Best Classes Singapore

Singapore is a global business hub with a stable economy, a wide range of job opportunities, and a high standard of living. It has been ranked as a top destination in many different categories, including for job opportunities, for high salaries, for expats, and for remote workers. In the Jobstreet Decoding Global Talent 2024 survey of more than 150,000 people in over 180 countries, researchers found that Singapore ranked eighth as a global work destination. Almost three-quarters of those people who chose Singapore cited its work opportunities as a reason they would work there. Quality of life, income, tax, and cost of living were also top reasons for choosing Singapore.

The Singapore Economic Development Board (EDB) stresses that this city also provides a high level of job stability. It says, “Singapore’s political stability, low corruption rates, and transparent public institutions have underpinned its growth as a leading business and financial hub in Asia. We remain one of the world’s most resilient economies, attracting foreign direct investment with our efficient and competitive tax system, and facilitative business ecosystem.”

Largest Singapore Industries

• Energy and Chemicals: According to EDB, Singapore ranks in the top ten globally for its energy and chemicals industry and is the world’s ninth largest chemical exporter. The agency reports that more than a hundred global chemical companies operate in Singapore. It explains that Jurong Island, a reclaimed island in the southwest of the country, is the center of this activity. It says, “Jurong Island is Singapore’s centerpiece for refining, petrochemical, and specialty chemicals activities. Its highly integrated infrastructure closely connects both customers and suppliers, often literally over the fence through pipes. This integrated ecosystem, featuring utilities and logistics service providers, creates production synergies that allow companies to save costs.” Companies in this industry include Evonik and Mitsui Chemicals.
• Medical Technology: Singapore dominates the medical technology market. EDB says, “Today, Singapore is home to all 30 of the Top 30 multinational MedTech companies undertaking a range of activities from research and development to manufacturing and regional headquarters.” It says that medical technology products produced in Singapore include hearing aids, cardiovascular implantables, diagnostics tools, and other supplies and equipment, and predicts growth of US$225 billion by 2030. Singapore also has many startups and research institutions that are innovating new medical technology. Companies in this field include Becton Dickinson and Thermo Fisher Scientific.
• Manufacturing: Singapore’s manufacturing sector contributes about 17% of its GDP, according to the Department of Statistics Singapore. EDB says, “Leading firms across industrial sectors such as Micron, Infineon, and HP have set up next-generation manufacturing facilities in Singapore. We are the world’s 5th largest global exporter of high-tech goods – Singapore produces 4 of the world’s top 10 drugs and is among the world’s top 10 exporters of machinery and equipment.” Visit Singapore reports that this country ranks at number one worldwide for its competitiveness in advanced manufacturing, and says that this market is expected to reach $182 billion by 2028.
• Finance: Singapore is a global financial hub. Its companies offer banking, investment, insurance, and FinTech, among other financial services. According to the Department of Statistics Singapore, finance and insurance generate about 14% of the country’s GDP. In a recent article in Asian Banking & Finance, the author reports that 4,800 people are employed in the financial sector in Singapore, with about 6,500 holding senior roles.
• Sustainability: Sustainability has also become an important part of Singapore’s economy in recent years, with the government adopting a number of different initiatives. The International Trade Administration (ITA) says, “Singapore has always maintained a balance between development and conserving the environment.” As a result, it says, “The Government of Singapore and many companies strive to find and adopt environmentally friendly services and solutions. ” The agency says that there has been a focus on energy efficiency and green transportation solutions, and that sustainability efforts have also focused on the use of advanced data analytics and artificial intelligence. Singapore’s government has provided grants and other types of support for businesses, as part of its efforts to improve sustainability. Companies focused on sustainability include Sunseap, Arkema, EDP Renewables, and Climate Impact X.

Salaries and Employment Trends in Singapore

Salaries are relatively high in Singapore, and taxes are fairly low. On its Market Overview webpage, the ITA says, “Singapore has one of the highest levels of GDP per capita in Asia (US$83,000). A small city-state roughly the physical size of New York City, Singapore’s wealthy population is approximately 6 million people.” In addition, unemployment is low. According to the Economic Survey of Singapore 2023, published by the Ministry of Trade and Industry Singapore, the unemployment rate in Singapore is less than 2%. 

StashAway lists average gross monthly salaries by industry, with data taken from the Ministry of Manpower, a Singapore government website. Salaries are in Singapore dollars.

• Finance and insurance: $8,700
• Information and communications: $7,600
• Public administration and education: 7,000
• Manufacturing: $5,800
• Construction: $4,900
• Arts, entertainment, and recreation: $4,200
• Administrative and support services: $3,200

Research shows that salaries in Singapore increase consistently year after year, and most experts expect a strong economic future for this country. The EDP says, “Singapore’s economy is forecast to expand by 2-3% in 2024, with a GDP per capita that is the highest in the region – S$113,779 in 2023.”