Singapore ranks as 3rd best country for families to relocate & build family wealth
Singapore is the third best country to move to and build “multi-generational” wealth, according to a recent ranking by wealth advisory firm Henley and Partners.
This was particularly due to its high employment prospects and earning potential, among other factors.
The list was topped by Switzerland and the United States of America (US).
Singapore is 3rd best country for families to relocate according to Henley Opportunity Index
On 13 Feb, Henley and Partners released the Henley Opportunity Index after evaluating 27 countries for their access to education, privileges and abilities in preserving multi-generational wealth.
Source: Henley and Partners
The firm judged the countries based on the following six parameters:
- Career advancement
- Earning potential
- Economic mobility
- Education
- Employment prospects
- Livability.
Singapore came in third in the ranking, with a total opportunity score of 79%.
Source: Henley and Partners
Notably, Singapore achieved a perfect score of 100 for earning potential, and 97 and 92 for top-tier employment prospects and economic mobility respectively.
“Its robust free market economy and excellent connections to Asia and the world place it as one of the most desirable locations globally,” Henley and Partners said.
Boasts cutting-edge development in banking and fintech
The firm also praised the country for driving innovation as well as regional and international growth.
In addition, Singapore’s focus on cutting-edge development in banking, engineering, fintech, IT, and software development contributed to its rank.
Henley and Partners also noted Singapore’s skills-first approach in its job market. Employers are willing to overlook a candidate’s lack of experience if they have the necessary skills.
This gives recent graduates a relative ease of entry into the industry.
“While a world-class education on its own secures a wealth of opportunities in Singapore, coupling it with residence rights in this global innovation hub ensures security for generations to come,” the firm said.
Switzerland tops list with low unemployment rate
Switzerland ended up topping the list with a total opportunity score of 85%.
Source: Henley and Partners
It similarly earned a perfect score of 100 for earning potential and scored 95 and 94 for career advancement and top-tier employment prospects.
Henley and Partners also noted the country’s low unemployment rate of just 2%.
“Locals are favoured in the job market, so acquiring residence in Switzerland alongside the world-class education the country offers will ensure opportunities in one of the world’s most stable economies,” the firm stated.
Meanwhile, the US came in second with a total opportunity score of 82%. The firm attributed this to its thousands of academic programs and excellent institutions.
Source: Henley and Partners
“America’s quality higher education opportunities are more diverse than anywhere else in the world,” the firm said
Additionally, the US has the world’s largest and most powerful economy, which is also highly competitive.
Also read: S’pore Ranks 7th In Number Of Centimillionaires Globally With 330 Living Here: Report
S’pore Ranks 7th In Number Of Centimillionaires Globally With 330 Living Here: Report
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Featured image adapted from Hu Chen on Unsplash.Â
