I don’t think there is a simple answer to this. From my point of view it depends on:
Where you live?
Which airlines you normally travel with?
Which class or service you normally travel in?
Let me give you some examples:
If you live in the US, and travel 50/50 domestic/international a US based programme like UA/CO is a good choice. You get free upgrades, and earn bonus miles.
If you live in Europe, and travel mostly intra-EMEA flights then M&M is a good scheme if you travel in premium cabins.
There are just examples. I know little about the TG, SQ, and ANA programmes to decide if they are worthwhile.