Singapore shines in Global Cities Index: Top Southeast Asian city

Singapore is the only Southeast Asian city to feature in the top 50 of the Global Cities Index, which evaluates cities based on economics, quality of life and other criteria. Singapore, ranked 42nd, was assessed by consultancy firm Oxford Economics using 27 indicators to identify the world's best cities.

Among Asian cities, Singapore stood third, Tokyo fourth and Seoul 41st. The five main categories where ranking is considered: economics, human capital, quality of life, environment and governance.

According to the report, "Singapore's strategic location on the Strait of Malacca and its small, open economy make it one of the world's most globally economically integrated cities."

Singapore's key features include the highest GDP per capita among Asian cities in the index, a strong financial services sector, and an advanced high-tech manufacturing industry. The city also boasts a high quality of life, excellent health care system and high life expectancy.

However, the report notes a significant challenge for Singapore: high housing costs due to limited land availability.

Globally, Oxford Economics has ranked New York, London and San Jose (California) as the top cities this year. Most of the top 50 cities are located in the US and Europe.