Toronto has claimed a top 10 spot on the Global Top 500 Cities, which looks at the world’s most valuable city brands.
Taking the eighth spot, Toronto is up two rankings from last year.
The analytical report of the Global Top 500 Cities, compiled by Global City Lab, declared New York to be the world’s most valuable city, with a brand value of USD $2.03 trillion.
Tokyo surpassed London to rank second with a brand value of USD $1.88 trillion. And, London’s brand value dropped 8.16% this year, ranking third with a value of USD $1.85 trillion.
Moreover, Paris and Sydney also have brand values surpassing USD $1 trillion.
Toronto’s brand value increased to USD$ 809.62 trillion.
Hong Kong is still the only Chinese city in the top ten, dropping one place to the tenth position with a brand value of USD $7.74 trillion.
According to the report, a city’s brand “represents the comprehensive strength of the city. It also affects the potential for [the] future development of the city because it determines the flow of capital, information, goods, and talent to the city.”
The threshold for the 2020 Global Top 500 Cities list is USD $18.51 billion, which is a slight decline compared to USD $19.22 billion in 2019.
From a regional perspective, the 500 cities on the list are distributed across six continents, among which Europe, Asia, and North America account for more than 80%.
Europe ranks first with 177 cities, one more than last year. Asia has four more cities this year, which raises its total to 155 cities. North America ranks third, with 93 cities on the list.
However, with the COVID-19 pandemic, the control measures undertaken from region-to-region have been different. Overall, cities in North America and Europe have not yet recovered from the impact of the pandemic. From the perspective of brand value, the average brand value of European and North American cities fell by 6.69% and 5.57%, respectively, which is much higher than that of other continents and the global average of 4.70%.