New York is the world’s most competitive city and will remain so in 2025, according to a new study released on Tuesday.
The study commissioned by Citigroup and conducted by the Economist Intelligence Unit, or EIU, the Big Apple ranks first among 120 of the world's cities analyzed for their ability to attract businesses, capital, talent, visitors and other attributes.
London comes second followed by Singapore and Hong Kong.
Leo Abruzzese, the EIU’s global forecasting director, told Crain’s New York Business that a key reason why New York took top honors was because it does not depend on one industry. Besides being the financial capital, New York has a thriving fashion and art scene, which has helped its cause, he noted.
"One of the reasons New York does well is it's not relying on just one industry," Abruzzese said. "Some of the other cities tend to rely on one or two industries. New York has strength spread out."
The study found that New York scored high points for its economic strength and institutional character, propelling the city to the top of the list.
Reacting to the news, Mayor Michael Bloomberg told the New York Times that the city has proved itself as a national leader in the economic recovery as “there are currently more private sector jobs in New York City than at any point in our history.”
Bloomberg’s NYC 2030 plan, which involves more than 100 initiatives to improve housing, transportation and energy, has been instrumental in the city being honored with the most competitive title.
While New York and London are expected to retain their top positions through 2025, a number of fast-growing cities such as Mumbai (currently at No. 67), Sao Paulo (No. 61) and Incheon (No. 60) will improve their competitiveness to challenge the top cities of the developed world, the study predicted.