Singapore only Southeast Asian destination in 50 best cities global ranking

Singapore secured the 42nd place in the ranking of advisory firm Oxford Economics which used 27 indicators to determine the best cities in the world.

It was the third ranking Asian city in the index behind Tokyo (4th) and Seoul (41st), said the report, which used data under five main categories of economics, human capital, quality of life, environment and governance.

"Its strategic location on the Malacca Strait and its small open economy make Singapore one of the most globally economically integrated cities in the world", the report said.

Some notables features of Singapore include its highest GDP per capita among the Asian cities in the index.

The city also has a thriving financial services sector and advanced high-tech manufacturing sector.

Singapore also has high quality of life, excellent healthcare system, and high life expectancy, the report added.

But one important drawback faced by Singaporeans is high housing costs, an issue exacerbated by limited land availability.

Oxford Economics found that New York, London and San Jose (California) are the world’s top cities this year. The remainder of its top 50 are mainly cities in the U.S. and Europe.