Singapore has retained its position as Asia’s highest ranking city when it comes to quality of living, according to global human resources consulting firm Mercer.
Using data largely analysed between September and November 2017, Mercer’s 20th annual Quality of Living survey tracked and ranked 231 cities to enable multinational companies and other organisations to compensate employees fairly when placing them on international assignments.
In Asia, Tokyo (50) and Kobe (50) were tied in second place while Yokohama 55) came in third. Seoul fell three places from 176 to 179 as a result of ongoing political instability while Tokyo fell from 47th place.
Globally, Singapore was ranked 25th.
A statement from Mercer on Tuesday (March 20) said that Singapore’s strengths in quality of living and infrastructure consistently outperform the other cities in Asia and these factors continue to be important considerations for companies when relocating executives as well as for determining hardship allowances that are fair and consistent.
Mr Mario Ferraro, Mercer’s global mobility practice leader for Asia, Middle East, Africa and Turkey said: “The best liveable cities can attract executives in multinational businesses, like Singapore which is the top ranked Asian city in Mercer’s 2018 quality of living ranking.
“There are few success stories like Singapore, which went from third world economy to first world within a single generation and is primed for the future of work.”
Globally, Vienna topped the ranking for the ninth year running and was followed by Zurich (2), Auckland and Munich in joint third place. Vancouver clinched the fifth spot and is the highest ranking city in North America.
Despite economic volatility in Europe, many of its cities still offer the world’s highest quality of living and continue to remain attractive destinations for expatriates on assignment, said Mercer.
In Southeast Asia, Kuala Lumpur which was ranked 85th globally, was ranked second in the region while Bangkok (132) clinched the third position.
Mr Ilya Bonic, senior partner and president of Mercer’s Career business said: “With increasing globalisation and changing demographic of the workforce – attracting and retaining the right talent is set to be one of the key challenges for businesses over the next five years.”
“An increasingly diverse workforce is both more mobile and digital with highly diverging requirements and aspirations in terms of career, lifestyle and ultimately where and how they want to work. Companies need to consider these factors in their value proposition to both their local and their expatriate employees.”