The term Asian City-State refers to a sovereign city-state, which is an independent state consisting of a single city and its dependent territories. Singapore is an example of an Asian City-State, with a population of 5.6 million people. It is located in Southeast Asia, and is the world's only island city-state. Singapore is known for its highly developed market economy, and is one of the world's most prosperous countries. It is also a major hub for international trade and finance, and is home to a diverse population of Chinese, Malay, Indian, and Eurasian cultures.