London Solidifies Lead, New York Rises Fast and Tokyo Retains 3rd in Global Rankings | Financial Buzz

London Solidifies Lead, New York Rises Fast and Tokyo Retains 3rd in Global Rankings

London, New York, Tokyo and Paris were again named the world’s most
comprehensively attractive cities, in that order, in the Global Power
City Index (GPCI) 2018 report published today by The
Mori Memorial Foundation’s Institute for Urban Strategies, a
research body established by Mori
Building, a leading urban developer in Tokyo. The annual GPCI report
has ranked 44 major cities in terms of “magnetism,” or overall power to
attract creative individuals and enterprises from around the world,
since 2008. Cities are rated in terms of 70 indicators in six
categories: Economy, R&D, Cultural Interaction, Livability, Environment
and Accessibility.

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London stands alone, New York rises fast, Tokyo
creates separation and Paris recoversThe top four
cities remain unchanged from last year, with London, New York, Tokyo and
Paris maintaining their respective one-through-four positions. London
continued to surge ahead and even increase its score by further
leveraging the undiminished momentum of the 2012 Olympic and Paralympic
Games. The city upgraded its previously weakest category, Livability,
and continued to show overwhelming strength in Cultural Interaction.
While uncertainty exists regarding the U.K.’s exit from the EU, balanced
strengths across several categories give London the potential to turn
challenges into opportunities, extend its commanding lead and continue
forward as the top-ranked city.

With the global financial crisis finally behind it, New York
marked its highest one-year score increase since the GPCI rankings
began, as it benefits from the effects of a strong evaluation in Startup
Environment and Variety of Workplace Options. New York also maintained
its top position in the both field of Research & Development, and
Economy due to improved results in Corporate Tax Rate. Potentially
negative impact on U.S. GDP growth due to trade friction could influence
New York’s future ranking, and Environment and Livability remain
significant weaknesses. Tokyo, in the top 10 in all categories
except Environment, broke into the Livability top 10 with improved Total
Working Hours. Tokyo has boosted its score every year since 2015, but
was relatively low in Commitment to Climate Action and dropped from #12
to #29 in Environment. Like London in 2012, Tokyo hopes to build on its
score before and after hosting the Olympic and Paralympic Games in 2020. Paris,
after slipping to fourth following multiple terrorist attacks in 2015,
recovered to boost its overall score, including in Number of Foreign
Visitors. With the Paris 2024 Olympic and Paralympic Games now official,
Paris will likely compete with Tokyo for Games-related growth.

Other Highlights (Cities from #5)

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