Economics & Commerce Data

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Financial Centres of the World: Singapore

Singapore is made up over 63 highly urbanised islands that benefit from a thriving economy. Singapore is considered to be one of the Four Asian Tigers and is one of the world’s technological and financial centres, along with being a cultural centre for Asia.

Singapore is home to more than five million people and the four official languages are English, Malay, Chinese and Tamil. The official currency is the Singapore dollar. The city has a huge amount to offer tourists, businesses and expatriates alike.

Working in Singapore

Singapore is the fourth largest financial centre in the world and the top logistics hub, possessing the world’s 10th largest foreign reserve. Singapore has a highly developed economy that is both market and trade based and the country is also home to one of the busiest ports in the world. In 2009 Singapore was ranked the world’s most innovative, competitive and business friendly economy making it an ideal country to rent office space.

Singapore also has the world’s highest percentage of millionaire households and unemployment is low. The service industry is the main employer in the country, accounting for around two thirds of employment. One of the predominant economic sectors is refining and exporting imported goods, based on industries such as electronic, chemicals, petroleum refining, biomedical sciences and mechanical engineering.

Living in Singapore

Singapore is ranked as having the best quality of life in Asia by the Economist and the eleventh best quality of life in the world. Singapore is comprised of a rich mix of cultures and races, and the diversity of cuisine is seen as a sign of the country’s multiculturalism. Malay, Indian and Chinese food are extremely popular along with Peranakan, which is a mixture of Malay and Chinese cuisine. Poverty levels are low in comparison to other countries in the area and approximately 15% of households own a minimum of one million US dollars.

Singapore is an important international transportation centre in Asia, with many air and sea trade routes. Singapore is well connected by public road networks and the Mass Rapid Transit metro system is highly developed.

Visiting Singapore

Singapore attracts more than eleven million visitors a year and the country is promoted as a centre for arts and culture. Tourism is a major industry and the Orchard Road district is renowned as the centre of tourism in Singapore. Singapore Zoo and the Night Safari are very popular visitor attractions along with Jurong Bird Park.

The Island of Sentosa is a tourist resort situated to the south and is home to the historical museum of Fort Silos, the Tiger Sky Tower and the Underwater World Aquarium.

Shopping and dining are considered to be Singapore’s national pastime and the wealth of exclusive boutiques, designer shopping centres and gourmet restaurants are considered reason enough to visit.

Useful Resources for Singapore