For the second consecutive edition, London has been placed as the best city for business, commerce and culture in PwC’s latest Cities of Opportunity Index of 30 major global cities. Economic clout, reputation as a city gateway, ease of doing business, universities, innovation, entertainment and attractions were all noted by the index.
London significantly extended its lead across the performance indicators by 6.5 percent ahead of its closest rival Singapore, followed by Toronto, Paris and Amsterdam.
“Despite the recent vote to leave the European Union, there is no doubt that this will continue to be the best place in the world to do business,” affirmed Sadiq Khan, Mayor of London. “I am determined to make the capital an even more prosperous city and to spread the opportunity it brings to all Londoners.”
The strong performance is due to the city’s ranking in variables such as: hotel rooms, international tourists, number of international meetings, incoming and outgoing passenger flows and airport connectivity.
London was also noted for its universities and access to libraries. In this category London is one of the top cities best suited for young people aged between 15 and 29 in variables such as: how youth live, work and play in their urban setting.
The UK capital also stands out not only for the maturity of its technology, but also for the diversity of its cultural offering. It also came top in its attractiveness to employees looking to relocate.
“Brexit will bring challenges, but it’s important we remain positive,” said David Snell, Partner, PwC, London. “If Brexit has effects on London, they will play out in a process over time in areas like talent mobility, trade and regulation. But it is worth remembering that London is resilient, agile and great at adapting. London is open for business and we must seize the opportunities that lie ahead.”
The report does note, however, that London is not without challenges. London is the still most expensive city for business occupancy with a high cost of living. And, while London has one of the best transport systems, the index notes that affordability is a “big issue”.
The Cities of Opportunity key indicators and top three cities within each are:
- Intellectual capital and innovation: London, San Francisco, Paris
- Technology readiness: Singapore, London, Amsterdam
- City gateway: London, Paris, Beijing
- Transportation and infrastructure: Singapore, Dubai, Stockholm
- Health, safety and security: Tokyo, Toronto, Sydney
- Sustainability & the natural environment: Stockholm and Sydney (tied for first), Seoul and Toronto (tied for second), Amsterdam
- Demographics and liveability: New York and Paris (tied for first), London, Los Angeles
- Economic clout: London, New York, Beijing
- Ease of doing business: Singapore, Hong Kong, London
- Cost: Johannesburg, Toronto, Los Angeles