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London Attracts The Most Creative, Innovative Businesses in The World

This year marks the sixth year in a row that London has retained the top spot.

AFP Relaxnews

Updated:October 17, 2017, 5:23 PM IST
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London Attracts The Most Creative, Innovative Businesses in The World
London (Photo courtesy: AFP Relaxnews/ Starcevic/ Istock.com)
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London tops a new "Global Power City Index" that ranks cities according to their "magnetism" -- defined as their power to attract creative people and businesses from around the world.

Released out of The Mori Memorial Foundation's Institute for Urban Strategies in Tokyo, the results of the latest cities ranking remains largely unchanged from 2016, which also saw London, New York and Tokyo top the podium.

In fact, this year marks the sixth year in a row that London has retained the top spot.

For the report, analysts rated cities based on 70 indicators in six categories: economy; research and development; cultural interaction; liveability; environment; and accessibility.

One of London's core strengths is its performance in the category "cultural interaction," which is characterized by the number of world-class cultural institutions, landmarks, events, retail, dining, luxury hotels, foreign residents and students in the city.

One glaring omission throughout the report? Any mention of the fallout from Brexit, which has already seen banks and other companies plan their exit strategy out of London.

Meanwhile, a notable decline in this year's report is Paris, analysts add, which experienced a significant drop in the liveability category due to the recent terrorist attacks.

However, its win as the host of the 2024 Olympic and Paralympic Games is expected to help strengthen the city in the categories of cultural interaction and accessibility over the coming years.

Overall, the report suggests that the world's most liveable cities are mostly located in Europe, while US cities show the most strength in research and development.

Asian cities are the top performers in the economy category.

Here are the top 10 cities on the index:

1. London

2. New York

3. Tokyo

4. Paris

5. Singapore

6. Seoul

7. Amsterdam

8. Berlin

9. Hong Kong

10. Sydney
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