Economy of Singapore

Singapore is considered a global financial hub by many leading financial analysts, economists, and politicians, with Singapore banks offering world-class corporate bank account facilities. In the 2020 Global Financial Centers Index, Singapore was ranked as having the sixth most competitive financial sector in the world, and the fourth most competitive in Asia. These include multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits, and wealth management services. Singapore has also attracted assets formerly held in Swiss banks for several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy. Credit Suisse, the second largest Swiss bank, moved its head of international private banking to Singapore in 2005. For this, the country has also been dubbed the "Switzerland of Asia".

Singapore has been aggressively developing its biotechnology industry. Hundred of millions of dollars were invested into the sector to build up infrastructure, fund research and development and to recruit top international scientists to Singapore. Leading drug makers, such as GlaxoSmithKline (GSK), Pfizer and Merck & Co., have set up plants in Singapore. Pharmaceuticals now account for more than 8% of the country's manufacturing production. In 2022, the biopharma industry of Singapore accounted for manufacturing output of USD 18 billion a year, a value that had tripled during two decades.

Singapore is the pricing centre and leading oil trading hub in Asia. The oil industry makes up 5% of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing. Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. Singapore has limited potential for renewable energy mainly due to its small surface area; solar power holds the greatest potential. The government set a target of generating solar power to cover 350,000 households in 2030 that would equal to 4% of the country's electricity demand in 2020. As a financial hub, Singapore can play an important role in attracting investment in renewable energy in the entire ASEAN region.

The Singapore government also owns 90 percent of the country's land, as well as housing in which 80 percent of the population lives. In July 2022, a report by Savills revealed that Singapore tied with New York City in recording the highest rental growth rate for luxury homes globally.

Tourism plays an important role in the economy of Singapore. Singapore ranks among the most visited cities in the world.