Singapore tops ranking in governance; continues to be business and family-friendly

Last updated on 31 May 2024

Once again, Singapore has topped the Chandler Good Government Index (CGGI) rankings for the second consecutive year. The Republic ranked first in 3 of the 7 assessed pillars: leadership and foresight, strong institutions, and attractive marketplace.

Leading the areas of leadership and foresight and strong institutions, which measured the country’s long-term vision and public institutions, respectively, continues to make it an attractive place for setting up company in Singapore. Amidst the uncertain external economic environment due to conflicts worldwide, Singapore continues to be regarded as a business-friendly city with the best business environment.

According to data from investment migration consultant Henley and Partners, Singapore’s millionaires have grown by 64 per cent over the last 10 years. It ranks fourth worldwide in the number of millionaires living here and only second behind Tokyo for an Asian country. The country’s stability, illustrated in its recent smooth leadership transition, justifies its top ranking as an attractive marketplace by the CGGI.

In his speech before the swearing-in ceremony of Singapore’s fourth Prime Minister, Mr Lawrence Wong, President Tharman Shanmugaratnam emphasised that Singapore should never let slide in its standards of integrity, incorruptibility and conduct.

Many multi-national businesses have relocated to or established their regional headquarters in Singapore, and there has been an explosion of high-net-worth individuals setting up family office in Singapore. Accounting firms in Singapore are seeing an uptick in Singapore company incorporation and fund administration requests and enquiries.

Besides being a business-friendly city, Singapore is also attractive for families looking to relocate to work and live in the Republic. According to Mercer’s 2023 Quality of Living survey, Singapore is Asia’s top destination for expatriates.

Recent moves by the Singapore authorities to tighten its Anti-Money laundering regime demonstrate the country’s proactive stance and ability to respond to fast-changing situations.

In a speech after his swearing-in on 15 May 2024, reflecting his optimism for Singapore in the coming years, PM Wong said, “The best days of Singapore are still ahead of us; the best chapters of our Singapore story lie ahead.”