Singapore has become the only developed economy to make the Milken Institute's top 10 list of Asia's Best-Performing Cities, coming in at eighth place; a noteworthy performance since the survey's methodology rewards fast-growing cities. The city-state is an economic beacon on how to transition from a low-cost location to an open international economy.

This index of 24 cities, the institute's first, is based on economic measures such as the growth of jobs, incomes and high value-added industries such as manufacturing and financial services.

"Our data-based index highlights the urban economies that are doing the best job in both creating jobs and transitioning to a higher value-added, more sustainable, growth rate."

"Singapore exhibits how to transition from a low-cost location to an open international economy based on human capital, research and innovation capacities," the report said.

Shenzhen took the tops spot in the index, followed by Guangzhou, Chengdu and Tianjin, which rounded out the top four. Delhi and Kuala Lumpur were fifth and sixth, respectively. Beijing came in seventh, while Ho Chi Minh City and Shanghai brought up the rear in their respective ninth and 10th spots.