Singapore beats Switzerland as the most successful economy in the world

Singapore beat 142 other countries.

The 2015 Legatum Prosperity Index, a project by the Legatum Institute that annually ranks countries’ prosperity based on income and wellbeing, has placed Singapore at the top of its Economy sub-index. The country has climbed one place higher each year in the Economy sub-index since it ranked third in 2013. Singapore beat 142 other countries such as Switzerland, which held the spot last year and is now 2nd, and China, which is 3rd.

“The country has the second highest capital per worker in the world: $240,750 per worker. 47% of the country’s manufactured exports are classified as ‘high-tech’, the third highest in the world,” said Legatum in a regional press release.

Singapore ranked 25th in the Social Capital sub-index and 38th in the Personal Freedom sub-index, marking it as Singapore’s lowest performance. This is two places higher than in 2014, though, and 15 places higher than in 2013.

Singapore’s overall ranking of 17th in 2015 is the highest it has ever achieved.

In all but the Personal Freedom and Social Capital sub-indices, Singapore ranked in the top 20-- 1st in Economy, 12th in Entrepreneurship & Opportunity, 12th in Safety and Security, 13th in Governance, 14th in Health, and 15th in Education.

“The 2015 Prosperity Index shows that the country is safe and well-run. The Index reveals that the country is largely free of tension between different social groups. 96% of Singaporeans believe that the country is a good place for people of different ethnicities—the highest in the world,” said Legatum.