For the third year in a row, Singapore has topped the Elite Quality Index (EQx). The Index seeks to measure the way in which elites globally contribute to the development of their societies and the third http://elitequality.org/ EQx2022 annual report scores and ranks 151 countries using 120 component indicator.
The Index evaluates whether national elites contribute or take away to the economic advancement of their societies and measures and compares value creation. It focuses primarily on business models that generate the highest incomes in individual national economies.
The Index is based on a framework consisting of four conceptual areas: Economic Power, Economic Value, Political Power and Political Value, to determine the quality of the elites in any given country. Comparative country scores and global ranks provide insight into the future of societies. The EQx is designed to be a resource for business and political leaders to understand how their actions affect society at large.
The research, led by the University of St. Gallen and Singapore Management University in Singapore along with international academic partners and the St. Gallen-based Foundation for Value Creation, provides unique insights into value creation by elites across the world.
For the third year in a row, Singapore is ranked first in the EQx Global Ranking. The city-state’s elites are by far the highest value creators in the world. Singapore’s elites have considerable Political and Economic Power, yet rather than using this power to extract value, power is put to good service. This is seen in the high scores in areas like government responsive to change, control of corruption, venture capital finance, support for entrepreneurship, and creative destruction.
Moreover, despite this high level of coordination and control, Singapore’s elites rank first in terms of their contribution to Political and Economic Value. This is evidenced in Singapore’s food security, low homicide rate, low natural resource rents, trade freedom, high foreign investment, and health efficiency. Singapore has also emerged from the COVID-19 pandemic with the lowest age-adjusted fatality rate.
These findings suggest that Singapore’s excellent elite value creation is driven by a triad characterised by economic globalisation, the mediating role of the state, and political and social stability.
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