Business News

And the world’s best city for business is…

Jessica Morris, Special to

London is the world's top "power" city for business and innovation, surpassing rivals like New York and Singapore, according to an index by the Mori Memorial Foundation's Institute for Urban Strategies.

The institute's annual Global Power Cities Index ranked 40 of the world's leading cities based on their ability to attract "creative" individuals and businesses. It evaluated their appeal in terms of "economy", "research and development", "cultural interaction", "liability", "environment" and "accessibility".

Source: Institute for Urban Strategies

London retained its top spot, upping its score for "economy" and "liveability" and pulling further ahead of second-placed New York.

Paris won the third spot and Tokyo came in at number four. City-state Singapore and the South Korean capital of Seoul were fifth and sixth, with both showing marked improvements, bringing them closer to Tokyo.

However, Shanghai fell three places to 15th and Beijing remained in 14th, as both Chinese cities failed to improve their rankings. Previously, they had been bolstered in the rankings by their strong "economy" scores.

The index also measured cities' attractiveness from the viewpoint of individuals such as business managers, researchers, artists and visitors.

On this indicator, London took the top spot as the most desirable city for managers, followed by Singapore in second place. However, New York was most favored by researchers, beating Tokyo to the number one spot.

The Institute also considered intangible factors such as "comfort, tranquility or excitement".

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