“Singapore Ranks First in Global Elite Quality Index 2024, Surpassing Switzerland “

SINGAPORE: Singapore has achieved the top position in the 2024 Elite Quality Index (EQx), outpacing Switzerland in a comprehensive ranking that assesses the quality and societal impact of national elites in 151 countries. This index, developed by the University of St. Gallen (HSG) in partnership with institutions like Singapore Management University, evaluates elite influence across 146 indicators, focusing on their role in creating or extracting value within society.

The EQx2024 report categorizes the top 1% of elites across political, economic, and intellectual sectors and measures their impact through concepts like Power, Creative Destruction, and Unearned Income. Singapore’s return to first place reflects its strong regulatory environment, low corruption, and economic openness, all of which foster value-driven leadership.

Asia’s growing influence in the rankings is evident, with Japan at #4 and South Korea at #6, reinforcing the region’s role in global economic value creation. Other Asian nations, like China (#21) and India (#63), also advanced, underscoring their increasing importance.

The United Kingdom, now ranked 11th, saw a decline influenced by reduced university rankings and post-Brexit investment challenges. Meanwhile, the U.S. climbed to #16, benefitting from growth in finance and AI but still facing economic inclusivity concerns. Switzerland, now second, maintains a robust elite class but is advised to seek new sources of growth following the Credit Suisse-UBS integration.

Overall, the EQx2024 highlights how elite influence can drive or detract from national progress, serving as a guide for policymakers and leaders navigating the dynamics of elite impact on economic and social growth.