London Rated Best World’s City For Business

The index rates major cities according to their ability to attract professionals from around the world, which the index calls “magnetism.” Cities are also rated on how they fare in “mobilizing their assets in securing economic, social and environmental development”.

Every year the Institute publishes a Global Power Cities Index, taking in 40 leading cities and evaluating their appeal as destinations. Criteria include “economy“, “research and development”, “cultural interaction”, “liability”, “environment” and “accessibility”.

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An increasing lead for London

As well as keeping hold of the top spot it has held since the 2013 edition of the index, London also managed to increase the lead  it holds over second-placed New York. The British capital saw an increase in scores for economy and livability, while taking top spot for cultural interaction and jumping from fourth to second position as the best city for artists.

Paris came in third place, followed by Tokyo in fourth. Asian cities rounded out the top six, with Singapore and Seoul both showing improvements from last year’s ratings.

Chinese cities stagnated in their rankings, with Shanghai falling three places to 15th and Beijing holding firm in 14th. This stagnation can perhaps be explained by the fact that the index takes into account attractiveness of cities to people of different vocations, such as business managers, researchers, artists and visitors.

The Institute also took into account intangible factors including “comfort, tranquility or excitement”, which mitigates the impact of economic growth which had previously seen Chinese cities improve their scores.

A long list of successes

This latest success for London follows hot on the heels of Forbes magazine naming London the most influential city in the world. The top three was the same as the Mori Index, but New York was rated a closer second with Paris way back in third.

The list’s authors went on to claim that “the United Kingdom may now be a second-rate power, but the City’s unparalleled legacy as a global financial capital still underpins its pre-eminence.”