The report says that the Chinese cities' moving upward quickly reflects the rising importance of China. Privacy • Every few years, important global economic cities are ranked by the Globalization and World Rankings Research Institute.It is considered the leading institute ranking the world’s cities. The Smart City Index ranks cities based on economic and technological data, as well as by their citizens’ perceptions of how “smart” their cities are. Cancellation Policy, Z/Yen Group Limited © All rights reserved. The top four places were maintained by New York, London, Paris and Tokyo, while Hong Kong is ranked sixth, following Beijing. Asia/Pacific Centres had a mixed performance in GFCI 28, with ten centres falling in the rankings and 14 rising. Combined with increases in GDP per capita, FDI inflows, and foreign investments, this took Abu Dhabi to seventh place overall, and Dubai from 32 to 18. The much more dynamic results of the GCO, in comparison to the GCI, reveal the fierce competition between global cities to advance their future prospects. Copyright © 2020 CGTN. Find the city and country most suited to you. Cities that saw a rise in their outlook performance mainly improved in the areas of innovation and economics, where long-term investments were beginning to show results. As we look to 2021, clearly there are challenges ahead. The assessment is based on a country's economic standing, globalization rate, human capital, information and technology, cultural experience, and political engagement. This enduring strength highlights the breadth of advantages needed to reach and stay at the top of the Index, and the self-reinforcing power of global city status. These quantitative measures are provided by third parties including the World Bank, the Economist Intelligence Unit, the OECD and the United Nations. Recognizing COVID-19 as a definitive turning point, we also outline its impact on global cities and the radically altered future they now face. COVID-19 has dramatically accelerated this trend and diminished the cross-border flow of people. One example is Toronto, which climbed nine spots to take second place. FUTURE DIRECTION: How will demand, supply and sales volumes change in 2021? International traveler numbers dropped off to almost zero for a period of time, and the International Air Transport Association (IATA) has forecast that this year’s total global passenger numbers will be down 55 percent from 2019. However, it seems that the idea of moving to the suburbs is already souring. ...locations under the FDI Attraction pillar in fDi Intelligence ranking, The UAE is also #10 on 'Economic Potential' and #8 on 'Connectivity' in the fDi Intelligence report, The UAE climbs 2 places and is also the highest ranked nation in the Mideast on the World Bank index, The UAE ranks #1 in MENA and climbs one rank globally to be ahead of the U.S. and Luxembourg on the Deloitte index. Elsewhere, global advocacy networks amplify important city-level issues that can only be solved with broader input, for example where city leaders lack the political authority to make necessary decisions. Singapore, Helsinki and Zurich have come top in the 2020 Smart City Index, in a year that saw many European cities fall in the rankings. The newly rising cities in China such as Hangzhou, Nanjing, Chengdu and Xi'an have also made into the top 100 spots on the GCI chart. Besides the forecast, Knight Frank, through its Prime Global Cities Index Q3 2020 has also shared a 12-month and 3-month price change for the prime residential markets. This will require a deeper focus on creating public value—that is, value centered on the common good. As the pandemic heads toward its first anniversary, we also identify the major impacts we have observed on global cities so far and outline a series of trends and challenges that decision-makers will have to grapple with in response. The Global Talent Competitiveness Index (GTCI) is a firmly established global benchmark for issues related to talent competitiveness and the future of work. Incorporating the Global Cities Index (GCI) and Global Cities Outlook (GCO), this year’s results reveal intensifying competition for global status and future prospects in an increasingly fragmented and volatile environment. While only 60 percent of US citizens reported that they wanted to continue living in the city in May’s Harris Poll, by July this had jumped back up to 74 percent. This website uses cookies to ensure you get the best experience on our website.To learn more, read our privacy policy. FAQ • However, their ability to do so is now in jeopardy. With the fabric of cities having unraveled so decidedly during the crisis, and unlikely to resume its former shape, leaders now have a compelling reason and unique opportunity to transform the urban environment into something more sustainable, more resilient, and more equal. However, not only do the tools for tackling this new environment exist, but the pandemic and its aftermath have also created a rare openness to doing things differently. Discover new potential partners to work with, find out more about certain companies and get new ideas for your business. The GFCI serves as a valuable reference for policy and investment decision-makers. Second, they are microcosms of the world in all its diversity. GFCI 28 is published by the Z/Yen Partners in collaboration with the China Development Institute. Beijing's rise suggests "the impact of combining stability and growth with aggressive investment in human capital," the report reads. From proposed wealth tax changes (Spain, Canada) to higher capital gains taxes (US and UK), the tax landscape looks set to shift.”. Many countries are struggling to leverage the skill sets of their workforce or to train them in the relevant skills for the future. Rapid Rise In Pandemic-Driven Telework Could Make First-Time Homeownership Accessible. Key observations for Prime India markets: THE KNIGHT FRANK PRIME GLOBAL CITIES INDEX Q3 2020, Source: Knight Frank Global Research| *Based on top-tier of mainstream market in metro area | Provisional, 2021 FORECAST: ANNUAL % CHANGE (Dec 20 – Dec 21), Kate Everett-Allen, head of international residential research at Knight Frank said: “From health to economics, 2020 saw the world upended. Beijing's rise suggests "the impact of combining stability and growth with aggressive investment in human capital," the report reads. Updated quarterly, the index tracks the performance of house prices across 150 cities worldwide. Your email address will not be published. Two primary types of networks are most valuable for global city leaders. Five of the top ten centres for FinTech are Chinese. Beijing makes into the top five global cities in the "2020 Global Cities Index" report published on Wednesday by U.S. management consulting company A.T. Kearney, replacing Hong Kong first the first time. Beijing makes into the top five global cities in the "2020 Global Cities Index" report published on Wednesday by U.S. management consulting company A.T. Kearney, replacing Hong Kong first the first time. This is particularly true for global cities. Paris’s consistent performance in information exchange (in which it leads the ranking), cultural experience, and political engagement ensured the city’s solid hold on the number 3 position this year. This region has the weakest average performance in the GTCI 2020. Beijing's rise suggests "the impact of combining stability and growth with aggressive investment in human capital," the report reads. As cities become smarter and more digitally enabled, they will be even better equipped to find global solutions that can be applied in their own areas. In turn, house prices have been affected: according to the housing website Zillow, listings in Manhattan have dropped by 4.2 percent compared with 2019, while in San Francisco prices are down 4.9 percent. Depending on where you are in the world, we’re now anywhere from six months to almost a year into the COVID-19 pandemic, and the cities included in the 2020 GCI and GCO are at various stages of response and recovery. San Francisco and Boston, formerly two leading cities on the GCO, both lost ground, going from 3 to 11 and 7 to 15 respectively. The 2020 Global Cities Report provides a snapshot of where cities stood as they entered the COVID-19 crisis. In particular, the top three cities on the Index overall stood out across metrics, with London achieving the highest rating across four, while New York and Paris each landed at the top in three (see figure 4). Global cities generate unique value thanks to three fundamental attributes.

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