Singapore ranks tops in government effectiveness

Last updated on 8 August 2023

Singapore was ranked number one in government effectiveness in the 2023 Chandler Good Government Index. The Republic edged out former top-ranked Finland based on the former’s strong performance in the pillars of leadership and foresight, strong institutions, financial stewardship, attractive marketplace and helping people rise.

The ranking was compiled by the Chandler Institute of Governance based on 50 publicly available data sources. According to a spokesperson of the Chandler Institute of Governance, the index focuses on countries technocratic capabilities and skills.

Singapore’s rise in the rankings from third place in 2022 highlights its political stability and the effectiveness of its response to crisis, making it an attractive destination for businesses and families.

Based on data from the Monetary Authority of Singapore (MAS), there were 700 single family office (SFOs) in Singapore at the end of 2021, up from 400 at the end of 2020. Some market experts believe that figure to be around 1,500 at the end of 2022.

As an attractive destination to raise families, many high net-worth families are setting up family office in Singapore. Besides SFOs, other entrepreneurs are setting up company in Singapore to leverage the ease of doing business here. The local business support industry has a multitude of companies offering incorporation services in Singapore to bookkeeping and cloud accounting services.

Amidst global economic uncertainties and rising interest rates, Singapore continues to improve its attractiveness for businesses and families to establish themselves here.