Despite how globalisation has made cities more homogenous than ever, one difference-maker has not changed: business reputation. In this way, not all cities are created equal. Statista recently published their 2022 rankings of business city reputations, but given the results of their methodology, it should be taken with a grain of salt. Based on their results, Statista’s list leaves a lot to be desired, which is why we have cross-referenced this list with the Global Liveability Index by The Economist.
1. Hong Kong (Score-100)
Global Liveability Index Ranking: 49
Statista’s flawed ranking methodology is apparent from the very top. For decades, Hong Kong has enjoyed a sterling business reputation, one that has improved steadily as China’s economy has continued to develop at breakneck speeds. But in the wake of political upheaval, media crackdowns, and Beijing’s Zero-COVID policy, Hong Kong’s place among the top business cities has taken a massive hit. Executives, especially ex-pats, are fleeing Hong Kong and are being forced to build lives elsewhere, since they cannot live their lives due to the nation’s stringent anti-COVID measures.
Statista’s rankings do point to some positive aspects of the city. Because of its location and absence of limits on foreign ownership, Hong Kong is uniquely positioned to allow businesses to operate worldwide while having access to a highly trained and low-cost workforce. That said, the average cost per square meter for an office is over 2,297 USD. In addition, Hong Kong is well-known for having one of the world’s most significant concentrations of billionaires and ultra-high-net-worth people.
2. London (Score-95.08)
Global Liveability Index Ranking: 60
London has long been among the most significant business centres in the world. But Brexit, along with many rising economies, have pushed it down the rankings in recent years. The city attracts the most multinational corporations in Europe and continues to lead the globe in banking, financial, and professional services. London is home to global heavyweights and over 480 international banks. After warnings that Brexit would dent one of the few sectors where the UK is a global winner — financial services — it turns out the city is relatively unscathed. But some ask if COVID has just delayed the inevitable.
3. Paris (Score-94.63)
Global Liveability Index Ranking: 37
Paris is a prominent cultural hub across the world. It is one of just three cities in Western Europe to make the top ten business centres list. Because of its modern economy and skilled workforce, Paris, like its Western rivals, hosts offices for a variety of front-office corporate operations.
Professional services and insurance companies are well represented in Paris, and the Paris area is responsible for about a third of France’s GDP. Its economic vitality is also justified by its high concentration of jobs, company starts (8 to 10,000), and several successful SMEs/SMIs. When it comes to prospective investment, Paris is frequently referred to as a city of possibility, influence, and appeal.
4. Frankfurt (Score-90.71)
Global Liveability Index Ranking: 39
Frankfurt is the world’s most miniature yet most compact metropolis, with people commuting in from all over the globe for business, the benefit of great peace at rush hour, and the advantages of providing its residents with an opulent lifestyle. After London and Paris, Frankfurt has been one of Europe’s top three locations for multinational businesses. In addition, Frankfurt has grown into a major trading centre and exhibition site, complete with a thriving stock market. As a result, Frankfurt is becoming one of Europe’s most critical corporate hubs for trading, research, production, and rating firms.
5. Amsterdam (Score-90.70)
Global Liveability Index Ranking: 27
Amsterdam is a fantastic international location to start a business since it has everything you need to run a successful business while also being a wonderful place to live. In addition, this city has around 2 million square meters of industrial and office space available at a lower cost than other European cities. Importantly, Amsterdam was one of the main Brexit beneficiaries, with many multinational European headquarters choosing the city as their relocation destination from London.