Singapore rises to 2nd place in 2024 Global Talent ranking

Singapore has climbed to second place in the 2024 World Talent Ranking by the International Institute for Management Development (IMD), becoming the highest-ranked economy in the Asia-Pacific region. This is a significant leap from its eighth position in 2023 and marks a continued rise from 18th place a decade ago.

The IMD ranking, which evaluated 67 countries, measures talent competitiveness based on three main factors: investment and development, appeal and readiness. Singapore’s rise is largely attributed to its strong performance in the “readiness” category, where it retained its top global ranking. The country shows the greatest results in skilled labor availability, finance skills and senior management experience.

In the “appeal” factor, Singapore jumped from 14th to 5th place, showing its growing attractiveness to highly skilled professionals. Despite challenges like a high cost of living, the city-state remains a top destination for overseas talent, which ranked 63rd globally. In the “investment and development” category, which assesses public spending on education and workforce development, Singapore improved from 31st to 22nd.

While Singapore’s readiness and appeal bolster its talent competitiveness, it faces obstacles in areas like public education expenditures and the cost of living. The country ranks 65th in public spending on education, indicating potential areas for policy enhancement.

Regionally, Hong Kong is the only other Asia-Pacific economy in the top 10, securing the 9th position. Other countries in the region, such as Australia, Taiwan and South Korea, ranked 14th, 18th and 26th, respectively.

The 2024 IMD report also highlighted how the early adoption of artificial intelligence (AI) in higher-income economies like Singapore is disrupting labor markets. While AI presents long-term opportunities for growth, it also raises concerns about workforce displacement and rising discrimination. These factors may influence Singapore’s ability to attract and retain top-tier international talent in the future. Switzerland continues to lead the rankings, followed by Singapore and Luxembourg.