World’s top business centers

According to a study titled ‘MasterCard Worldwide Centers of Commerce Index, the following are the top business centers of the world. All the cities have been rated on seven different parameters, including legal and political framework, economic stability, ease of doing business, financial flow, business centre, financial flow, knowledge creation and information flow and livability, MasterCard said.

#1: London

At rank 1, London reigns supreme among the top commercial cities of the world. London scores highest in the financial flow, knowledge creation and information flow. London is also ranked high in the business centre criteria. It is ranked 3rd in terms of ease of doing business and 9th in legal and political framework. London did not fare as well in livability criteria (rank 24th), and economic stability (rank 20th). A strong economy and a vibrant financial market are its strengths.

#2. New York

New York ranks second in the list of top global business centers. These global cities connect markets and commercial activity across the world. New York is ranked top in North America. It beats London in the legal and political framework dimension and economic stability and livability. New York, however, ranks lower in financial flow and business center dimension.

#3. Tokyo

Tokyo ranks third in the list of top ‘Worldwide Centers of Commerce’. More and more Asian cities rapidly growing attracting big business and a place in the global business world. Tokyo scores very well in the dimensions of financial flow, business centre, livability and knowledge creation and information flow where also it was ranked 3rd. However, Tokyo scored considerably lower than London and New York in legal and political framework, economic stability and ease of doing business

#4. Singapore

Singapore ranks fourth in the list of top business centers. Two Asian cities top the list in terms of ease of doing business. Singapore tops with an index value of 82.82 and in terms of business centers, Singapore is ranked at the third spot with an index value of 62.58.

#5. Chicago

Chicago ranks fifth in the list of top business centers in the world. In terms of knowledge creation and information flow, Chicago ranks among the top 10. More universities, MBA programmes, research institutions and numbers of researchers drive this dimension of knowledge creation.

#6. Hong Kong

Hong Kong ranks sixth in the list of top commercial centers. In terms of ease of doing business, Hong Kong is ranked second with an index value of 80.37. Cities in Asia were not generally major centers of commerce in the second half of the 20th century, with the exception of Tokyo and subsequently Hong Kong and Singapore.

The very strong rise of Shanghai in the 2008 Index reflects the equally spectacular rise of China. While Shanghai was likely the dominant Asian commercial centre before World War II, it faded for many decades until China’s economic reforms of the 1980s catapulted it back to global prominence, the report states.

#7. Paris

Paris ranks seventh among top global business centers. In Europe, it ranks at No. 2 after London. With a score of 79.17, London tops the list in Europe also but there is a big gap between it and other cities, Paris has a score of 63.87 and Madrid has a score of 58.34.

#8. Frankfurt

Frankfurt has slipped to No. 8 among the world’s top commercial centers. It stood in the seventh spot in 2007. The city ranks at No. 3 among European cities.

#9. Seoul

Seoul ranks ninth among the world’s top financial centers. The booming Chinese and Indian economies reflect the economic power to Asia. The strong presence of Asia/Pacific, Middle East and Africa cities is further evidence of the growing influence of the region not just in manufacturing and services, but also in broadly based commercial strength, the study said

#10. Amsterdam

Amsterdam ranks tenth among the list of top commercial centers in the world. It ranks among the top ten in legal and political framework. It also ranks high in the business centers criteria and economic stability.

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