10 Most Competitive Cities in the WorldBusiness in Toronto / Ontario, News, Toronto News | Elyse | July 3, 2013 at 12:01 am
I often write about how our great city and country rank on the global scale with posts like the best country to live, smartest countries, the happiest countries, the most peaceful countries, the most sustainable countries, the friendliest countries, the most charitable countries, the most prosperous countries, the best countries for quality of life, the most livable city, the most competitive city, the best city to live, the greenest city, the best city for opportunity and the best city for quality of living. Today I’ll be looking at the 10 most competitive cities in the world according to the Hot Spots 2025: Benchmarking the Future Competitiveness of Cities report conducted by the Economist Intelligent Unit for Citi.
This City Competitiveness Index ranked 120 cities (broadly defined) by their ability to attract capital, businesses and people both today and in 2025. Why cities over countries? The Index explains that by “the middle of the 21st century, seven out of ten people will be living in cities. Already global business is beginning to plan strategy from a city, rather than a country, perspective. Understandably so: well over half of the world’s population lives in cities, generating more than 80% of global GDP. Standard population projections show that virtually all global growth over the next 30 years will be in urban areas. The number of people living in the world’s cities is growing by nearly 60m every year.”
The methodology this city study used included 27 qualitative and 5 quantitative indicators grouped and weighted into 8 distinct categories: economic strength 30%; physical capital 10%; financial maturity 10%; institutional character 15%; human capital 15%; global appeal 10%, social and cultural character 5%; and environment and natural hazards 5%. Based on the methodology of this study, the 10 most competitive cities are:
- New York – Score: 75.7/100.
- London – Score: 73.1/100.
- Singapore – Score: 71.2/100.
- Hong Kong – Score: 68.1/100.
- Tokyo – Score: 68.0/100.
- Sydney – Score: 67.3/100.
- Paris – Score: 67.0/100.
- Stockholm – Score: 65.7/100.
- Chicago – Score: 65.6/100.
- Toronto – Score: 64.7/100.
Toronto was the only Canadian city to make the top 10 followed by Vancouver which placed 28th and Montreal ranking 36th.
Business Insider notes key takeaways from this study as being:
- São Paulo, Incheon, and Mumbai are the top movers between 2012 and 2025. Improved infrastructure, economic progress, and improved cultural vibrancy have been a boon to emerging market cities.
- North American and Western cities still reign. They attract capital, businesses, tourists, and a talented work force.
- The Eurozone crisis will impact Southern and Eastern European cities. Madrid, Rome, and Bucharest all became less competitive.
- Slowing Chinese growth. No Chinese city is ranked among the top 25 most improved, largely due to how much progress they made during the 2000s.
The information contained in this study is invaluable to entrepreneurs, corporations and even governments for planning future business strategies as it helps if the location represents a healthy environment for growth.
Way to represent Canada, Toronto.
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