Toronto has been named one of the most economically influential cities in the world, according to a new report by CEOWORLD magazine.
Placing 10th in a ranking of 100 cities, Toronto beats Vancouver’s 65th by a long shot, and Montreal’s 72nd by even more. These three are the only Canadian cities that made the list.
Aiming to provide an objective analysis of major urban centers’ competitiveness, the “Cities Of Economic Influence Index,” notes finance, fashion, music, movies, start-ups, and high tech categories.
The specific indices used to determine each city’s rankings include:
1. Economic Power (overall economic activity)
2. Financial Clout (strength of a city’s finance and banking industries)
3. People and Political (political and demographic influence)
4. Quality of Life (productivity, infrastructure, quality of life, equity and social inclusion, and environmental sustainability)
5. Competitiveness (business activity, human capital, cultural experience, and political engagement)
With rankings calculated from each of the above five categories, Toronto scored a total of 76.91.
For context, London, England’s first-place position was earned with a total score of 85.49, Vancouver’s 65th stems from 62.05, and Montreal’s 72nd equates to 60.45.
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According to the report, the cities that made the top 100 generate about 50% of the globe’s total economic output. Further, the top 25 reportedly account for more than 30% of global economic production.
Here’s a glimpse at who landed in the top 20 spots: