New York is the most competitive city in the world, Citigroup Inc. (NYSE: C) and the Economist Intelligence Unit declared Monday.
The joint report used 31 indicators to measure the city's appeal to capital, business, talent and tourists.
New York had a perfect score in financial maturity and 95 of 100 for social and cultural character. It was weaker in environmental and natural hazards, attributed to the threat of rising sea levels, and in the measure of human capital, due to U.S. immigration laws.
London, Singapore, Paris and Hong Kong rounded out the top five of the survey.
The report found that while Asia is surging in economic strength, American and European cities continue to dominate the overall categories, accounting for 21 of the top 30 cities. Their ability to attract interest overcame aging infrastructure and budget deficits.
"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," Leo Abruzzese, the Economist Intelligence Unit's global forecasting director, said in a statement. "In particular, these developed cities are better at attracting top talent from across the world."
RESOURCE IBTimes
