![]() The new metrics might also explain Singapore’s slip of three places. These changes might well have favoured conditions in Beijing over Hong Kong. ![]() The addition is a direct response to Covid-19, which showed that medical expertise, personnel and technology “can make or break a city,” according to Mike Hales, partner at Kearney’s Strategy & Top-Line practice. Second, the human capital dimension also has a new measurement – the number of medical universities in a city. First, when screened for business activity, cities will now also be evaluated based on the number of unicorn companies – startups valued at more than $1 billion – that operate within the urban centre. In fact, Kearney had predicted back in 2012 that Beijing and Shanghai would burst into the top five over the next ten years – a scenario that is now unfolding.Īlso in play is the fact that Kearney has made two changes to its assessment criteria this year, in a nod to all that has been new and unprecedented. At the same time, Beijing has been climbing the index at a rate of knots in recent years, as China cements its place as a global trade and business hub. Prolonged protests against the government – and the subsequent backlash – have not only dented Hong Kong’s international reputation, but have also caused significant economic disruption. ![]() One is the internal political situation in the city. This year, a number of factors have combined to cause this unprecedented drop out of the top five. That being said, in around ten years of the GCI, Hong Kong has never failed to occupy 5th place on the index, consistently behind Tokyo in 4th. Both have also emerged as technology hubs in recent years, of a calibre that can rival Silicon Valley according to some analysts. No doubt, Tokyo and Beijing have vibrant business environments and a strong entrepreneurial segment. Tokyo is the highest ranked Asian city in 4th, followed immediately by Beijing in 5th and Hong Kong in 6th. ![]() Tokyo, Beijing, Hong Kong, Singapore, Shanghai, and Seoul are all top global cities according to the analysis by Kearney. The Global Cities Index has been ranking cities around the world every year since 2010, based on five factors that make a city global: business activity, human capital, information exchange, cultural experience and political engagement. This is according to Kearney’s latest Global Cities Index, which features six Asian cities in the top 30. Beijing has joined Tokyo on the list of top five cities in the world, while Hong Kong and Singapore also made an appearance in the top 10.
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