A Global Power City Index, or GPCI, is an indicator set in place to evaluate all the major cities of the world and accordingly ranks them on the basis of the "comprehensive power" or luster to attract visitors, migrants, capital, offshore company setups and enterprises from across the globe. In laymen terms, GPCI ranks the most prominent cities across the globe on their magnetism to catch the attention of individuals and businesses. In order to evaluate and rank a city, the Global Power City Index takes 6 functions into consideration:
- Research and Development
- Cultural Interaction
These 6 functions encourage 360 evaluations by included about 70 different indicators for assessment, leaving no factor unevaluated. This eventually results in the multidimensional ranking of that city. The data collection and analytics methods adopted in the GPCI are regularly checked, updated and revised in par with the ever-changing global environment.
Breakdown of Singapore's ranking in GPCI 2018
The 2018 GPCI ranking saw the top 5 performing cities remaining impervious and holding their respective positions in the same order as last year. The top 5 cities, from first to fifth are: London, New York, Tokyo, Paris and Singapore. For the 10th consecutive year, Singapore holds rank in the top 5 cities. 2018 saw Singapore ranked once again in the 5th position.
Singapore proudly ranked first in having the lowest risk in the political, economic and business scenarios. It ranked first once more in best academic performance in Math and Science. Singapore also had the most international conferences that year. Out of the 44 cities enlisted in the GCPI, Singapore ranked a below average 28th rank on the livability scale. This was identified to be so due to the high costs of living. In the area of social freedom, fairness and equality, Singapore ranked in an underwhelming position, its high score in religious diversity were neutralized by its low scores in press freedom and gender equality. Despite the glitch in livability and other indicators, Singapore still managed to hoist itself up by doing well in inbound tourism and ICT readiness; ranking 3rd in these areas. Finally, it also ranked a substantial position of 4th rank in coverage of public transportation and start-up environment.
Moreover, Singapore did do exceptionally well in other aspects. Singapore has great strength and additional potential as far as market attractiveness goes. A noteworthy benchmark which earned it a better score was that the time it hosted the momentous and iconic United States-North Korea Summit. Its ability to set trends and spring up new opportunities for international investment is unmatched.