New York, United States
Analysts use the term “competitiveness” to describe a city's ability to use its own economic advantages and resources to attract investment, as well as create a supportive social environment for residents. New York, the leading financial center of the country and the world, has topped the ranking. This city, along with London and Tokyo, is considered one of the world's three largest urban economies. Major financial institutions such as Citigroup, Morgan Stanley, American International Group, Goldman Sachs, and others are headquartered in New York.
London, UK
London, the leading economic and financial center of the UK and Europe, is ranked second among the most competitive megacities. Experts consider it a worthy rival to New York in the struggle for the title of the world’ main economic hub. Despite the situation surrounding Brexit, London is one of the most attractive cities for investment. The megapolis has the largest number of international trading companies, as well as individuals with huge capital.
Singapore
The honorable third place in the ranking of the most competitive cities in the world is occupied by Singapore, a highly developed country with a market economy and low taxation. It is ranked among the so-called "Four Asian Tigers" for a sharp economic breakthrough to the level of advanced countries. Transnational corporations play a significant role in Singapore's economy. Due to low tax rates, the megacity is very attractive to investors.
Shenzhen, China
Shenzhen, a Chinese megacity, is the next on the list. State and foreign investment volumes enabled the city to reach a high level of development. It is considered one of the most dynamically developing and competitive cities in China. According to analysts, Shenzhen is the largest Chinese city in terms of exports. This is an attractive location for investment, new technologies, and business.
Tokyo, Japan
Tokyo is ranked fifth among the world's most competitive cities. According to the Global Competitiveness Report, this is the largest economic agglomeration. The city is recognized as the leading international financial center and the heart of the political, economic, cultural, and transport sectors of Japan. In addition, the majority of the world's largest investment banks and insurance companies are headquartered here.
Munich, Germany
The sixth line among the cities able to compete in global markets, is occupied by Munich, the largest cultural, industrial, and research center. It still dominates European science thanks to its famous libraries, universities named after Max Planck and Heinz Maier-Leibnitz, as well as its nuclear research reactor. In addition, the city is considered to be the IT capital of Germany.
Los Angeles, United States
The seventh position in this ranking is occupied by Los Angeles, one of the leading cultural, scientific, economic, and educational centers of the world. The megacity is regarded as the heart of the entertainment and culture industry, focused primarily on music and television.
Shanghai, China
Shanghai, the most important financial and cultural center of China, closes the ranking of top 8 most competitive cities in the world. Analysts consider it the world's largest seaport. In economic terms, Shanghai is superior to many other cities of China: it has the highest minimum wage in the country.
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