Singapore has surged up the rankings as a place for security in retirement although Switzerland is king of the hill in this respect, new figures show.

Singapore’s stable and robust economy elevated the city-state to 30th place in a global index ranking nations for retirement security, at least according to a survey carried out by Natixis Global Asset Management. Meanwhile, Singapore's global wealth management rival, Switzerland, is number one.

The Asian city-state rose from 41st place in the firm’s previous study, joining South Korea and Japan in the top 30, which are marked at 14th and 17th respectively. European nations dominate the rankings, accounting for eight of the top 10 places, with Switzerland at the top of the league. In descending order, the top-10 jurisdictions in the index are: Switzerland, Norway, Australia, Iceland, Netherlands, Sweden, Denmark, Austria, Germany and New Zealand. These are followed by Luxembourg, Canada, Finland, South Korea, Czech Republic, Belgium, Japan, France, the US and Slovenia.

With a separate survey by the Economist Intelligence Unit showing that Singapore remains the world's most expensive city - at least until before the surge in the Swiss franc - the data sheds light on how such jurisdictions compete to be attractive places to do business.

The third annual study by Natixis and Core Data drew on insights from the World Bank and the United Nations to quantify life conditions and well-being on retirement. The report ranked 150 countries on 20 trends across four categories comprising personal income, environment, finances and health. Macroeconomic factors have contributed to uncertainty around retirement security on a global scale as individual investors now have more responsibility for their own welfare in retirement, the report said.

“Our worldwide survey found that 68 per cent of investors do not have a financial plan in place, and only 16 per cent mentioned that they have a clear idea of the annual income they require to maintain their standard of living in retirement,” Madeline Ho, head of wholesale fund distribution, Asia-Pacific, said.

“While not commonly practised, retirement security can be achieved with proper education and guidance. Individuals should fix their focus on factors which are within their control, such as financial planning, setting goals and being more engaged with their finances. This will go a long way in ensuring that retirement security remains achievable for everyone,” Ho added.

The study said Singapore’s rise from 41st place in 2014 to the top 30 was due to improvements across finances in retirement, material well-being and quality of life. Natixis highlighted Singapore’s continued growth as Southeast Asia’s financial centre, its income per capita – which at third place rose from $61,000 to $76,850 last year – and its low unemployment rate of 2.8 per cent. (Figures are in US dollars.)

Environmental improvements within Singapore increased its score for quality of life while renewed growth, a strong financial sector, lower inflation and higher real interest rates augmented Singapore’s finances in retirement score.

Retirees in Singapore have added financial security, derived from its “outstanding financial system” combined with the collective strength of balance sheets within the banking sector, the report said. This state of affairs has led to higher material benefits and an overall better quality of life compared to overall findings from the previous year, with additional respite provided by a decrease in inflation in 2014, it continued.

“Fundamentally, Singapore provides a relatively strong backdrop for retirement security. Individuals are able to harness the positive macro environment and start being more pro-active with their own retirement planning in order to maintain their desired standard of living upon retirement,” Ho said.