The ranking system was devised by the Economist Intelligence Unit's (EIU) inaugural Global City Competitiveness Index and commissioned by Citigroup.
According to the Wall Street Journal
, the criteria for the rankings "were [cities] best able to attract capital, talent, tourists and businesses to its center, and also those that were most livable, with healthy cultural environments."
“Our strong attributes of trust, knowledge, connectivity and livability have underpinned our ability to attract investments, business, talent and ideas,” explained Leo Yip
, chairman of the Singapore Economic Development Board. “It is also becoming a strategic location for Asian enterprises to build capability to grow international markets.”
In addition to being ranked the most competitive city in Asia, Singapore was ranked third among competitive cities around the globe, with New York and London
ranked first and second, respectively. Worldwide, Hong Kong placed fourth, and Tokyo placed sixth.