Travel
Busan and Seoul rank in ‘World’s Top 1,000 Cities’ economic survey
haps Magazine Korea
May 28, 2024
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A recent survey ranked Busan 252nd and Seoul 41st in the ‘World’s Top 1,000 Cities,’ which evaluates the economies of cities globally.
New York and London secured the first and second positions, respectively, while Tokyo ranked fourth in Asia. Singapore came in at 42nd, Taipei at 65th, Hong Kong at 76th, and Osaka at 91st. In China, Shenzhen was placed at 206th, Beijing at 217th, and Shanghai at 278th.
Bloomberg News reported that Oxford Economics, a British global financial consulting firm, released these rankings through its ‘Global Cities Index’ on the 23rd.
The index was based on five broad categories and 27 detailed indicators, including economy, human capital, quality of life, environment, and governance.
The economic category, which included GDP and employment growth, received the highest weight of 30 out of 100 points. Human capital and quality of life were each allocated 25 points, while the remaining categories received 10 points each.
The top 50 cities were predominantly from the United States and Europe. San Jose, California, ranked 3rd, and Paris, France, secured the 5th spot. Other American cities such as Seattle, Los Angeles, and San Francisco, along with Melbourne, Australia, and Zurich, Switzerland, rounded out the top 10.
New York achieved the highest ranking in the economic category, praised for its substantial economy and stable growth.
Grenoble, a city in southeastern France, topped the quality of life category, attributed to low-income inequality and numerous cultural opportunities per capita.