Latin American cities celebrated for culture and community in global ranking, but struggle with governance and economy 

• Santiago is the top-ranked LATAM city; Mexico City remains highest in Familiarity in the newly released Brand Finance Global City Index 2024
• São Paulo leads in Brazil for Business & Investment, while Rio de Janeiro leads in Familiarity. 
• Buenos Aires faces economic and governance challenges but excels in cultural appeal
• Top three London, New York, and Paris, hold steady from previous year, but improving cities include Dubai and Tokyo 

LONDON, 7^th November 2024 – Santiago is now perceived as the top city brand in Latin America, according to a new report from Brand Finance, the world's leading brand valuation consultancy. Santiago has risen three positions since 2023 to 48th overall, overtaking Mexico City which has dropped to 58^th. São Paulo (62nd), Rio de Janeiro (64th), Buenos Aires (67th), and Bogotá (87th) are also included.  

The Brand Finance Global City Index provides the most comprehensive global survey of city perceptions. This annual publication is informed by insights from over 15,000 respondents across 20 countries, offering a detailed look at how the world’s leading city brands are viewed. With the introduction of regional expansions, including the US City Index launched earlier this year, the report helps city leaders across the world to understand the top 100 global city brands. 

The study assesses key KPIs including Familiarity, Reputation, and Consideration for living, working, studying, visiting, retiring, and investing. It focuses on the strengths and challenges each city faces across key Pillars such as Culture & Heritage, Education & Science, and Business & Investment. 

The study reveals that Santiago has higher levels of both Consideration and Liveability than its LATAM peers. It is also valued for its People & Values, scoring 27^th for friendly, 29^th for being open and welcoming, and 36^th for trustworthy. However, Santiago’s 72^nd ranking for city with a strong identity/character/civic pride suggests that it may lack a distinctive cultural identity that resonates with global audiences. 

The research also showcases the perceptions of other Latin American cities: 

• Brazil: São Paulo and Rio de Janeiro stand out for their People & Values, ranking 37^th and 56^th, respectively. As Latin America’s economic hub, São Paulo scores 59^th in Business & Investment, well ahead of Rio at 82^nd. However, global recognition for Rio’s landmarks, famous Carnival (it scores 1^st for Outstanding cultural festivals) and its role as host of the 2016 Olympics has enhanced its Familiarity ranking, placing 37^th worldwide, ahead of São Paulo, which ranks 61^st. 

• Argentina: Buenos Aires faces significant economic challenges, ranking 78^th in Business & Investment due to Argentina’s record-high inflation rate. Governance challenges also persist, placing 74^th for for both good governance and low crime and terrorism threat. Buenos Aires does shine culturally however, ranking 14^th for outstanding cultural festivals and 23^rd for famous sports teams and clubs. 

• Mexico: Mexico City ranks 58^th overall and performs strongly in Familiarity (22^nd), reflecting its global presence. Despite governance challenges - 85^th ranking for good governance and 82^nd for low crime and terrorism threat - Mexico City remains a popular destination, ranking 12^th for fun. 

Eduardo Chaves, Managing Director of Brand Finance Brazil, commented: 

“For decades, much of Latin America has faced political, social, and economic unrest, resulting in instability that often hampers governance and business growth in its cities, reflected in the region’s poor scores across these pillars. However, this backdrop of challenges has not diminished the region’s rich culture. Cities like São Paulo, Rio de Janeiro, and Mexico City continue to thrive as vibrant cultural epicentres. The interplay between these challenges and cultural vitality positions Latin America as a region of both promise and complexity.”  

Global Results  

London retains its position as the world’s top city brand. The city excels in Familiarity (3^rd) and Reputation (3^rd), exemplifying its strong global profile and appeal. However, London faces challenges in Consideration (19^th), particularly in areas like living, investing, and retiring, with affordability (97^th) emerging as a major concern. New York and Paris hold the 2^nd and 3^rd ranks, respectively. Paris leads in Culture & Heritage, while New York leads in Education & Science. Tokyo has risen to 4^th and is perceived as the world's leader in science and technology.  Dubai, now 5^th globally, is perceived as the world’s most reputable city, and leads for future growth potential and investment appeal.   

David Haigh, Chairman and CEO, Brand Finance, commented:  

“The 2024 study reveals that familiarity can be a double-edged sword. For example, while London remains the world’s best city brand overall, its perceptions across certain metrics have weakened this year. It is no longer considered the world’s top city to visit – overtaken by Rome, or to study in – where Boston is now top of class. These findings provide valuable insights into the changing perceptions and priorities of residents and visitors, which can help guide decision makers in cities across the world in implementing effective strategies to drive growth.” 

With the introduction of regional expansions, including the US City Index launched earlier this year, the report helps city leaders across the world to understand the top 100 global city brands. 

For a detailed breakdown of the rankings and insights into the global city brands, visit the full report at www.brandfinance.com/globalycityindex.