The newest ranking of the world’s most economically powerful cities put together by a research team at the Martin Prosperity Institute (MPI) finds New York to be the clear winner.
The Global City Economic Power Index is based on five core metrics. Overall Economic Clout is evaluated by gross domestic product (GDP) as measured by the Brookings Institution in their Global Metro Monitor Map.
Financial Power is based on think tank and consultancy Z/Yen’s Global Financial Centres Index, which gauges the strength of a city’s finance and banking industries.
Global Competitiveness uses The Economist’s Global City Competitiveness Index, as well as The Global Cities Index from consulting firm A.T. Kearney which tracks business activity, human capital, information exchange, cultural experience, and political engagement.
Equity and Quality of Life uses The United Nations' City Prosperity Index, which measures prosperity along five dimensions – productivity, infrastructure, quality of life, equity and social inclusion and environmental sustainability. Vienna scored highest on the City Prosperity Index, followed by New York and Toronto.
New York took the top spot overall, ranking first on three measures and second on the other two. London came a close second, followed by Tokyo, which has the world’s largest metro economy.
Hong Kong came fourth, narrowly beating Paris. Singapore, Los Angeles, Seoul, Stockholm, and Toronto round out the top ten.
Meanwhile, Vienna has once again come top of a global survey from consulting form Mercer, which for the seventh time concluded that it offers the best quality of life of any city in the world.
It scores highly on criteria such as political stability, health care, education, crime, recreation and transport.
It was followed by Zurich in Switzerland and Auckland in New Zealand.
The survey is intended to help multinational companies determine compensation packages for their employees when placing them on international assignments.