Hong Kong is China’s top city brand while Chongqing outshines counterparts for several attributes

• Hong Kong ranks 41^st worldwide, followed by Shanghai and Beijing at 54^th and 58^th respectively
• Chongqing outperforms Chinese counterparts for numerous attributes including liveability, governance and reputation
• With a score of 84.6/100, London tops the inaugural Brand Finance City Index, based on a global survey of 15,000
• New York and Paris are close behind in 2^nd and 3^rd among 100 cities in the ranking

View the full Brand Finance City Index 2023 here

Beijing/London, 4^th July 2023 – Hong Kong has claimed the title of China’s best city brand and is the 41^st best city brand in the world, according to the inaugural Brand Finance City Index report. The report also saw eight other major Chinese city brands ranked within the world’s top 100: Shanghai at 54^th, Beijing at 58^th, Shenzhen at 73^rd, Chongqing at 74^th, Macau at 81^st, Guangzhou at 85^th, Chengdu at 89^th and Nanjing at 93^rd. Presented by brand evaluation consultancy Brand Finance, the ranking is the outcome of a global survey of close to 15,000 members of the public conducted in April 2023 in 20 countries across all continents to measure perceptions of the world’s top 100 cities. The Index placed London as the best city brand in the world, followed by New York and Paris.

Hong Kong’s ranking was boosted by high positions for Familiarity (9^th in the world), and city of global significance (10^th) – a testament to its international recognition and appeal. Renowned as one of Asia’s biggest financial hubs, Hong Kong possesses a favourable tax regime, a simple listing process and a good regulatory framework which is highly attractive for foreign investors. The city brand looks forward to a robust economic recovery this year with the lifting of travel restrictions.

To arrive at a comprehensive assessment of the city brands in the ranking, alongside measuring familiarity, the survey asked the respondents about the general reputation and their personal consideration of each city as a place to live, work locally, work remotely, study, retire, visit, or invest in. The evaluation of preferences across these seven dimensions was complemented by perceptions of 45 underlying city brand attributes, grouped under seven pillars, such as business and investment or sustainability and transport.

Being one of the world’s biggest financial centres, Shanghai secured 14^th place for city of global significance, attesting to its status of being a highly influential city globally. It secured first place in the nation for future growth potential (7^th) and strong and stable economy (18^th). To boost its economy, Shanghai plans to expand its core industries in automobiles, cosmetics as well as semiconductor chip manufacturing and integrated circuits. The urban city continues to attract domestic tourists as it held top positions for rich history and heritage (50^th) and beautiful architecture (66^th).

The iconic capital, Beijing, wields an extensive global influence as it bagged high scores for city of global significance (13^th) and familiarity (20^th). Home to one of the world’s highest number of unicorn companies, it is highly conducive to nurturing local startups, performing well in access to skilled workforce (2^nd) and great for start-ups and innovations (22^nd). It seeks to promote greater innovation and development in tech enterprises to realise the nation’s vision for technological advancement. Characterised by exquisite imperial palaces and museums, Beijing also claimed the top spot in China for rich history and heritage (31^st) and is a popular destination for tourists.

Shenzhen was the top Chinese city brand for business and trade (16^th), ranking within the top 10 globally for the attributes easy to find employment (4^th), great for start-ups and innovations (5^th), access to skilled workforce (6^th) and easy to do business in (10^th). It serves as a technology and research and development (R&D) hub for the nation. The city also hosts a large population of young, budding workers and is a highly attractive destination for employment and businesses, making it one of China’s economic powerhouses.

Dubbed the “mountain city” of China, Chongqing is a rising force to be reckoned with. Although it sits in 74^th place within the rankings due to limited familiarity (98^th), the city brand consistently outperformed its Chinese counterparts in many areas among the people that know the city well. Chongqing secured top position among Chinese city brands for five out of ten metrics: governance (18^th), consideration (28^th), education and science (35^th), liveability (36^th) and reputation (51^st). Moreover, Chongqing shone in the business and trade pillar as well, securing 1^st and 3^rd positions globally for the attributes attractive personal taxation and easy to find employment respectively.

Macau remains a highly attractive destination for tourists as it ranked first nationwide for appealing lifestyle (32^nd), fun (35^th) as well as open and welcoming (57^th). Boasting a vibrant cultural scene, its tourism industry is set to recover following the reopening of its borders. It plans to diversify its economy by offering services for healthcare, finance, technology and large-scale events, attracting more tourists and foreign investors to the city.

Guangzhou, is poised to transform into one of China’s leading manufacturing hubs, consistently scoring in the top 20 spots for access to skilled workforce (15^th), easy to do business in (15^th), attractive personal taxation (17^th) and easy to find employment (18^th). With a flourishing maritime industry, the city also aims to become an international transportation hub, with over 480 transport infrastructure projects planned for 2023.

Chengdu is envisioned to become the nation’s financial hub in western China, aiming to develop industries in fintech, rural finance and consumer finance. It gained a reputation for great for start-ups and innovations (13^th), ranking second in the country for both future growth potential (33^rd) and reputation to invest (52^nd). Famed for its natural landscapes, Chengdu is committed to protecting its natural ecosystems. It emerged as the leader among Chinese city brands for sustainability (53^rd), also ranking first for easy to get around by bicycle (8^th).

The ancient city of Nanjing is home to one of the nation’s most business-friendly environments, securing second and third positions in the country for attractive corporate taxation (10th) and easy to find employment (13^th) respectively. To attract greater foreign investment, it targets to transform into a hub for R&D as well as innovation.

Scott Chen, Managing Director of Brand Finance China, remarked:

“With the lifting of pandemic restrictions in China, the economy is expected to experience revitalisation from increased trade and consumer spending this year. It is further driven by the booming demand for domestic tourism as locals increasingly desire to travel across the country after the pandemic. Moreover, the urban cities have welcoming and conducive environments for people to live and work in, making China an increasingly attractive destination for both local and foreign investors.”

Global Results

London has been named the best city brand in the world, followed by New York and Paris, by the inaugural Brand Finance City Index. With a score of 84.6 out of 100, driven by its high familiarity among respondents worldwide, London has recorded stronger brand perceptions than any other city in the study. Familiarity is understood as knowledge about the city gained through repeated exposure or direct experience, and it allows to form a deeper affinity for its brand.

David Haigh, Chairman & CEO of Brand Finance, commented:

“London’s exceptional performance in the Index can be attributed to its global familiarity. Coming first on this particular measure, London has a huge advantage over its peers, leading to its success in the ranking overall as the world’s best city. Knowing a city allows the public to form positive perceptions about it – to recognise its reputation and to consider it as the preferred place to live, work, study, retire, visit, or invest. High familiarity means a deeper understanding of its qualities and a broader reach of its appeal, allowing the city to draw significant economic benefits from inbound migration, investment, and tourism.”

Crowned as the overall winner, London ranks 1^st in two of the seven key dimensions – study and visit – as well as in the top 4 in all other ones.

Renowned as a hub for academic excellence, London is ranked as the best city globally to study. The British capital hosts top universities – such as University College London, King’s College London, Imperial College London, and the London School of Economics, while prestigious schools in and near London that prepare for university – like Eton and Harrow –attract students from around the world. It is no surprise that the city comes 1^st globally for great universities and great private schools.

Thanks to iconic landmarks like the Houses of Parliament, Buckingham Palace, and the Tower of London, and renowned cultural institutions like the British Museum, National Gallery, and the West End theatre district, London is a prime tourist destination. London’s top global ranking as the best city to visit, is supported by its 3^rd place for great museums and art galleries and great theatres and music venues. The appeal of London can also be attributed to its strong identity and character, where London ranks 3^rd globally.

Everyone wants a bite of the Big Apple, coming 2^nd behind only London

New York City has secured 2^nd spot, behind London, with a Brand Finance City Index score of 83.0 out of 100. NYC also ranks 3^rd globally in familiarity and boasts 2^nd spot in three out of the seven key dimensions: invest, study, and visit.

Widely regarded as the global capital of finance, NYC ranks 2^nd behind only Zurich as the best city to invest in. It comes 1^st for the city of global significance, easy to do business in, and strong and stable economy attributes, which explains its appeal to investors.

Home to several of the world's most esteemed universities - including Columbia, NYU, and the City University of New York – the Big Apple has also been recognised as the 2^nd best city in the world to study in behind only London. It is 2^nd for the great universities and leader in science and technology attributes, comes 4^th for great private schools, but falls much behind London on great publicly funded schools, ranking 41^st overall. In general, NYC is perceived as the least affordable city in the ranking, coming 100^th.

Ranking 1^st for great shopping, restaurants and nightlife and 2^nd for great theatres and music venues, home to Fifth Avenue shops and Broadway theatres, NYC lives up to its name as the ‘city that never sleeps’. As a result, NYC ranks as the 2^nd best city in the world to visit.

Paris is in vogue, ranked 3^rd in the world

Paris rounds off the podium, coming 3^rd in the ranking with a Brand Finance City Index score of 79.7 out of 100. Paris is also ranked as the world’s 2^nd most familiar city.

Complementing its strong familiarity score, the ‘City of Love’ is also ranked as the 3^rd best city in the world to visit. Boasting an abundance of renowned attractions, including the Eiffel Tower, the Louvre Museum, and the Moulin Rouge, Paris unsurprisingly scores better than any other city in the Culture & Heritage pillar, ranking 1^st globally for beautiful architecture, great museums and galleries, and great theatres and music venues. The French capital also performs strongly in People & Values, ranking 2^nd globally for being open and welcoming, fun, andhaving a strong identity and character, but falling behind on being friendly where it ranks 25^th – perhaps in line with stereotypes.

Dubai proves its reputation as the top city brand in the Middle East

Ranking 1^st across the Middle East & Africa and 9^th overall, Dubai comfortably makes the top 10 of the world's best-perceived cities, with a Brand Finance City Index score of 75.8/100. Dubai has gained a reputation as the ‘City of Gold’ for being a major shopping destination for jewellery, but this title has grown to describe the city’s role in finance and trade more broadly. Dubai has performed well across multiple Business & Investment attributes, ranking 1^st for future growth potential, 2^nd in strong and stable economy, and 3^rd behind only New York and London as a city of global significance.

More cities from outside Europe and North America have performed well in the Brand Finance City Ranking too. From Australia, Sydney ranks 5^th overall, standing out as the best city to live in, 2^nd best to work and retire in, 3^rd best to study and invest in, and 5^th best to visit. Singapore, 6^th in the ranking, and Tokyo, 7^th, are the best perceived cities from Asia. Singapore boasts strongest perceptions globally as great for startups and innovations as well as clean and sustainable. It is also 2^nd for easy to do business in, and 3^rd for both strong and stable economy and future growth potential. At the same time, Tokyo ranks 1^st as the global leader in science and technology.

View the full Brand Finance City Index 2023 here

ENDS

Media Contacts

Andrew Ee

Communications Director – Asia

T : +65 6727 8388

a.ee@brandfinance.com

Scott Chen

Managing Director – China

M : +86(0)18601188821

T : +86(0)10 5737 2525

s.chen@brandfinance.com

Note to Editors

Presented by brand evaluation consultancy Brand Finance, the Brand Finance City Index is based on a global survey of close to 15,000 members of the public conducted in April 2023 in 20 countries on all continents to measure perceptions of the world’s top 100 city brands.

To arrive at a comprehensive assessment of the city brands in the ranking, alongside measuring familiarity, the survey asked the respondents about the general reputation and their personal consideration of each city as a place to live, work locally, work remotely, study, retire, visit, or invest in. The evaluation of preferences across these seven dimensions was complemented by perceptions of 45 underlying city brand attributes, grouped under seven pillars (Business & Investment, Liveability, Culture & Heritage, People & Values, Sustainability & Transport, Governance, and Education & Science).

To ensure comparability among the top 100, the Index excludes domestic perceptions about city brands, taking into account those of foreign respondents only. Nevertheless, the domestic perceptions were also measured in the survey and are available for the 20 countries where the research was conducted.

About Brand Finance

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Disclaimer

Brand Finance has produced this study with an independent and unbiased analysis. The data derived and opinions presented in this study are based on survey findings, publicly available information, and certain assumptions that Brand Finance used where such data was deficient or unclear.

Brand Finance accepts no responsibility and will not be liable in the event that the information relied upon is subsequently found to be inaccurate. The opinions and data analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any individual, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

Brand Finance is an independent consulting firm. The objective of the present survey is to disseminate the outcomes of the perceptions gathered in a survey conducted in April 2023 with no intention of exerting any influence on public opinion or electoral outcomes of any of the cities or countries comprised in the study.