SEOUL, 26 November 2024 – Seoul continues its ascent as one of the world’s premier cities, achieving the 37th rank in the Brand Finance Global City Index 2024, the most comprehensive global survey of city perceptions.
The 2024 results are based on a survey of over 15,000 respondents across 20 countries, offering a detailed look at how the world’s leading city brands are viewed. Respondents were asked to rate 100 cities on Key Performance Indicators: Familiarity, Reputation, and Consideration, indicating how strongly these cities are perceived as places people would want to live, work, study, visit, retire, and invest in. In addition, respondents chose from 45 attributes grouped under seven pillars, including Culture & Heritage or Business & Investment, that they associated with city brands.
Seoul has distinguished itself under the Business & Investment pillar by ranking 11th for perceived ‘future growth potential’, a testament to the city’s dynamism and promising economic outlook. Seoul’s appeal as a business destination is further strengthened by its improved position - 22nd this year, for ‘corporate tax attractiveness’, reflecting a 29-spot rise boosting its attractiveness to international investors. The city has also emerged as a leading innovation ecosystem, climbing 17 ranks to secure the 7th position for ‘great for start-ups and innovations.
South Korea’s capital city also appeals as a talent hub, with its placing as 7th globally for ‘access to a skilled workforce’, marking a notable 27-rank improvement. This strong performance signals Seoul’s growing role as an ideal destination for global professionals and industry leaders alike.
The Culture & Heritage pillar also shines for Seoul, which ranks 9th globally for its ‘great shopping, dining, and nightlife scene’, while securing the 24th placement for its celebrated cultural festivals highlighting its rich heritage and creative flair.
Under the Education & Science pillar, Seoul ranks as the 21st ‘global leader in science and technology’. Additionally, Seoul’s private schools have contributed to this pillar’s success, as the city ranks 27th for ‘great private schools’, enhancing its appeal as an academic and scientific hub.
Seoul’s Liveability rating has also improved, with the city climbing 30 ranks to reach the 30th place for ‘affordable city’, which includes factors such as housing and education. The city is recognized for its ‘reliable and accessible internet connectivity’ (ranked 18th), ‘accessible and good-quality healthcare’ (ranked 31st).
In the Sustainability & Transport pillar, Seoul ranks 33rd for ‘clean city that cares for the environment’ and jumped up 31 positions to be ranked at14th for ‘easy to get around by bicycle’, reflecting the city’s commitment to eco-friendly urban planning and sustainable transport options.
“Seoul’s rapid ascent to 37th in the Brand Finance Global City Index 2024 highlights its growing appeal as a global business hub, innovation leader, and cultural hotspot. From ranking 7th worldwide for start-up culture to placing 30th for affordability, Seoul is proving to be a top choice for investors, talent, and travellers alike."
Alex Haigh, Managing Director Asia Pacific, Brand Finance
Global Results
London retains its position as the world’s top city brand. The city excels in Familiarity (3rd) and Reputation (3rd), exemplifying its strong global profile and appeal. However, London faces challenges in Consideration (19th), particularly in areas like living, investing, and retiring, with affordability (97th) emerging as a major concern. New York and Paris hold the 2ndand 3rd ranks, respectively. Paris leads in Culture & Heritage, while New York is top for Education & Science. Tokyo has risen to 4th and is perceived as the world's ‘leader in science and technology’. Dubai, now 5th globally, is perceived as the world’s most reputable city, and leads for ‘future growth potential’ and investment appeal.
“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.”
David Haigh, Chairman and CEO, Brand Finance
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.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.
Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.
Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on 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 publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial 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 body, 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.
