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Toronto Ranks No.10 on Forbes Most Influential Cities List

Toronto Ranks No.10 on Forbes Most Influential Cities List

Posted by Shanelle Weir on August 15, 2014

Toronto ties with the San Francisco Bay Area at the No. 10 spot on Forbes 2014 World's Most Influential Cities List.  

In the past century, the greatest global cities were generally the largest and centers of the world’s great empires: London, Paris, New York and Tokyo. Today size is not so important: Of the world’s 10 most populous cities, only Tokyo, New York and Beijing are in the top 10 of our ranking of the world’s most important cities. Instead, what matters today is influence.

To rank the world’s global cities, I worked with urban geographer Ali Modarres, former Accenture analyst Aaron Renn and demographer Wendell Cox. We have attempted to go beyond some of the standard methods of evaluating the global importance of cities, which include assessing the concentration of support services available for multinationals, such as financial and accounting firms, or the size of the overall economy. Efficiency and access to capital and information, we believe, is more critical to being an important global city than number of jobs, and regional GDP is a false measure, since it doesn’t reflect whether the source is domestic or global economic activity.

To determine the most influential cities in the world, Joel Kotkin, urban geographer Ali Modarres, former Accenture analyst Aaron Renn and demographer Wendell Cox graded 58 leading metropolitan areas in eight categories: the amount of foreign direct investment they have attracted; the concentration of corporate  headquarters; how many particular business niches they dominate; air connectivity (ease of travel to other global cities); strength of producer services; financial services; technology and media power; and racial diversity.

Toronto Specs: 

FDI Transactions (5-Year Avg.): 60

Forbes Global 2000 HQs: 23

Air Connectivity:  49%

GFCI Rank: 11

 

 

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