Singapore climbs to 5th place in global startup rankings

It has overtaken Sweden.

Singapore has climbed to 5th place among the top countries for startups globally.

StartupBlink’s Global Startup Ecosystem Index indicates that Singapore has moved past Sweden and is set to challenge Canada’s 4th position globally next year.

Over five years, Singapore has jumped 16 spots in the index, emerging as the fastest-growing startup ecosystem worldwide.

“After surpassing China in the rankings in 2022, Singapore's score has now doubled that of China, solidifying its position as Asia's leading startup ecosystem,” StartupBlink said.

In the latest index, Singapore scored 37.736, excelling in the business environment, where it ranked 3rd globally.

A high ranking in the business environment indicates “a particularly favourable regulatory environment for startups,” said StartupBlink.

“Singapore is a model for innovation and another great example of a relatively small country that massively over-performs. The country has become a location of choice for the incorporation of startups operating in Asia due to its financial stability, pro-business approach, and tax policies. Because Singapore has a small market and population, its ecosystem’s growth depends on scaling overseas. This aspect gives the ecosystem a unique regional perspective from the start,” added StartupBlink.

Singapore City also improved its position in the city rankings, moving up four places to 16th.

It has surpassed Shenzhen (18th) and is now the 6th highest-ranked city in the Asia-Pacific region.