relentless drive to push for a forward-looking, inclusive and vibrant ecosystem that supports both businesses and community needs. The partnership between government, businesses and its citizens will be key for Singapore to further enhance her economic and social standing, even in challenging times.”
Retaining its top position for the second edition in a row is London. The city is among the top three in six indicators covered by the study, including intellectual capital and innovation; technology readiness; city gateway; demographics and liveability; economic clout; and ease of doing business.
"Any effects Brexit may have on London will take place in a process that will evolve over time and not overnight. Questions include the effects on talent mobility and migration, trade, investment and regulation, among others," the report noted.
Top 10 cities of opportunity 1. London 2. Singapore 3. Toronto 4. Paris 5. Amsterdam 6. New York 7. Stockholm 8. San Francisco 9. Hong Kong 10. Sydney
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