The city’s economic clout, reputation as an urban gateway, technology access, and development and design capabilities topped a strong performance across a range of indicators measuring how major international cities are developing.
London claimed the number one position (up from third last time) with a considerable margin, ahead of New York, Singapore, Toronto, and San Francisco. Cities of Opportunity also highlights the increasing competitiveness of emerging cities across several key indicators, including Beijing, Buenos Aires and Seoul, according to PwC.
Reinforcing London's growing reputation as a tech hub, the report finds the city is “technologically on top of its game” leaping from eighth place in last year’s report to joint first with Seoul for technology readiness this year.
London gets top ranking for software and multimedia development and design, finishes second overall for broadband quality (up 12 places on last year), and ranks third behind only Singapore and Seoul for internet access in schools.
The UK capital finishes a narrow second to Paris in intellectual capital and innovation, up on last year’s performance, with strong performance in the number of people in higher education, the quality of universities, and access to libraries. Only Sydney beats the capital for demographics and liveability, both key areas for future urban prosperity assessed in the report.
However, the report warns that London's performance in terms of cost and the environment could be better, with the city slipping to mid table overall against its competitors on cost, sustainability and the environment.
David Snell, partner, PwC in London, said: “London’s reputation as an economic powerhouse is well established, and reinforced when you consider it is the second most successful city in the index for attracting foreign direct investment.”
The Cities of Opportunity key indicators and top three cities within each are:
- Economic clout: London, Beijing, New York
- Technology readiness: London and Seoul tied for first place, Stockholm
- City gateway: London, Beijing, Singapore
- Intellectual capital and innovation: Paris, London, San Francisco
- Demographics and liveability: Sydney, London, San Francisco
- Transportation and infrastructure: Singapore, Toronto, Buenos Aires and Seoul tied for third (London – 6th)
- Health, safety and security: Stockholm, Sydney and Toronto tied for second (London – 6th)
- Sustainability and the natural environment: Stockholm and Sydney tied for first, Paris and Berlin tied for third (London – 17th)
- Ease of doing business: Singapore, Hong Kong, New York (London – 5th)
- Cost: Los Angeles, Chicago, Johannesburg (London – 15th)
Despite not having a top rank in any indicator, PwC said the report finds New York “continues to show strong consistency across most of the categories”. Other significant moves include Singapore, which rises four spots this year. Overall it came in third place behind New York primarily driven by its commitment to top infrastructure and ease of doing business as two keys to a city’s development.
