Oxford Economics recently released the 2024 Global Cities Report, in which New York City topped the list of 1000 cities worldwide with its strong economic performance, surpassing London in the UK, San Jose in the US, and Tokyo in Japan to become the best city globally.
According to the report, the United States stands out in the global economic landscape. In the top 10 global cities in terms of economic performance compiled by Oxford Economics, the US claims 7 spots. These cities are ranked as follow: New York City, Los Angeles, San Jose, Seattle, San Francisco, Dallas, and Chicago, which is ranked 8th and edged out London.
The report highlights that New York City remains the world’s largest economic entity, benefiting from a decade of stable economic growth prior to the outbreak of COVID-19. Los Angeles, in second place, is also a significant global economic entity, while San Jose, ranked third, boasts the highest per capita GDP in the world.
The only non-US cities to make it to the top 10 global economic cities are London, Paris, and Tokyo. While they are vital global economic players, their per capita GDP still lags behind major US cities.
Aside from evaluating cities based on economic factors, Oxford Economics also considers four indicators including human capital, quality of life, environment, and governance. New York City ranks 4th in human capital and falls outside the top 10 in other indicators.
New York City ranks 278th in global quality of life, 353rd in environment, and 184th in governance.
Given that economic ranking holds the most weight in the overall assessment, New York City is still named the best city globally.
According to the report, London is recognized as the city with the best human capital, Grenoble in France with the best quality of life, Suva the capital of Fiji for the best environment, and Auckland in New Zealand for the best governance.
Among the top 100 cities globally, most are located in North America and Western Europe, with only a few cities from Asia making the list including Tokyo, Japan (4th), Seoul, South Korea (41st), Taipei, Taiwan (65th), Hong Kong (76th), and Osaka-Kyoto (tied at 91st).