Singapore elites must tackle sustainability

 Alwyn Lim and Kenneth Goh

CAN Singapore’s elites give back to society by taking the lead on sustainability? For the third year running, Singapore has topped the Elite Quality Index (EQx), an annual ranking of 151 countries on how well political and economic elites create value for society. According to EQx 2022, Singapore’s elites have created business models with excellent value creation for society. As Singapore emerges from the Covid-19 pandemic and reconnects with the world, can its elites leverage their value creation models to create greater social and environmental sustainability?

Sustainability and the role of elites

The Elite Quality Index (EQx), administered by the Foundation for Value Creation jointly with the University of St Gallen, defines elites as “coordinated groups” with business models that successfully accumulate wealth. Present in every society, they often work in groups (such as a corporation or an industry). Essentially they are individuals who have strong control over society’s key resources; examples include high-tech entrepreneurs, bankers, oil cartels, as well as decision makers in the political arena.