Global City

A global city, also called a power city, world city, alpha city or world center, is a

city

which is a primary

node

in the global economic network. The concept comes from geography and urban studies, and the idea that

globalization

is created and furthered in strategic geographic locales according to a hierarchy of importance to the operation of the global system of

finance

and

trade

.

The most complex node is the "global city", with links binding it to other cities having a direct and tangible effect on global socio-economic affairs.Sassen, Saskia -
The global city: strategic site/new frontier
'' The term "megacity" entered common use in the late 19th or early 20th centuries; one of the earliest documented uses of the term was by the University of Texas in 1904. The term "global city", rather than "megacity", was popularized by sociologist

Saskia Sassen

in her 1991 work, ''The Global City: New York, London, Tokyo''. "World city", meaning a city heavily involved in global trade, appeared in the May 1886 description of

Liverpool

, by ''The Illustrated London News''.

Patrick Geddes

later used the term "world city" in 1915.Doel, M. & Hubbard, P., (2002), "Taking World Cities Literally: Marketing the City in a Global Space of flows", ''City'', vol. 6, no. 3, pp. 351–68. Subscription required More recently, the term has focused on a city's financial power and high-technology infrastructure, with other factors becoming less relevant.

Criteria

Competing groups have developed multiple alternative methods to classify and rank ''world cities'' and to distinguish them from ''non-world cities''. Although there is a consensus on the leading world cities,GaWC Research Bulletin 5
, GaWC, Loughborough University, 28 July 1999 the chosen criteria affect which other cities are included. Selection criteria may be based on a ''yardstick value'' (e.g., if the producer-service sector is the largest sector then city is a world city) or on an ''imminent determination'' (if the producer-service sector of city is greater than the combined producer-service sectors of other cities then city is a world city.)

Cities can fall from ranking, as in the case of cities that have become less cosmopolitan and less internationally renowned in the current era.

Characteristics

Although criteria are variable and fluid, typical characteristics of world cities are:
* A variety of international financial services, notably in finance, insurance, real estate,

banking

, accountancy, and

marketing

* Headquarters of several multinational corporations
* The existence of financial headquarters, a stock exchange, and other major financial institutions
* Domination of the trade and economy of a large surrounding area
* Major manufacturing centres with port and container facilities
* Considerable decision-making power on a daily basis and at a global level
* Centres of new ideas and innovation in business, economics, culture, and politics
* Centres of media and communications for global networks
* Dominance of the national region with great international significance
* High percentage of residents employed in the services sector and information sector
* High-quality educational institutions, including renowned universities, international student attendance, and research facilities
* Multi-functional

infrastructure

offering some of the best legal, medical, and entertainment facilities in the country
* High diversity in language, culture, religion, and ideologies

Rankings

Global city rankings are numerous, with one study suggesting as many as 300. Most ranked cities are in

North America

and

Europe

.

New York

,

London

,

Tokyo

, and

Paris

, notably four of the most significant metropolises, have been ranked in top four positions in Global Cities Index and Global Power City Index since both indices' inception in 2008, with New York and London exclusively in top two positions.

GaWC study

Jon Beaverstock, Richard G. Smith, and Peter J. Taylor established the Globalization and World Cities Research Network (GaWC). A list of world cities in the ''GaWC Research Bulletin 5'' is ranked by their connectivity through four "advanced producer services": accountancy, advertising, banking/finance, and law. The GaWC inventory identifies three levels of global cities and several sub-ranks,The World According to GaWC
". GaWC. Retrieved 21 November 2012. although the authors caution that "concern for city rankings operates against ''the spirit of the GaWC project''" (emphasis in original).

The 2004 rankings added several new indicators while continuing to rank city-

economics

more heavily than political and cultural factors. The 2008 version of the list, similar to the 1998 version, is sorted into categories of Alpha world cities (with four sub-categories), Beta world cities (three sub-categories), Gamma world cities (three sub-categories), and cities with High sufficiency and Sufficiency presence. The cities in the top two classifications in the 2020 edition are as follows:

Alpha ++

*

London

*

New York

Alpha +

#

Hong Kong

#

Singapore

#

Shanghai

#

Beijing

#

Dubai

#

Paris

#

Tokyo

Global City Competitiveness Index

In 2012, the

Economist Intelligence Unit

(The Economist Group) ranked the competitiveness of global cities according to their demonstrated ability to attract capital, businesses, talent, and visitors.

Global Cities Index

In 2008, the American journal ''Foreign Policy'', working with the consulting firm A.T. Kearney and the Chicago Council on Global Affairs, published a ranking of global cities, based on consultation with

Saskia Sassen

, Witold Rybczynski, and others. ''Foreign Policy'' noted that "the world's biggest, most interconnected cities help set global agendas, weather transnational dangers, and serve as the hubs of global integration. They are the engines of growth for their countries and the gateways to the resources of their regions." The ranking is based on 27 metrics across five dimensions—business activity, human capital, information exchange, cultural experience, and political engagement—and was updated in 2010, 2012, 2014, 2015, 2016, 2017, 2018, and 2019. Since 2015, it has been published with a separate index, the Global Cities Outlook, which is a projection of a city's potential based on rate of change in 13 indicators across four dimensions: personal well-being, economics, innovation, and governance. The top ranked cities in 2021 were:

#

New York City

#

London

#

Paris

#

Tokyo

#

Los Angeles

#

Beijing

#

Hong Kong

#

Chicago

#

Singapore

#

Shanghai

Global Cities Initiative

A study by Brookings Institution conducted in 2016 introduced its own typology, sorting global cities into seven categories: Global Giants, Asian Anchors, Emerging Gateways, Factory China, Knowledge Capitals, American Middleweights, and International Middleweights

The Global Giants classification includes wealthy, extremely large metropolitan areas that are the largest cities in developed nations. They are hubs for financial markets and major corporations, and serve as key nodes in global flows of capital and of talent.

*

London

*

Los Angeles

*

New York City

* Osaka-Kobe
*

Paris

*

Tokyo

Global City Lab

An analysis report compiled by the Global City Lab of the Global Top 500 Cities was released in New York on 27 December 2019.

The top 10 of the "2020 Global Top 500 Cities" by brand value were as follows:

#

New York City

#

Tokyo

#

London

#

Paris

#

Sydney

#

Singapore

#

Los Angeles

#

Toronto

#

Berlin

#

Hong Kong

Global Economic Power Index

In 2015, the second ''Global Economic Power Index'', a meta list compiled by

Richard Florida

, was published by ''

The Atlantic

'' (distinct from a namesake list published by the ''Martin Prosperity Institute''), with city composite rank based on five other lists.

Global Power City Index

The Tokyo-based Institute for Urban Strategies at The Mori Memorial Foundation, issued a comprehensive study of global cities in 2019. They are ranked in six categories: economy, research and development, cultural interaction, livability, environment, and accessibility, with 70 individual indicators among them. The top ten world cities are also ranked by subjective categories, including manager, researcher, artist, visitor and resident.

The top 10 cities in the 2020 Global Power City Index were:

#

London

#

New York City

#

Tokyo

#

Paris

#

Singapore

#

Amsterdam

#

Berlin

#

Seoul

#

Hong Kong

#

Sydney

Schroders Global Cities Index

The British asset management company Schroders ranked the competitiveness of global cities. The top 10 cities for the 2021 edition are as follows:Schroders Global Cities Index
- Schroders, 2021

#

London

#

San Francisco

#

Boston

#

Paris

#

New York

#

Hong Kong

#

Toronto

# San Jose
#

Seattle

#

Melbourne

The Wealth Report

"The Wealth Report" (a global perspective on prime property and wealth) is made by the London-based estate agent Knight Frank LLP and the Citi Private Bank. The report includes a "Global Cities Survey", evaluating which cities are considered the most important to the world's HNWIs (high-net-worth individuals, having over $25 million of investable assets each). For the Global Cities Survey, Citi Private Bank's wealth advisors, and Knight Frank's luxury property specialists were asked to name the cities that they considered the most important to HNWIs, in regard to "economic activity", "political power", "knowledge and influence", and "quality of life".

Most important cities to UHNWIs in 2020:

1.

London

(tie)

1.

New York

(tie)

3.

Paris

4.

Tokyo

5.

Hong Kong

6.

Chicago

(tie)

6.

Los Angeles

(tie)

8.

Singapore

9.

Munich

10.

Amsterdam

Most important cities to UHNWIs in 2025:

#

New York

#

London

#

Hong Kong

#

Singapore

#

Shanghai

#

Beijing

#

Miami

#

Dubai

#

Paris

#

Zurich

The World's Most Talked About Cities

A study by ING Media, a London-based built environment communications firm, has ranked 250 global cities by total online mentions across social media and online news for 2019. It found that a fifth of digital mentions were for Tokyo, New York City, London, and Paris, identifying these as the world's super brands. The Top 10 in the 2019 edition were:

#

Tokyo

#

New York

#

London

#

Paris

#

Madrid

#

Dubai

#

Rome

#

Barcelona

#

Seoul

#

Osaka

The World's Best Cities

Real estate advisor Resonance Consultancy evaluates each city across the six dimensions: place ("perceived quality of a city’s natural and built environment"), product ("key institutions, attractions and infrastructure"), programming ("arts, culture, entertainment and culinary scene"), people ("immigration rate and diversity"), prosperity ("employment and corporate head offices"), and promotion ("stories, references and recommendations shared online").New report reveals the best cities in the world for 2021

Lonely Planet

In 2021, the top 10 was:

#

London

#

Paris

#

New York

#

Moscow

#

Dubai

#

Tokyo

#

Singapore

#

Los Angeles

#

Barcelona

#

Madrid

Summary of indices

See also

*

Ecumenopolis

* Financial centre
*

Globalization

* List of cities by GDP
* Megalopolis (city type)
*

Metropolis

* Primate city
* Ranally city rating system

References

External links

Repository of Links Relating to Urban Places


by Jeffrey Kentor and Michael Timberlake of the

University of Utah

and David Smith of University of California, Irvine

UN-HABITAT.:. The State of the World's Cities

{{DEFAULTSORT:Global City
Types of cities
Economic geography
Metropolitan areas
Urban areas
Lists of cities
Economic globalization
Loughborough University
Cultural geography
Index numbers