Toronto is one of the most competitive cities in the world, according to a study from The Economist, and will remain so until 2025.
The city came in at No. 10, the only Canadian city to crack the top 25 positions – Vancouver was next at No. 28.
New York was No. 1, followed by London, Singapore, Hong Kong and Tokyo. Sydney was No. 6, Paris was No. 7, Stockholm was No.8 and Chicago was No. 9.
Urban centres were ranked on their ability to attract capital, businesses and people, and that advantage would last until 2025.
They were also graded on physical infrastructure, public transport, telecommunications and infrastructure.
The Economist found that despite fast growth in emerging market cities, like those in China and India, cities in Western countries will continue to successfully compete against Asian cities.
And, “despite rapid growth in Africa and Latin America, there is a vast competitiveness gap between their best-performing cities (São Paulo: 36th, Johannesburg: 66th) and those in the developed world,” the report found.
The report, The 2025 City Competiveness Index, also found that “virtually all” global growth in the next 30 years will come from cities, and that the number of people living in the world’s cities is growing by nearly 60 million every year.