According to the fifth annual Expat Explorer Survey (2012) published by HSBC, Singapore is the top destination for expatriates, replacing Thailand (ranked 1st in 2011) and moving above popular destinations like the Hong Kong SAR and Japan.
In the 2012 Mercer Cost of Living Survey, Singapore ranked 6th. Up two positions from 8th, in 2011, it has consistently been one of the top ten most expensive cities to live in the world.
Looking at these two sets of data one can sense that despite the high cost of living Singapore’s desirability and attractiveness, for both individuals and multinational corporations wishing to tap into the strength of the mobile workforce, remains strong. With a stable economy, track record of a stable and efficient government, and day-to-day living considered outstanding by many assignees, Singapore continues to be the most desirable destination country for expatriate assignments.
Data for 2013 has not been released yet but Singapore’s hiring outlook is predicted to continue growing steadily. According to a report published by Robert Half, the job market in Singapore continues to be robust as companies keep pace with hiring skilled and talented staff to replace those who have left. Especially noteworthy would be the huge demand in financial savvy candidates to fill the newly created positions in financial services as the Singapore Government redefines itself to promote the country as a key financial hub.
But the industry profile of Singapore is highly diverse. From the air to the sea and then to the medical and healthcare industries, Singapore remains a leading juggernaut with a talented and diverse workforce.
Singapore is the largest manufacturer of jack-up rigs and converter of Floating Production Storage Offloading (FPSOs) units, commanding 70% of the world market.1 Singapore is also the leading Asian aerospace hub with the greatest number of aerospace Original Equipment Manufacturers (OEMs) present.1
With a global office based in Singapore, the vibrancy of the amazing Singapore economy is something we at Celergo can attest to. Some even call it “Uniquely Singapore” because it is a country so small on the map that it is often referred to as “The Little Red Dot” yet constantly evolving and more diverse culturally than any other country of this particular size.
1. Singapore Economic Development Board