Singapore among top 20 nations in global prosperity index, its economy is No. 1

The skyline of Marina Bay.
The skyline of Marina Bay.PHOTO: REUTERS

SINGAPORE - Singapore's economy ranked first in the world in a global prosperity sub-index and Asean region, while the Republic ranked 17th among 142 countries in the index released by the Legatum Institute on Monday (Nov 2).

Norway topped the overall index, ranking among the top 10 for all categories but not coming out tops in any one of the eight categories which include education, entrepreneurship & opportunity, governance, health, personal freedom, safety & security, and social capital.

Singapore disloged Switzerland to take the top spot in the economy sub-index this year, climbing one spot from last year, London-based Legatum found.

The index also found that Singapore has the second highest capital in the world at US$240,750 per worker while 47 per cent of its manufactured exports are classifed as "high tech", the third highest in the world.

Singapore performed worst in the personal freedom category, ranking 38th in the world, while it stood 12th in entrepreneurship & opportunity as well as safety & security.

Among Asean nations, Malaysia came in next highest, ranking 44th overall followed by Thailand, Vietnam and the Philippines.

South-east Asia's biggest economy, Indonesia, climbed up 21 places in the last seven years - the most by any country in the world, to rank 69th overall.

Canada was the freest country in the world, ranked among the top five, including Norway, New Zealand, Iceland and Ireland to be most tolerant towards immigrants.

United Kingdom was the world leader in enterprise.

Legatum first published the index in 2007. "The purpose of the index is to spark debate and to encourage policy-makers, scholars, the media, and the interested public to take an holistic view of prosperity and to better understand how it is created," the Institute said on its website.

For the full ranking, click here.