SINGAPORE – A global ranking of the best places for families looking to relocate and seek opportunities for the next generation has placed Singapore in third place behind Switzerland in the No. 1 spot and the United States.
The ranking identifies places that offer access to the world’s best schools and other amenities that can advance careers and maximise income potential.
Wealth advisory firm Henley & Partners evaluated 27 countries across six parameters cited by investors considering migration programmes: education; earning potential; career advancement; employment prospects; economic mobility; and liveability.
Mr Dominic Volek, group head of private clients at the firm, said there is an emerging trend among investors, entrepreneurs and wealthy families to combine a premium international education with an investment migration programme.
Singapore’s third place was largely due to its earning potential, top-tier employment prospects and economic mobility.
“Its robust free market economy and connectivity to Asia and the world place it as one of the most desirable locations globally,” the firm said.
It also noted Singapore’s focus on cutting-edge development in banking, engineering, fintech, information technology and software development.
The competitive job market’s skills-first approach means employers here will overlook a lack of experience if a candidate possesses the necessary skills, allowing recent graduates more ease of entry.
“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,” noted the Henley & Partners study.
Switzerland topped the ranking thanks to its earning potential, career advancement and top-tier employment scores.
With a jobless rate at just 2 per cent, the alpine nation offers job opportunities across all sectors, with specialists and highly qualified individuals always in demand, the firm said.
The US, home to 46 of the world’s top 250 universities, earned high scores in top-tier employment prospects, career advancement and earning potential.
The ranking showed that a Filipino family whose total opportunity score sits at just 23 per cent at home could raise the probability of success for the next generation to 82 per cent by accessing US residence rights.
Similarly, a Nigerian family relocating to Singapore would increase its advantage to 79 per cent, compared with only 14 per cent at home.
Ms Tess Wilkinson, a director of Henley & Partners Education, said over two-thirds of income variation between individuals globally is attributable to the country they live and work in.
“So, combining world-class academics with related residence or citizenship rights to access those lucrative job markets is key,” she noted.
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