Singapore is 3rd most competitive city in the world

It lost to two Western financial hubs, but beat out regional rivals, Hong Kong and Tokyo.

Singapore notched a 70.0 overall score, enough for it to bag third place behind New York (71.4) and London (70.4). Paris and Hong Kong tied for fourth with 69.3.

Tokyo, Zurich, Washington, Chicago and Boston rounded out the top 10 out of 120 major cities worldwide ranked by the Economist Intelligence Unit, commissioned by Citigroup.

Dissecting its overall score, Singapore shined in two competitiveness areas of physical capital (tied in 1st) and financial maturity (tied in 1st). It also placed well in global appeal (4th) and institutional effectiveness (6th).

But the nation relatively floundered on economic strength (15th), social and cultural character (below 20th) and human capital (below 20th).

"Singapore's favorable ranking is testament to our appeal as a global business location, plugged into the heart of a growing Asia. Our strong attributes of trust, knowledge, connectivity and liveability have underpinned our ability to attract investments, business, talent and ideas," said Mr. Leo Yip, Chairman of the Singapore Economic Development Board in commenting on the results.

"Singapore's competitiveness has made it attractive as a strategic location for MNCs and global mid-sized companies to manage their business, innovation and talent, in order to pursue growth in Asia. It is also becoming a strategic location for Asian enterprises to build capability to grow in international markets," he added.