Find it hard to secure an apartment in New York City? It’s just another way that city is one of the most competitive in the world.
For those who find New York a challenging place to live, there’s hard research to back that up.
The dominant cities
Rounding out the top five most competitive cities in the world are London, Singapore, Hong Kong, and Tokyo. These are the cities which likely will attract the most money and the most people in years to come. And, as noted in the research, city living is where it’s at in the 21st Century for more than half of the world’s people.
In the United States, Chicago, Washington, D.C., Los Angeles, and San Francisco fill out the list for the most competitive places to live, according to the new report. Additionally, the cities of New York, San Francisco, Washington, D.C., Dallas and Seattle were cited as leading American cities where government infrastructure is helping to drive economic growth.
How is a city judged as competitive?
The Economist report judged its findings based on weighted categories. Some of these criteria include a city’s business environment, the availability of human talent, its cultural reach, and its ability to deal with natural disasters.
New York’s high ranking is based on its strong economic maturity and its “institutional character,” the way the political process there influences growth.
One aspect of the report was to look ahead to predict which cities would be dominant in the decade or more to come. The study reinforces New York as the reigning financial capital of the world and predicts that city will retain its influence at least through the year 2025.
Interestingly, New York is not the most expensive city to live in. That distinction, as noted in the Times article, goes to cities like London and Tokyo.
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