Singapore has been named the top city in Asia for two consecutive years, and ranked eighth globally in the Global Cities Index report released by global asset management company Schroders on Friday, March 24th. The report evaluates cities based on their economic, environmental, innovation, and transportation performance. Singapore was ranked first in Asia and eighth globally with a score of 9.43, an improvement from its score of 8.31 in 2021.
Like the previous evaluation, Singapore scored the highest in transportation, ranking in the top five globally with a score of 9.79. Singapore ranked eighth in innovation with a score of 9.02.
Schroders’ Global City Investment Manager, Hugo Machin, pointed out that Singapore remains one of Asia’s major hubs. Machin attributed this to various factors, including the quality of airports, large commercial ports, efficient public transportation systems, and significant investments in infrastructure, which Singapore has demonstrated with its continued improvement and expansion of its transportation system.
Machin also noted that Singapore transportation management performance may not be the best, but considering its population density, this challenge is expected. “The government discourages private car ownership through policies and actively addresses this issue. Singapore’s unparalleled proficiency in managing urban density is commendable.”
Hong Kong, which has always been neck and neck with Singapore in various international rankings, maintained its position as the second-best city in Asia and ninth globally with a score of 9.37. Hong Kong’s economic influence was ranked eighth globally.
London, which previously ranked first globally, was replaced by San Francisco, which rose from third place to first place in the report. This was mainly due to the index’s introduction of a venture capital score. In the past, the innovation ranking only considered a city’s universities’ innovation capabilities, but now includes venture capital obtained by companies in various locations in the score.
The report shows that Asian cities continue to perform well, with four cities in the top ten globally. Tokyo ranked third, Shanghai sixth, and Beijing seventh. This highlights the growing influence and importance of Asian cities in the global economy and their continued efforts to improve their infrastructure and innovation capabilities.
In conclusion, the Global Cities Index report highlights the importance of transportation, innovation, and infrastructure in defining a city’s success.
