New York ranks first as a global business center in a worldwide survey of cities, the fourth such recognition of its influence in the past five months.
London, Paris, Tokyo and Hong Kong trail New York on the Global Cities Index, released today by Bloomberg Rankings. Beijing and Shanghai emerged as potential rivals within 10 to 20 years, according to the index.
An aerial photograph of Manhattan in New York. Photographer: Andrew Harrer/Bloomberg
April 2 (Bloomberg) -- Ian McCafferty, chief economic adviser to the Confederation of British Industry, speaks with Bloomberg's Howard Mustoe in London about an increase in confidence and jobs in the U.K.'s financial industry in the first quarter. (Source: Bloomberg)
The Empire State Building stands in the distance beyond the Hudson River in New York, U.S. New York may be challenged to retain the top spot. Photographer: Andrew Harrer/Bloomberg
Shanghai emerged as a potential rival to New York within 10 to 20 years. Photographer: Kevin Lee/Bloomberg
Michael R. Bloomberg, mayor of New York City, wrote "being cool counts.” Photographer: Joshua Roberts/Bloomberg
Pedestrians walk over London Bridge towards the City, in London, U.K. New York led on human capital and information exchange, though it trailed London and Paris for cultural experience. Photographer: Chris Ratcliffe/Bloomberg
The survey examined 66 of the world’s busiest commercial urban centers, judging each on the scope of its business activity; labor force; access to media and information; cultural amenities; and political influence.
“Our goal was to find a measure that would help corporate and government decision-makers determine which of the world’s cities will best attract and shape the future flow of people, ideas, capital and goods,” said Mike Hales, a partner at A.T. Kearney, a Chicago-based consulting firm that helped Bloomberg conduct the study.
The rankings support similar findings by The Economist andEuromoney magazines, which each published studies concluding that the most populous U.S. city remained the world’s premier urban business center.
More recognition came from Singapore last month, when New York received the Lee Kuan Yew World City Prize, which recognized “leadership and achievement” in policies to conserve energy, create parks, increase public safety and plan for affordable housing.
Catalysts for Growth
“With more than half the world’s people now living in cities, and with three-fourths of the people on Earth expected to be city dwellers by midcentury, cities around the globe, including New York, must confront all the effects of this urban growth,” New York Mayor Michael Bloomberg said in accepting the award in Singapore March 21. “Such projects can also be catalysts for private-sector investment.”
The mayor is the founder and majority owner of Bloomberg News parent Bloomberg LP.
Investments in public transportation, cultural amenities, education, public safety, sustainable energy production and conservation have become major considerations as cities work to retain a competitive edge, corporate executives and government policy makers said in interviews.
More Competition
“We know that the No. 1 position we hold today is coveted and that the world is changing quickly around us, and that cities around the world are continuing to invest to strengthen their competitive positions,” said Seth Pinsky, president of the New York City Economic Development Corp., during a March 23 talk to executives at Citigroup Inc. (C) He was there to accept the honor from Euromoney, which published the rankings in its November issue.
New York may be challenged to retain the top spot. Trends that may reduce its influence include “the growing chasm between the very rich and the poor,” said James Parrott, chief economist at the Fiscal Policy Institute, a New York-based research and education organization backed by organized labor.
“It weakens our consumer base, makes it harder for the city to remain a truly open society with lots of opportunity, and -- although it’s a national problem -- not enough local leadership has been focused upon redressing that,” Parrott said.
Polarization in Washington, driven by “backward-looking perspectives held by people who even deny the reality of climate change, presents a risk for the city and the U.S. in competition with the rest of the world in the 21st century,” Parrott said.
Study Methodology
A.T. Kearney measured 25 variables across five criteria to calculate how 66 of the world’s largest cities stack up against one another, said Andres Mendoza Pena, a principal of the company. New York led on human capital and information exchange, though it trailed London and Paris for cultural experience.
Analysts counted accountants, lawyers, advertising agencies, management consultants, engineers and other business- service firms, and looked at how many global companies established offices there, he said.
They checked Shanghai’s Jiao Tong University ranking of universities and considered how many foreign-born residents were included in a city’s population to judge the strength of its labor force. They pored over Frommer’s, Michelin and Zagat guides, and counted museums, theaters, sporting events and restaurants to gauge cultural amenities, Pena said.
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