Singapore Jumps to Second Spot from Eighth in 2024 WTR List

Singapore has achieved a remarkable rise in the 2024 IMD World Talent Ranking (WTR), climbing to second place globally from its previous eighth position in 2023. This advancement positions Singapore as the highest-ranked country in Asia, showcasing its growing competitiveness in attracting and developing talent.

The WTR evaluates countries based on three main factors: investment and development, appeal, and readiness. Singapore's standout performance came in the readiness category, where it ranked first, excelling in areas such as skilled labor, finance skills, and the availability of competent senior managers.

In the appeal category, Singapore ranked fifth overall, with notable strengths in attracting foreign highly skilled personnel (2nd), managing brain drain (3rd), and the remuneration of management (4th). Its commitment to justice also ranked highly at 5th.

However, the country ranked lower in the investment and development factor, coming in 22nd, though still showing strong performance in health infrastructure (2nd), employee training (4th), and apprenticeships (7th).

Singapore's biggest challenges were its high cost-of-living index (ranked 63rd) and public expenditure on education, where it placed 65th.

The report also highlighted the impact of artificial intelligence (AI) on talent competitiveness, with senior executives in countries like Singapore identifying AI as significantly influencing the workplace. AI is seen as both transforming jobs and acting as an equaliser between more and less competitive nations in terms of talent.

Globally, Switzerland retained the top position for the fourth consecutive year, while Luxembourg slipped to third place. Mongolia ranked last, followed by Brazil and Venezuela at 66th and 65th, respectively.