I would believe if there is a ranking based on gaming ranking systems, our universities would surely be ranked 1st and 2nd or some where up there at the very top. If the ranking is based on having the most modern infrastructure and modern equipment and facilities, NUS and NTU would rank ahead of the best in the UK and USA. The same too if the ranking is based on having the most foreign academic and administration staff in a local university.
But if the rankings would to be based on skill sets of graduates and employability of graduates, and the ability to produce top quality finance and banking professionals, NUS and NTU would rank somewhere in the 500s or 1000s. Hundreds of universities in India, China and the Philippines and other 3rd World universities would rank higher than NUS as their graduates are much sort after here with the right skill sets for employment. Maybe some degree mills would also rank higher as their graduates are also accepted without checking by some organizations, and probably with NUS and NTU graduates working under them and reporting to them. I said, probably, as I have no data to support this. Please feel free to disagree.
So what is so good about rankings? One thing, if there is a lack of substance, go for the superficial. As long as it looks good, sounds good, it is worth the money spent, event at the expense of getting rid of Singaporean academic core and sacrificing places that should go to our children but go to foreigners.
What do you think?