London is the place to be for businesses and individuals in search of fresh opportunities although Singapore is hot on its heels, according to PwC biennial “Cities of Opportunity” report.
The U.K. capital emerged as the top global city for the second consecutive occasion and even extended its lead against rivals, the report added.
“London has the tools for a changing world, which increasingly determine global success or failure in an urban world driven by knowledge and connectivity,” PwC analysts said in the report.
The report assessed 30 global cities based on 10 economic and social health indicators, including transportation and infrastructure, ease of doing business, demographics and livability, technology readiness and cost.
Singapore was the runner-up and the only Asian city in the top five, flanked by Toronto in third, then Paris and Amsterdam.
London scored especially well on intellectual capital and innovation and indicators of economic clout, while the Southeast Asian city-state performed best in the area of taxes, with the lowest tax rates but the highest efficiency.
However, PwC analysts noted that data analysed for the study were mostly from 2014 to 2015, and as a result the impact of the recent U.K. referendum vote had not been factored in.
“Any effect Brexit may have on London will take place in a process that will evolve over time and not overnight … [including] the effects on talent mobility and migration, trade, investment and regulation,” the PwC analysts said.
“Right now, the city remains the most global in the U.K., and a major financial center with a rich foundation of human capital and flexible tradition to build on,” they added.
Lagos, Mumbai and Jakarta were the bottom three global cities for opportunities.
Source: CNBC
