It also topped the list of cities with the highest financial services-related employment.
Singapore received the highest total value of foreign direct investments (FDI) in 2017 with capital investments worth $8.51b (£4.73b), according to a report from the City of London Corporation.
Singapore overtook cities such as London ($7.61b), Hong Kong ($6.06b), Tokyo ($2.27b) and Dublin ($2.05b).
It also topped the list of cities with the highest financial services-related employment with 10,611 jobs created from 2013 to 2017.
“Foreign direct investment plays a key role in establishing and developing links between economies, attracting new jobs, encouraging the sharing of technology and innovations between companies, and enables investors to access new markets,” the report notes.
In addition, Singapore came in second to Hong Kong for ‘favourable business climate’ based on indicators such as regulatory quality, hiring practices and number of days required to register a firm.
Meanwhile, it came in second to London in terms of financial services (FS) FDI projects received in 2017 and third in regards to net exports of financial services.
The report also noted how DBS Bank obtained a UK securities licence in April 2017 which will allow the bank to ‘quadruple its current London wealth management operation’ through London’s lower costs and workforce availability.
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