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Toronto ranked 12th Globally In New City Index

18 May 2023
  • With a score of 84.6/100, London tops the inaugural Brand Finance City Index ranking
  • Toronto, Vancouver, and Montréal among 100 cities in the ranking
  • Toronto named 12th best city brand scoring 73.3/100
  • Vancouver claims 25th position recording strong scores for liveability
  • Montréal sits in 39th place
  • NYC and Paris secure 2nd and 3rd spot

View the full Brand Finance City Index 2023 here

London has been named the best city brand in the world, followed by New York and Paris, by the inaugural Brand Finance City Index released today.  Presented by brand evaluation consultancy Brand Finance, the ranking 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 cities. 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.”

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 & Investment or Sustainability & Transport.

Crowned as the overall winner, London ranks 1st 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. London also tops the global ranking as the best city to visit, this is supported by its 3rd place for great museums and art galleries and great theatres and music venues.

Toronto secures 12th

Three of Canada’s cities feature in the Brand Finance City Index. Toronto leads the way in 12th, with a Brand Finance City Index score of 73.3 out of 100. Toronto has performed consistently well across many of the pillars and attributes, a testament to the all-round strength of the Canadian powerhouse.

The city’s performance in Business & Investment is commendable, sitting in 7th overall. This strong performance is thanks to a number of factors, including the city’s 5th ranking for future growth potential and 7th position for best cities for investment. Toronto offers favourable conditions for both domestic and foreign investors, thanks to its strategic location, skilled workforce, and supportive government policies.

The city is also an ideal destination for retirees, having secured the 7th spot in this dimension. With an array of recreational and cultural activities, coupled with top-notch healthcare services, Toronto offers an exceptional quality of life for seniors. Furthermore, Toronto is recognised as the 9th best city to live in, highlighting its desirability as a residential destination.

Toronto's perception as the 7th best city to study in is well-deserved, given its thriving academic environment. The city is home to several world-renowned universities, including the University of Toronto, York University and Toronto Metropolitan University.

Vancouver, the scenic city that leaves people pining for more

Representing the Canadian west coast, Vancouver secures its position as the 25th best city brand in the world, with a Brand Finance City Index score of 70.7 out of 100.

Providing ample opportunities for recreation, education, and socialisation, Vancouver is an attractive destination for families and individuals alike reflected in its 8th place ranking for liveability.

Ranking 17th for being open and welcoming, Vancouver is perceived to be an inclusive and accepting city that fosters acceptance and understanding, making it an attractive destination for people from a variety of backgrounds.

For those considering retirement, this city is an excellent option reflected in its top 10 positions for both the accessible to the elderly and people with disabilities attribute and the accessible and good quality healthcare attribute.

Vancouver's strong performance in the local job market, ranking 13th, reflects the positive perceptions of a thriving employment sector for its residents. The city's unemployment rates surpass the national average, and its diverse range of opportunities spanning healthcare, education, and technology further bolster its appeal as a prime destination for attracting and retaining high-calibre professionals. Additionally, Vancouver's 12th rank for remote work demonstrates its adaptability to the evolving work landscape, solidifying its reputation as a flexible and attractive hub for professionals seeking remote employment opportunities.

Montréal sits in 39th place

The vibrant city of Montréal has been recognised as the 39th best city brand in the world, receiving a Brand Finance City Index score of 68.4 out of 100.

Known for its dynamic and versatile job market, Montréal boasts a major strength in its ability to accommodate both local and remote workers. It ranks 18th and 20th for its appeal to these respective groups, underscoring its reputation as a hub for career opportunities. The city's diverse industries, such as aerospace, gaming, and tech, have played a crucial role in attracting professionals seeking to establish successful careers in Montreal.

Moreover, Montréal has established itself as a desirable destination for retirees, ranking 17th overall. Perceptions of it being accessible to the elderly and people with disabilities is also commendable, coming in 23rd place.

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

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.

Paris is in vogue, ranked 3rd in the world

Paris rounds off the podium, coming 3rd in the ranking with a Brand Finance City Index 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, andhaving a strong identity and character, but falling behind on being friendly where it ranks 25th – perhaps in line with stereotypes.

View the full Brand Finance City Index 2023 here

ENDS

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.

The full Brand Finance City Index 2023 report with additional charts, commentary, and expert contributions will be presented at the City Nation Place Americas Conference in New Orleans on 7-8th June 2023.

About Brand Finance

Brand Finance is the world’s leading brand evaluation 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 organisations 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 over 5,000 brand valuations, supported by original market research, and publishes over 100 reports that rank brands across all sectors and countries.

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.

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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.

Media Contacts

Florina Cormack-Loyd
Communications Director - North America
Brand Finance

About Brand Finance

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.

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