Singapore is the second most competitive nation in the world when it comes to its talent pool. It came in second, behind Switzerland, in the Global Talent Competitiveness Index, launched by Insead Business School.

The index, done in partnership with the Human Capital Leadership Institute and human resource consultant Adecco, is a new measurement on a country's ability to produce, attract and retain talent.

Singapore did well in terms of being an easy place to do business, to attract top foreign students and in being strong in higher level skills.

But the study found that areas of improvements for the Republic include a need to increase its entrepreneurial resources and to be more welcoming of foreign talent.

Singapore is the only Asian country ranked in the top 20 of the index.

European nations dominate the top ten rankings, with just Singapore and the United States (9th place) being the only non-European countries making it to the list.

The top 10 countries are:

1. Switzerland

2. Singapore

3. Denmark

4. Sweden

5. Luxembourg

6. Netherlands

7. UK

8. Finland

9. US

10. Iceland