Despite Brexit and the political-economic difficulties it is experiencing, London continues to be an attractive city, so much so that it took second place in the Schroders Global Cities 30 Index, unlike all Italian cities, which were completely absent from the top 30.
The index of Schroders, a British investment firm that manages assets equal to 421,4 billion pounds, is compiled on the basis of various factors, including projections of growth of the economy, disposable incomes over the next decade and the size of the population. “We update the Schroders Global Cities 30 Index every year by identifying the most promising cities. We believe that the potential for economic growth is embedded in specific drivers, and as investors, understanding these trends is an essential component of our process,” said Hugo Machin, co-head of Global Real Estate Securities at Schroders.
The British capital conquers the second step of the podium and first place among European cities. It should be underlined that London is the only city of the old continent present in the top 10. In 2016, London was eighth in the ranking, before climbing to third place in 2017. “The reason why London is resilient – explains Schroders – is identifiable in positive revisions to employment data fueling income growth, a key component of the Index”.
“We remain optimistic about the prospects for London – says Machin – which can count on unrivaled attractions, from green spaces to a vibrant cultural and entertainment offer. People want to live and work in the English capital and this means that this city is able to attract highly qualified professionals and staff. London, like many other truly global cities, remains at the heart of the world economy despite the challenges associated with Brexit”.
In the general classification remains at the top Los Angeles (first place), while Hong Kong is in third place. In fourth and fifth place we find Boston and New York.
As for European cities Paris is in 17th position, Munich, in 28th place. Returning to the United States, the strength of US cities in the ranking was supported by positive data on the employment front: the decline in jobless claims and the move towards virtual full employment in the country had a positive impact on the rankings, despite the negative news about US-China trade relations.
