We’re Number ONE

New York tops the rankings in the new 2008 Global Cities Index – NY’s rank was heavily influenced by its standing as a financial capital and the survey was done before the financial melt down hit full speed so maybe NY’s financial firepower may be down, but adjust upward for Federal subsidies – and were probably still Number One – at least Number One Welfare Queen – but at this point, we’ll take what we can get (or was that always Wall Street’s motto?)

The 2008 Global Cities Index – Foreign Policy, A.T. Kearney, and The Chicago Council on Global Affairs – November/December 08

…what makes a “global city”? …power, sophistication, wealth, and influence….the ideas and values of your metropolis shape the world…the biggest capital markets, elite universities, most diverse and well-educated populations, wealthiest multinationals, and most powerful international organizations…continue to forge global links despite intensely complex economic environments. They are the ones making urbanization work to their advantage…

So, Foreign Policy teamed up with A.T. Kearney and The Chicago Council on Global Affairs to create the Global Cities Index, a uniquely comprehensive ranking of the ways in which cities are integrating with the rest of the world. In constructing this index of the world’s most global cities, we have collected and analyzed a broad array of data, as well as tapped the brainpower of such renowned cities experts as Saskia Sassen, Witold Rybczynski, Janet Abu-Lughod, and Peter Taylor.

Specifically, the Global Cities Index ranks cities’ metro areas according to 24 metrics across five dimensions…business activity…human capital…information exchange…cultural experience…political engagement…

The 60 cities included in this first Global Cities Index run the gamut of the modern urban experience…

…results prove there is no such thing as a perfect global city; no city dominated all dimensions of the index. However, a few came close. New York emerged as the No. 1 global city this year, followed by London, Paris, and Tokyo. The Big Apple beat out other global powerhouses largely on the back of its financial markets, through the networks of its multinationals, and by the strength of its diverse creative class. Overall runner-up London won the cultural dimension by a mile, with Paris and New York trailing far behind. Perhaps surprisingly for a city known more for museums than modems, third-ranked Paris led the world in the information exchange category. No. 4 Tokyo ranked highly thanks to its strong showing in business. And, though it finished 11th overall, Washington easily beat out New York, Brussels, and Paris as the leader in global policy.

Although the winners may be the usual suspects, they have plenty of new competition on their heels. Buoyed by their strong financial links, Hong Kong and Singapore finished at fifth and seventh, respectively. Chicago’s strong human-capital performance sent it into the eighth spot. What’s more, several strong performers are emerging from formerly closed societies: Beijing (No. 12), Moscow (19), Shanghai (20), and Dubai (27). The new, sometimes abbreviated, often state-led, paths to global dominance these cities are treading threaten the old formulas that London, New York, and Los Angeles (No. 6) followed to reach their high spots.

As diverse as they are, the most successful global cities have several things in common: As New York proves, global cities are those that excel across multiple dimensions. Even Shanghai’s staggering, decades-long double-digit annual economic growth alone can’t make it global. The city also must determine how to use that wealth to influence policy, attract the brightest young minds, and accurately portray the rest of the world to its citizens. Global cities continuously adapt to changing circumstances. London may be the city hardest hit by the global credit crunch, but chances are that it will leverage its abundant global financial ties to bounce back. Singapore, San Francisco (15), and Mexico City (25) will no doubt be taking notes…

Click here for full story and chart of cities by rank by dimension