London topped consultancy firm PricewaterhouseCoopers’ (PwC's) Cities of Opportunity Index 2014, powering ahead to overtake last year's leader, New York. The UK capital had the highest overall ranking of the 30 cities included in the PwC index, and was ranked first in categories, including economic influence, technology readiness and urban getaway destination.
“London’s reputation as an economic powerhouse is well established, and reinforced when you consider it is the second most successful city in the index for attracting foreign direct investment,” PwC partner David Snell said shortly after the report was released.
New York fell to second place after leading the ranking in 2013. The report said that the city “continues to show strong consistency”, ranking in the top 10 for all but two of the major indicators. The US financial capital saw the highest results for ease of doing business and economic clout but was weighed down by infrastructure and environmental categories.
The South Korean capital Seoul stands out among emerging cities, ranking first alongside London in the technology readiness indicator, and the only emerging market to rank in the top 10 cities by ease of doing business, beating the likes of Stockholm and Berlin.
“High performing cities in the index have to find the right balance between social and economic strengths,” said Mr Snell. “For London, while it has moved up the rankings by cost and environmental challenges, there are still lessons to be learned from international competitors on these issues.”