24 Nov Singapore among top 20 nations in global prosperity index
Each and every single year, London-based think tank Legatum Institute publishes their Prosperity Index, ranking each and every single one of the world’s nations according to a number of custom criteria to find out which ones are doing well, which ones are doing better than they were last year, and which ones are regressing.
In the 2015 update, Singapore has jumped a single spot from their position in 2014, rising to 17th worldwide as far as prosperity is concerned – but also claiming the top spot in all of Asia (and it isn’t even close).
The Prosperity Index broken down
As mentioned above, there are 10 different categories in which each of the 142 countries and territories around the world are ranked.
The overwhelming majority of these categories have to do with the economic foundation of each nation, though a number of them also have to do with socioeconomic and cultural issues – like laws, regulations, and taxes – that help people better understand the chances of building a prosperous life in any of these nations.
Some argue that these categories seem somewhat arbitrary, but the London-based think tank responsible for these categories – and the rankings themselves – always publish clear outlines and explanations for why each of the categories exist and how each country is scored according to the information provided.
Norway tops the list once again
Norway has historically done very well in these prosperity rankings, and they own the top spot once again – though Singapore has certainly made great leaps and strides jumping forward in just the last few years.
New Zealand, Australia, and Luxembourg are all up near the top of the list, though Singapore claims the second highest spot as far as capital per worker is concerned. There is almost $240,750 dollars per worker in the Singapore “capital pool”, only slightly behind Luxembourg which is just a touch over $272,000.
Singapore dominates Asia
As far as Asia is concerned, however, Singapore is head and shoulders above the rest of the pack.
The next closest country in Asia is a Hong Kong, with Thailand, Vietnam, and Indonesia bringing up the rest of the list. Japan is pretty high as well, but none of them were able to come close to cracking the top 25 – with Hong Kong hovering at 26.
This should come as no surprise to anyone that’s been paying attention to the development of Singapore over the last four or five decades. This Asian nation has been focused on building a very business friendly country, and have made great leaps and strides to do exactly that. People, companies, and entrepreneurs are flocking to Singapore, all of which are looking to build the financial future of their dreams and create the kind of real and lasting wealth that will ensure their prosperity for years and years to come.
Don’t be surprised if Singapore continues to climb the lists higher and higher as time goes on. This is a nation that’s focused on getting to the top spot, and it’s likely they will rest until they are there!
About the Author:
Morris Edwards is a content writer at A1 Business Pte Ltd, who loves to learn and write about Business in Asia and Singapore Company Incorporation