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Singapore became the least risky country in the world for investments.

Singapore has surpassed Norway and Switzerland to be the least risky country in the world for investments, according to the latest results of the Euromoney Country Risk (ECR) survey on Thursday (March 9).

This is the first time Singapore has topped the ECR survey, which has ranked countries based on their investment risks for more than 20 years. In 2007, Singapore was ranked 21 on the list, but has slowly climbed up the rankings. Over the past decade, only Switzerland or Norway have topped the survey.

Despite financial problems in the oil services industry, non-performing loans in Singapore still hover around the 1 per cent mark. Singapore’s banking sector is also the most stable in the region and among the strongest in the world, Euromoney added.

A total of 186 countries are covered in the survey. The top ten countries in the latest rankings are Singapore, Norway, Switzerland, Denmark, Luxembourg, the Netherlands, Sweden, New Zealand, Canada and Germany.