This article was originally published in the Brand Finance City Index Report 2023.
Place Branding Director,
Brand Finance
The inaugural Brand Finance City Index has been concluded after several months of original research and analysis and is the world’s most comprehensive global survey of city perceptions. The research programme sought the opinions of nearly 15,000 individuals from 20 countries across the globe.
The result is a unique insight into perceptions of 100 city brands which provides a baseline for strategies to attract residents, workers, remote workers, students, pensioners, visitors, and investors.
To arrive at a comprehensive assessment of the city brands in the ranking, the survey asked the respondents about their general impressions and perceptions of Familiarity, Reputation and their personal Consideration of each city as a place to live, work locally, work remotely, study, retire, visit, or invest in.
This distinctive methodology has created a precise toolkit to help each city understand its key strengths and weaknesses and develop appropriate strategies accordingly.
No 1. London takes the crown
Competing with a powerful set of rivals, London secured the top spot in this new ranking. With a top score of 84.6 out of 100, London's brand perceptions surpassed those of every other city included in the study. London’s performance can be attributed to the city's widespread familiarity among respondents from all corners of the globe. ‘Familiarity’ is defined in the study as the knowledge acquired through repeated exposure or direct experience, fostering a deeper connection and affinity towards a particular brand. Coming first on this particular measure, London has a huge advantage over its peers, with the global ubiquity of English language and huge cultural media events, particularly in connection with the Monarchy, reinforcing 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.
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 1st 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 3rd place for great museums and art galleries and great theatres and music venues. London’s appeal can also be attributed to its strong identity and character, where London ranks 3rd globally.
No 2. New York – The Big Apple pipped to top spot
New York City has secured 2nd spot, behind London, with a Brand Finance City Index score of 83.0 out of 100. NYC also ranks 3rd globally in Familiarity and boasts 2nd spot in three out of the seven key dimensions: invest, study, and visit. Widely regarded as the global capital of finance, NYC ranks 2nd behind only Zurich as the best city to invest in. It comes 1st 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 2nd best city in the world to study in behind only London. It is 2nd for the great universities and leader in science and technology attributes, comes 4th for great private schools, but falls much behind London on great publicly funded schools, ranking 41st overall. In general, NYC is perceived as the least affordable city in the ranking, coming 100th. Ranking 1st for great shopping, restaurants and nightlife and 2nd 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 2nd best city in the world to visit.
No 3. Paris - In vogue
Paris rounds off the podium, coming 3rd in the ranking with a score of 79.7 out of 100. Paris is also ranked as the world’s 2nd most familiar city. Complementing its strong Familiarity score, the ‘City of Love’ is also ranked as the 3rd 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 1st globally for beautiful architecture, great museums and galleries, and great theatres and music venues. The French capital also performs strongly in People & Values, ranking 2nd globally for being open and welcoming, fun, and having a strong identity and character, but falling behind on being friendly where it ranks 25th – perhaps in line with pre-existing perceptual stereotypes.
Dubai proves its reputation as the top city brand in the Middle East
Ranking 1st across the Middle East & Africa and 9th overall, Dubai comfortably makes the top 10 of the world's best-perceived cities, with a 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 1st for future growth potential, 2nd in strong and stable economy, and 3rd 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 ranking too. From Australia, Sydney ranks 5th overall, standing out as the best city to live in, 2nd best to work and retire in, 3rd best to study and invest in, and 5th best to visit. Singapore, 6th in the ranking, and Tokyo, 7th, 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 2nd for easy to do business in, and 3rd for both strong and stable economy and future growth potential. At the same time, Tokyo ranks 1st as the global leader in science and technology.
Zurich leads rankings as the best city in the world to work locally, work remotely, invest, and retire, but low familiarity undermines its reach
Zurich is a highly desirable destination to work locally, work remotely, invest, and retire, claiming the top spot for each dimension. The city scores exceptionally well on Reputation (4th) and Consideration (1st) when considering all seven dimensions combined too, but a low score on Familiarity (53rd) prevents it from taking a higher spot in the overall ranking (17th). Zurich is a great example of a city brand successful in converting familiarity and perceptions into reputation and ultimately consideration. More so than for other cities, those that get to know Zurich, feel persuaded by its appeal as a destination, especially for work, investment, and retirement. Much like Swiss watch brands, Zurich is a “luxury city brand” – with a lower familiarity among the public, but a high regard among those that know it well. The trade-off of this positioning is a more modest reach than that of more popular city brands, such as London, New York, or Paris.
