New York City the City that wears the economic crown

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According to estimates from the economic think-tank Martin Prosperity Institute (MPI), the world’s top 100 metros generate about half of the total global economic output. Which city can claim to be the most economically powerful of them all though?

In an assessment conducted by Richard Florida, director at the MPI, the clear winner of the most economically powerful metropolitan is New York, followed by London and Tokyo.

Most often, cities are ranked by their population. Florida feels that this is a crude measurement of their economic strength and so he looked at data measuring the economic strengths of global cities collected by research teams, think tanks and global consulting firms.

The metrics he consulted were:

Florida then created two tables. The first table showed the top ten ranking cities according to each of the above metrics. He then took those rankings and created a second table by giving each city points for its position in each metrics list – 10 points for first place down to 1 point for tenth place.

The second table clearly has New York as the winner with 48 points, followed by London with 45, Tokyo with 37 and Paris and Hong Kong tied in 4th place with 25 points. Shenzhen, a city in Southern China, comes at the bottom of the list with 1 point.

While Florida himself notes that his estimates had placed Tokyo in first place, one reason that New York topped the final list is because it is considered to be the world’s most open city and attracts talented people from all over the world while Asian cities, like Tokyo, are still perceived to lack this attractiveness.

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