Singapore overtook Hong Kong as the world's freest economy for the first time since 1995.
The Index was first published in 1995 and Hong Kong has topped the charts ever since.
Created by the Heritage Foundation and The Wall Street Journal, the annual index measures the degree of economic freedom in the world's nations.
The World Index of Economic Freedom covers 12 freedoms including property rights, financial freedom, government integrity, labour freedom, trade freedom, investment freedom and business freedom.