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London takes second place in Schroders Global Cities 30 index despite Brexit uncertainty

03/05/2019

London has overtaken Hong Kong to be ranked second in the latest Schroders Global Cities 30 index, despite economic and political uncertainty in the UK.

The ranking reinforces London’s position as a significant contributor of the UK economy and highlights the UK capital’s attraction as a location for real asset investing. 

London remains the highest-positioned European city in the top 30, followed by Paris in 17th place and new joiner Munich in 28th. In 2016, London was ranked eighth before improving to third place in 2017. The reason that London remains resilient is due to positive revisions to employment data which feeds into income growth, a key component of the index.

Los Angeles remained in top spot with Boston and New York making the top five in the Index. The strength in US cities ranking was also underpinned by good employment data: the fall in jobless claims and move to virtual full employment in the US has had a positive impact on the rankings, despite negative headlines around US-Sino trade relations.

Austin, Texas joined Munich in entering the top 30 for the first time this year, reflecting both cities status as growing knowledge-based economies.

The Schroders Global Cities 30 index is compiled according to a range of factors, including the projected growth of the economy, disposable incomes over the next decade and the size of the population.

Global Cities Top 30

City

Country

2019 Score

2019 Rank

2018 Score

2018

 Rank

Los Angeles

United States

8.6

1

8.4

1

London

United Kingdom

8.4

2

8.2

3

Hong Kong

Hong Kong

8.4

3

8.4

2

New York

United States

8.3

4

8.1

4

Boston

United States

8.3

5

8.1

6

Chicago

United States

8.2

6

8.1

7

Shanghai

China

8.1

7

8.1

5

Beijing

China

8.1

8

8.1

8

San Francisco

United States

8.0

9

7.9

11

Houston

United States

8.0

10

7.9

9

Sydney

Australia

8.0

11

7.9

10

Singapore

Singapore

8.0

12

7.9

12

San Jose

United States

8.0

13

7.8

14

Melbourne

Australia

7.9

14

7.7

16

Seattle

United States

7.9

15

7.8

13

Atlanta

United States

7.8

16

7.7

18

Paris

France

7.8

17

7.7

15

Washington

United States

7.7

18

7.7

19

Toronto

Canada

7.7

19

7.7

17

Dallas

United States

7.6

20

7.6

21

San Diego

United States

7.6

21

7.5

22

Baltimore

United States

7.5

22

7.4

26

Shenzhen

China

7.5

23

7.7

20

Miami

United States

7.5

24

7.5

24

Austin

United States

7.4

25

7.3

32

Philadelphia

United States

7.4

26

7.5

23

Phoenix

United States

7.4

27

7.3

28

Munich

Germany

7.4

28

7.3

33

Tokyo

Japan

7.4

29

7.4

27

Brisbane

Australia

7.4

30

7.3

30

These forecasts should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. Forecasts and assumptions may be affected by external economic or other factors.

Hugo Machin, Co-Head of Global Real Estate Securities, said:

“We produce the Schroders Global Cities 30 index each year to give us an edge in tracking the most successful cities of the future. We believe certain factors lay the foundations for upcoming economic growth. As investors, an understanding of these trends is an essential part of our process.

“Urbanisation in China continues at a rapid pace. We see the growth in certain Chinese cities as having a meaningful impact on the future of the Global economy.  Beijing, Shanghai and Shenzhen will, in our view, draw further away from other cities in China. There is a clear reason for this. The Government investment in those three cities results in the formation of Meta-Cities. This creates super-economic hubs allowing the proliferation of ideas and jobs.

“We remain upbeat about London’s prospects. London has unmatched attractions, from green spaces to a vibrant cultural and entertainment scene. People want to live and work there and that means London can attract the world’s most skilled employees. London, like a number of other true Global Cities, remains at the centre of the global economy despite challenges surrounding Brexit.

“Large cities with broad economies rank well in the index, as scale remains an important part of the analysis. Marrying idea generation to the scale of a city is why certain cities score consistently well and why they are attractive for investing in real assets for the long-term.”

 

For further information, please contact:

Charlotte Stickings, Assistant Communications Executive        Charlotte.Stickings@Schroders.com/+44 (0)207 658 3621

Estelle Bibby, Head of Media Relations                            Estelle.Bibby@Schroders.com/+44 (0)207 658 3431

 

Note to Editors

For trade press only.  To view the latest press releases from Schroders visit: http://ir.schroders.com/media