Turns out, Frank Sinatra was right. If you can make it in New York, you really can make it anywhere. That is the finding of a new poll that ranked the most competitive cities in the world based on the ability to attract capital as well as the best businesses and talent. In that poll, New York beat out London and Singapore and 117 other cities to take the top spot.
The research, which was conducted by the Economist Intelligence Unit for financial services company Citi, looked at 120 cities when making its list. These cities were then ranked on the following factors: economic strength, physical capital, financial maturity, institutional effectiveness, social and cultural character, human capital, environment and natural hazards and global appeal.
According to the research, these cities have a combined population of 750 million while also representing 29 percent of the global economy. These cities also generated a combined GDP of $20.24 trillion in 2011.
"Today the Economist Intelligence Unit has confirmed what New Yorkers have long known: that if you want to start a business, create a new product, or have a big idea, New York City is the place to be," Mayor Michael Bloomberg said.
With New York, London and Singapore taking the first three spots on the list and representing three different continents, the survey showed the true global nature of the top cities. Following the top three were Paris and Hong Kong, which tied for fourth on the list. Tokyo and Zurich finished sixth and seventh, while a trio of U.S. cities rounded out the top ten. Those cities included Washington, D.C., Chicago and Boston, which were the eighth, ninth and tenth most competitive cities in the world.
In addition to taking home four spots in the top 10 list, the U.S was also well represented in a list of the top 30 cities. San Francisco tied for the 13th overall spot and was the fourth most competitive U.S city. The 10 most competitive U.S. cities included:
- Los Angeles (19th overall)
- Houston (tied for 23rd overall)
- Dallas (tied for 25th overall)
- Seattle (29th overall)
- Philadelphia (30th overall)
While the U.S. had a strong showing among the most competitive cities, the strength of the Asian economy was also on display in the listings. According to the survey, 15 of the top 20 cities rated for economic strength, one of the factors for the overall competitive city listing, were in Asia. The survey also found that medium-size cities such as Abu Dhabi and Lima, with populations of 2 million to 5 million, were quickly growing. According to the survey, these cities are expected to grow by 8.7 percent annually over the next five years, ahead of the pace of many larger cities.
"Economic dynamism is definitely rising elsewhere, especially in Asian cities, but U.S. and European cities have legacy advantages that give them a strong competitive edge," said Leo Abruzzese, global forecasting director at the Economist Intelligence Unit. "In particular, these developed cities are better at attracting top talent from across the world."
Reach BusinessNewsDaily staff writer David Mielach at Dmielach@techmedianetwork.com. Follow him on Twitter @D_M89.