London retains position as world’s most powerful city

London has increased its lead yet again as the world’s most powerful city in the 8th Global Power City Index (GPCI), a renowned annual city ranking developed by The Mori Memorial Foundation’s Institute for Urban Strategies, the research institute established by Mori Building.

The rigorous annual analysis of forty global cities across seventy indicators found London to be within the top three for economy, research and development (R&D), cultural interaction and accessibility.

London’s extended lead puts the city well ahead of New York. This is mainly due to improved economic strength, moving from 4th to 2nd in the dedicated economy ranking.

The British capital was found to be weaker in terms of livability (19th) – linked to factors such as relatively high costs of living, consumer prices and housing rental costs – and environment (8th) rankings. The report underlines that London’s strength has been driven by long term development planning and Olympic related legacy projects that have had a positive impact on the capital.

Dr. Hiroo Ichikawa, executive director of The Mori Memorial Foundation, said: “London is the must-watch city of the year. The city’s continuing strength is grounded in its long-term focus on redevelopment, including the on-going post-Olympic initiatives around the Queen Elizabeth Olympic Park and the construction of Crossrail.”

The Mayor of London, Boris Johnson MP said: “With a thriving economy, an unrivalled cultural scene, numerous top sporting venues, some of the best universities in the world, a low crime rate and much else besides, it is no wonder that London continues to outstrip other cities across the world. As London grows to record levels we are working hard to build the new homes and deliver the infrastructure that will ensure we remain a global powerhouse for decades to come.”

Peter Bishop, professor, University College London, said: “London continues to retain its position in the global hierarchy of cities. London property is seen as a secure and safe haven for footloose international investment, both from institutions such as Sovereign Wealth Funds and Pension Funds, and from individual investors. The London housing market, in particular, is attracting a lot of Russian, Asian and Middle Eastern investors. London is experiencing a continued increase in tourist numbers on the back of the 2012 Olympics and other events such as the Rugby World Cup.”