by Dayo Laniyan
Despite Britain being a “second-rate power” which has been declining for a century, the capital of London still remains the most influential city in the world, according to the business magazine Forbes.
Both London and New York top the global list for the world most influential cities, largely thanks to history, tradition and “inertia”-meaning that they are the most dominant mainly because they always have been for a long time.
London won out due to being a global transport hub with a high number of company headquarters, loose regulatory environment and judicial and political systems that have proved an ideal model for the rest of the world.
However Forbes’ praise turned out to be a double-edged sword: “Inertia and smart use of it is a key theme that emerged in our evaluation of the top global cities.” It said.
“No city better exemplifies this than London, which after more than a century of imperial decline still ranks No. 1 in our survey. The United Kingdom may now be a second-rate power, but the City’s unparalleled legacy as a global financial capital still underpins its pre-eminence.”
Forbes based its city rankings on eight factors: The level of foreign direct investment; the number of corporate headquarters; the amount of business types it dominates; ease of air travel to other global cities; strength of financial services; technology and media power; and finally racial diversity.
Upon those factors, London and New York held“hegemony” over the rest of the world, far ahead of their rivals, Paris and Tokyo.
The top 10 list for most influential cities goes as follows:
- New York
- Hong Kong
- Beijing tied with Sydney
- Los Angeles tied with San Francisco and Toronto