Some may attribute it to our “kaisu-ness” (fear of losing out), while others see it as our competitive spirit. Regardless, Singaporean’s commitment to excellence and quality of work has enabled us to establish the Singapore standard that is internationally recognised across various fields.
It has also helped the Lion City to become recognised as “A City of Excellence and a Society of Distinction” envisioned by our leaders, who wished to accord each Singaporean a world-class standard of living.
As we achieve new goals as a nation and earn accolades like being the fourth wealthiest city and the fifth-smartest city in the world, which serve as benchmarks for our society as a whole, here are some international rankings that also benefit us as individuals.
#1 CPF System: Rated The Best Retirement System In Asia And World’s Top 10
Our CPF is a mandatory social security savings scheme for Singaporeans and Permanent Residents (PRs), funded by both employers and employees – with a relatively decent interest rate paid by the government. It acts as a key pillar of Singapore’s social security system to meet our retirement, housing, and healthcare needs.
Regardless of its supporters and critics, the CPF system consistently ranks among the world’s best retirement systems. The 2023 edition of the Mercer CFA Institute Global Pension Index rated Singapore’s CPF system as the best Asian retirement system, placing it seventh out of 47 retirement systems globally.
It was given an overall score of 76.3 and a B+ rating (for the first time) due to the increased level of pension coverage, which also scores for the system’s adequacy, sustainability, and integrity.
From 1 January 2025, the Enhanced Retirement Sum (ERS) will be raised to 4x Basic Retirement Sum (BRS) instead of the current 3x, allowing CPF members to save more in their Retirement Account (RA) and receive higher monthly retirement payouts.
#2 HDB: Public Housing In Singapore Is Deemed To Be The Most Attainable In Asia Pacific
With a homeownership rate of around 90%, properties are a favourite asset class among Singaporeans, whether for own-stay or investment. Of this, around 78% of the homeowners stay in public housing flats, which are sold with generous subsidies to first-time buyers.
Subsidised housing have helped to maintain the affordability of HDB flats, despite the steady appreciation of home prices over the years.
During PM Lawrence Wong’s maiden National Day Rally 2024, he enhanced subsidies offered to first-time homeowners. From 20 August 2024, home buyers can get up to $120,000 from the Enhanced Housing Grant (EHG).
Furthermore, the government has also been moderating prices by increasing the supply of new build-to-order (BTO) flats. Since 2021, the government has launched over 67,000 flats and is on track to meet the target of 100,000 flats by 2025.
According to the 2024 Home Attainability Index by the Urban Land Institute (ULI), HDB flats are the most affordable among 48 cities in 11 countries in the Asia-Pacific region. The median prices of these homes are 4.7 times the median household income, which is below the benchmark level of 5, indicating high affordability.
In the Demographia International Housing Affordability 2024 Edition, Singapore is listed as the 11th most affordable housing market out 94 major markets in Australia, Canada, China, Ireland, New Zealand, Singapore, United Kingdom (UK) and the United States (US). Looking at countries on an aggregate level, Singapore is the most affordable.
#3 Education: Singaporean Students Enjoy A World Class Education System
In a country where citizens are its main natural resource, a strong emphasis is placed on education. Singapore’s education system comprises four stages: preschool, primary, secondary, and post-secondary, where students are typically taught subjects in languages, mathematics, science, art, music, and social studies.
The Organisation for Economic Cooperation and Development (OECD) conducted the 2022 Programme for International Student Assessment (PISA) survey, which ranked Singapore number one in all three areas — mathematics, reading, and science. The survey, involving around 690,000 students in 81 participating countries and economies, measures 15-year-olds’ ability to use their reading, mathematics, and science knowledge and skills to meet real-life challenges. According to the findings, it puts the average Singaporean student at least 3 to 5 years of schooling ahead of their peers.
The local education system has evolved over the years, with the removal of mid-year exams in primary and secondary schools as well as moving away from academic labels such as Express and Normal streams. Additionally, schemes like the SkillsFuture credit, introduced in 2015, encourage adults to adopt lifelong learning.
Read Also: How Much Do You Have To Pay For School Fees In Singapore
#4 Public Transport: One Of The Best Standard Public Transport System In The World
Over the past decade, the public transport network in Singapore saw a 40% expansion of the rail network, 80 new bus services, reduced peak hour waiting times for basic bus services from 30 minutes to 15 minutes, as well as improved rail reliability from 67,000 to over 1 million mean kilometres between failures.
In addition to these improvements, the government has committed a further $60 billion to expand and improve the public transport network, including subsidising public train and bus services by more than $2 billion annually, or $1 for every journey.
In recognition of these efforts, Singapore’s public transit system, which was deemed to be world-class, was ranked 3rd out of 65 global cities in the public transit sub-index of the 2023 edition of the Urban Mobility Readiness. The study carried out by the University of California, Berkeley and the Oliver Wyman, was based on 13 factors such as affordability, operating hours, travelling speed and station density.
Furthermore, with the upcoming Jurong Regional Line (JRL) and Cross Island Line (CRL), 8 in 10 households will live within a 10-minute walk of a MRT station by 2030. Residents can also expect an inclusive transport system with more barrier-free journeys and a shorter travelling time of no more than 45 minutes to complete most peak-period journeys between home and workplace.
#5 Passport: The World’s Most Powerful (Well-Connected) Passport
Singaporeans have a strong appetite for overseas travel, with many favouring popular destinations like Japan, Korea, Thailand, and Vietnam. While most countries require visitors to obtain a visa before entering, certain passport holders are exempt from this requirement.
In that regard, the Singapore passport is considered one of the world’s most powerful. According to the latest 2024 rankings published by the Henley Passport Index, which compares against 198 passports and 226 destinations, the Singapore passport is the strongest passport in the world with 195 visa-free destinations.
Read Also: The Singapore Passport Is Ranked First In The World: 6 Things You May Not Know About Our Passport
#6 Airport: Singapore Changi Airport Is One Of The World’s Best Airport
Singapore Changi Airport, which serves as Singapore’s only gateway for air travel, is an important mascot for Singapore because it’s the first point of contact for international visitors to the country. With four passenger terminals, including Jewel Changi, a 10-storey lifestyle hub, it is one of the busiest air hubs, serving over 5,800 weekly flights by 102 airlines to 145 cities.
Winner of the 2023 Airport of the Year and 12 times previously, Singapore Changi Airport clinched 2nd place in the latest 2024 edition behind Qatar’s Hamad International Airport. The award, issued by UK-based airline and airport review and ranking site Skytrax, polls people from more than 100 nationalities on their customer experience across airport service and product performance. These include indicators such as check in, arrivals, transfers, shopping, security, and departure at the gate. Additionally, Changi Airport also won the Best Airport In Asia and the World’s Best Airport Immigration Service awards.
As part of its expansion plans, Changi Airport will add a new Terminal 5 within the 1,080-hectare Changi East development by mid-2030. The new T5 will have a three-runway system and be linked to the other four terminals. When fully operational, it is expected to handle about 50 million passenger movement per year.
Read Also: 10 Popular Travel Destinations For Singaporeans And The Best Time To Book For Cheaper Flights
#7 Safety: Singapore Is One Of The Safest Countries In The World
Singapore is known to be one of the safest countries in the world due to our consistently low crime rates, a transparent legal system and effective law enforcement with a strong police-community partnership.
According to the World Justice Project Rule of Law Index 2023, Singapore is ranked 3rd out of 142 countries for Order and Security with a factor score of 0.93 (closer to 1.00 indicates strong adherence to the rule of law).
The responsibility of keeping the community safe doesn’t only rest on the shoulders of law enforcement officers but on all of us. As part of the SGSecure movement, we can play an important role by reporting suspicious behaviours or items.
#8 Government: A Government With Leadership & Foresight, Strong Institutions, And Have Created An Attractive Marketplace
In the fourth edition of the Chandler Good Government Index 2024 report, the Singapore government came out top out of 113 countries – edging Denmark and Finland in joints second, and Switzerland in 4th.
Part of the reason cited was its commitment to renew its social compact with its people – presumably in relation to the Foreward Singapore exercise – as a leadership change took place.
Within the report, Singapore came out top in 3 out of 7 categories: 1) Leadership & Foresight; 2) Strong Institutions; and 3) Attractive Marketplace. It was part of the top 10 in another 3 categories: Robust Laws & Policies (9th); Financial Stewardship (2nd); and Helping People Rise (4th). In the remaining Global Influence & Reputation category, Singapore ranked 26th.
#9 Healthcare: Exceptional Healthcare Infrastucture
The Ministry of Health (MOH) believes in ensuring quality and affordable basic medical services for all. Indeed, this has led to Singaporeans enjoying longevity – living to an average of 83-years-old, which is one of the longest in the world. Singapore’s Health Adjusted Life Expectancy (HALE) is also one of the longest in the world, with Singaporeans expected to live a healthy life up to an average of 74.2 years-old.
This can be seen as a byproduct of Singapore’s exceptional healthcare infrastructure, which regularly features as one of the best in the world. Alongside world-class hospitals, healthcare professionals are also well-trained and dedicated in their practice.
In Newsweek’s World’s Best Hospitals 2024 list of top 250 hospitals in the world, four public hospitals were listed: Singapore General Hospital (SGH) (11th); National University Hospital (79th); Tan Tock Seng (110th); and Changi General Hospital (156th). There were also two private hospitals on the list: Mount Elizabeth Hospital – Orchard (116th); and Gleneagles Hospital (167th).
#10 Ease Of Doing Business:
Singapore is often cited as one of the easiest places in the world to do business or start a business as a foreign entity. In the World Bank’s Ease of doing business ranking as of 2019, Singapore is listed second. In another report by the Economic Intelligence Unit (EIU), Singapore is placed at the top of its ranking of attractiveness of doing business.
While regulatory ease can compel more businesses and headquarters to move into Singapore, we are also a financial hub and have high-quality talent in many sectors, including technology, banking and finance and precision manufacturing. As a small and trade-dependent economy, Singapore recognises global talent as an engine of our economy. In fact, only slightly more than half of Singapore’s population of over 6 million population are citizens (3.64 million). This makes it attractive for businesses who also want to hire international talent to choose Singapore as a base.
Read Also: What Does The Average Business In Singapore Look Like?
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