London positions itself as finance and tech leader
London has finished top of PwC’s Cities of Opportunity index for the first time.
The index analyses the top 30 capitals of finance, commerce and culture and is in its sixth year.
London finished top of several indicators covered by the index, including world university rankings, software development and multimedia design’ and relocation attractiveness.
Leader in Tech
According to the report:
The British Capital finishes first in technology readiness, economic clout and city gateway – all measures of its stature as a thriving centre of the world economy.
The title of economic powerhouse is nothing new to London, but its leading position in tech shows just how far London has come.
Tied with Seoul for top spot in tech, London finishes ahead of Stockholm in third, New York in fifth and San Francisco in sixth.
Technology readiness and economic clout in London go increasingly hand in hand. An Accenture report in March named London the fintech capital of Europe.
London does not get 10s across the board.
We finish only sixth in quality of life. The cost of public transport and the level of major construction in the city playing a substantial role is bringing our score down.
The cost of living and establishing a business in London was a recurring theme, though with all the upsides to being in London, the city evidently had enough to clinch top spot.
In a statement, David Snell, partner at PwC, wrote:
No city is perfect. But the trick is for London, like many of the top cities, to be very good at a lot of things.
We’re building and earning a digital reputation, while still holding our number one status as a world-leading financial centre. It’s not an either/or situation.
Snell warns however that London cannot rest on its laurels. The city needs to continue to grow and develop if it wishes to retain top spot next year.