Singapore ranked second in the 2024 World Talent Ranking (WTR) by the International Institute for Management Development (IMD), making it the highest-ranked economy in Asia-Pacific. This achievement marks a significant improvement from its eighth position last year and 18th position a decade ago.
Switzerland, on the other hand, remains in first place, while Luxembourg dropped to third, and Sweden climbed six spots to fourth.
Singapore’s Talent Landscape Insights
Singapore has made progress in all three key factors: retaining first place in "readiness," rising to 22nd in "investment and development," and securing fifth place in "appeal." This is the first time Singapore has reached such a high ranking since the rankings were first published in 2014.
Singapore excels in workforce growth, availability of skilled labor, and financial skills, and ranks second in the availability of senior managers with international experience. However, the country faces challenges with its lowest scores in the cost of living index (63rd) and public expenditure on education (65th).
Singapore also ranks relatively low in the pupil-teacher ratio in secondary education (36th), primary education (34th), exposure to particulate pollution (28th), and female labor force participation (20th).
Mixed Results for Southeast Asia
Meanwhile, Hong Kong saw a significant ranking improvement, rising from 16th to 9th, making it the only other Asian economy in the top 10. In Southeast Asia, Malaysia retained its position at 33rd. Indonesia saw a notable improvement, moving up from 47th to 46th. Conversely, Thailand and the Philippines experienced declines, dropping by two and three positions respectively. Vietnam was not included in this year’s rankings.
AI: A Double-Edged Sword for Talent
The 2024 IMD World Talent Ranking report highlights the need for policymakers to simplify regulations to mitigate the risk of exclusion caused by the widespread adoption of artificial intelligence (AI). The report warns that AI could threaten the attractiveness of high-income economies to talent.
In countries such as Singapore (ranked 2nd), the U.K. (27th), Canada (19th), Japan (43rd), and Thailand (46th), senior executives reported that AI is increasingly replacing human labor, raising concerns about workplace disruption due to AI integration.
Although these economies are expected to benefit from AI in the long term, the current situation may reduce their attractiveness to high-skilled international talent, affecting their ability to recruit and retain talent.
About the Research
The World Talent Ranking (WTR), based on a comprehensive survey by the IMD World Competitiveness Center and the ILO, evaluates 67 global economies across three main dimensions: Investment & Development, Appeal, and Readiness.
The WTR index, compiled by IMD, assesses the state of investment and development in local talent by analyzing the level of public expenditure on education. The quality of education is evaluated through indicators such as pupil-teacher ratios.
Additionally, a country’s ability to attract global talent is evaluated based on various factors, including the cost of living, quality of life, workforce growth, and the competencies of the labor force at various levels.
