"Now women, I just want you to know; you are not perfect, but what I can say pretty indisputably is that you're better than us [men]," he said, according to the BBC.
"I'm absolutely confident that for two years if every nation on earth was run by women, you would see a significant improvement across the board on just about everything... living standards and outcomes."
Obama famously won the 2008 presidential election after defeating future Democratic presidential nominee Hillary Clinton in the primary contests. The former president later appointed her as his secretary of state and reportedly saw her as a better candidate than former Vice President Joe Biden for continuing his legacy.
"If you look at the world and look at the problems, it's usually old people, usually old men, not getting out of the way," Obama also said during Monday's event in Singapore.
"It is important for political leaders to try and remind themselves that you are there to do a job, but you are not there for life, you are not there in order to prop up your own sense of self-importance or your own power."
Obama has long praised his wife, former first lady Michelle Obama. For example, he's said staying married to her was one of his greatest accomplishments. He also praised her performance as first lady and claimed that she "upgraded" him.