It was ranked third thanks to its location and a stable and efficient government.
With an area the size of New York City, Singapore has established itself as a global financial centre and regional hub for international business, thanks to its strategic location and stable, efficient government.
Ranked third in the 2024 FM Global Resilience Index, Singapore maintains its position as Asia's resilience champion thanks to its progressive and robust economy.
The country has consistently set the benchmark for high performance in business resilience globally and has been a top contender in FM Global's index for the past decade. The economy has developed rapidly, with a GDP per capita of $172,518.91 (US$127,565) increasing from $676.20 (US$500) in 1965 to $172,518.91 (US$127,565) today, one of the top three in the world, according to the World Bank.
“Anyone who has done business in Singapore (or used its public transport) will tell you that it is one of the world's most developed and open economies, serving as the Asian headquarters for global multinational corporations, financial institutions and technology research centres,” FM Global said in an insight.
The country excels in logistics, urbanization and political risk, ranking first in these areas and third in productivity in the FM Global Resilience Index.
These rankings highlight the blend of economic and political stability that Singapore has carefully cultivated over the past 50 years, leveraging its geographical advantages to provide a safe launch pad for global businesses in Asia.
However, Singapore's resilience is constantly tested by climatic and geopolitical risks, with its tropical location and associated risks such as rising sea levels and temperatures ranking it 56th in the climate change impact rankings.
Climate-related earthquake risk quality and water stress are ranked 81st and 116th, respectively, due to the country's proximity to earthquake-prone areas and lack of natural resources.
“In response, Singapore has implemented a comprehensive set of environmental policies, including water conservation, promoting clean energy and sustainable urban planning, to address climate risks and enhance the sustainability of its economy,” it added.
The Singapore Green Plan 2030 aims to transition from fossil fuels to renewable energy, green buildings and reduce emissions through vehicle quotas.
Despite continued efforts, Singapore ranks seventh in greenhouse gas emissions, a high standard for a small economy that relies on carbon-intensive imports.
Singapore's third-place ranking reflects its dynamic, forward-looking approach, maintaining the FM Global Resilience Index's position as a centre of business excellence amid a changing regional risk environment. With continued investments in resilience-focused economic policies, Singapore is well poised to maintain its top position.
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