Photo: Bernd Untiedt/Wikimedia
New Yorkers, let your snob flag fly.
The once and future Big Apple is the most competitive city in the world (tweet this fact), and it will stay that way for the next 12 years.
A new Economist Intelligence Unit report predicted the competitiveness of 120 cities in 2025, based on their projected ability to attract capital, business, talent and tourists.
The report, commissioned by Citigroup Inc, measured 32 indicators for each city, across eight weighted 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 environmental hazards (5%).
North American and Western European cities dominated the top 10 list:
1. New York
4. Hong Kong
The three top movers were São Paulo, Incheon and Mumbai, with the greatest anticipated surge in global competitiveness between 2012 and 2025.
“Major cities in India, Brazil, and other emerging markets are expected to improve their competitive position and gain ground on many cities in more established economies,” Leo Abruzzese, the EIU’s global forecasting director, said in a statement. “Strong economic growth, improving physical infrastructure, and increasingly skilled labor forces will boost emerging cities’ competitiveness, though North American and Western European cities will ultimately retain their competitive advantage.”
New York topped the rankings in terms of financial maturity; it ranked second-most competitive on institutional character and third on economic strength. The report forecasted improvements in environmental governance and health care for the city in 2025.
After New York, the strongest American cities in the index were Chicago (9), Washington DC (14), Los Angeles (17) and San Francisco (18).
Meanwhile, China’s rate of competitiveness slowed down — no Chinese city was ranked among the top 25 most improved metropolises, since most of the progress occurred in the first decade of this century. Still, the report expects that by 2025, China will surpass the US as the world’s largest economy, due to strong growth, rapid urbanization and rising productivity.
You can check out the full report here.