London climbs in top city rankings
The capital overtook Hong Kong, reinforcing its position as a significant contributor of the UK economy. The survey also highlights the UK capital’s standard as a beacon for international capital.
London is the highest-positioned European city in the top 30. The next strongest showing is from Paris in 17th place and new joiner Munich in 28th.
London has continued to move up the rankings in recent years – it was ranked eighth in 2016 – suggesting that Brexit has done little to dent its reputation.
Los Angeles remained in top spot with Boston and New York making the top five in the Index. US cities scored highly on good employment data, in spite of the political uncertainty. Austin, Texas joined Munich in entering the top 30 for the first time this year, reflecting both cities status as growing knowledge-based economies.
Hugo Machin, co-head of Global Real Estate Securities at Schroders, said the index is designed to track the most successful cities of the future: “Urbanisation in China continues at a rapid pace. We see the growth in certain Chinese cities as having a meaningful impact on the future of the Global economy. Beijing, Shanghai and Shenzhen will, in our view, draw further away from other cities in China. There is a clear reason for this. The Government investment in those three cities results in the formation of Meta-Cities. This creates super-economic hubs allowing the proliferation of ideas and jobs.
“We remain upbeat about London’s prospects. London has unmatched attractions, from green spaces to a vibrant cultural and entertainment scene. People want to live and work there and that means London can attract the world’s most skilled employees. London, like a number of other true Global Cities, remains at the centre of the global economy despite challenges surrounding Brexit.
“Large cities with broad economies rank well in the index, as scale remains an important part of the analysis. Marrying idea generation to the scale of a city is why certain cities score consistently well and why they are attractive for investing in real assets for the long-term.”