Singapore and Hong Kong demonstrate extraordinary economic performance but face ongoing challenges in social inclusion. Singapore's improvement to an A rating has sparked debate among regional experts who question whether economic strength alone justifies such a high rating. Hong Kong’s recent legislation extending housing benefits and inheritance rights to same-sex couples signals progress, though its overall rating has remained 'BBB' amid broader political changes.

Both cities serve as compelling case studies in the evolution of financial hubs in Asia. Singapore ranks among the world’s highest in GDP per capita and continues to attract global business through its strong regulatory environment. Yet this economic strength contrasts with ongoing debates on social freedoms. In 2022, a constitutional amendment limited marriage to heterosexual couples, and while the repeal of Section 377A decriminalised same-sex intimacy, the 2025 Workplace Fairness Act excluded sexual orientation and gender identity from its protections—highlighting the city-state’s cautious, gradual approach to inclusion.

Hong Kong offers a different narrative. While political shifts since the implementation of the National Security Law have affected its international reputation, recent court rulings mark progress for LGBTQ+ rights, including a 2023 decision mandating legal recognition for same-sex couples. These social advances coexist with Hong Kong’s enduring strengths in financial infrastructure and tax policy.

Together, both cities raise important questions about the sustainability of development models that prioritise economic growth over social inclusion, especially as younger generations place increasing value on equality and quality of life.

India’s major urban centres have achieved moderate progress in LGBTQ+ inclusion, with all five major cities earning a C ranking in 2025. This comes as India maintains its position as the world’s fastest-growing large economy, despite the World Bank’s Global Economic Prospects report noting expected slower growth due to weakened manufacturing and declining investment. Two key forces have driven inclusion gains: increasingly progressive legislation and sustained business action.

While the Supreme Court’s 2023 decision against legalising same-sex unions marked a setback, several protections have since emerged. Tamil Nadu amended police conduct rules in 2022 to prevent harassment of LGBTQ+ individuals, and in 2025, the Supreme Court mandated separate restroom facilities for transgender people across all courts. The Indian Psychiatric Society has continued its support for LGBTQ+ rights, and a 2025 Madras High Court ruling definitively affirmed that “homosexuality is not a disorder.” Additional developments include a government committee on LGBTQ+ issues, the launch of the National Transgender Awards, and the 2024 Education Equality Index—India’s first benchmark for LGBTQ+ inclusion in education.

The private sector has also played a critical role. Deloitte’s survey shows Indian employees exceed global averages in workplace comfort regarding sexual orientation disclosure. Companies like Tata Steel and Mahindra have launched groundbreaking programmes for LGBTQ+ employees, including trans hiring initiatives and employee resource groups. Despite ongoing challenges, India’s urban centres and business leaders are increasingly fostering an inclusive environments, earning all five major Indian cities a place in the “partially open for business” category, even as broader government action remains gradual.