7 hours Ago By Yeon Choul-woong
On November 26, Seoul solidified its standing as a global powerhouse, earning 37th in the Brand Finance Global City Index 2024, surpassing metropolises like Beijing, Montreal, and Prague. This recognition reflects Seoul's increasing influence as a dynamic city characterized by innovation, a skilled workforce, and a rich cultural tapestry. The index, derived from insights from over 15,000 respondents across 20 nations, evaluates cities based on key metrics like Familiarity, Reputation, and Consideration.
Respondents assessed 100 cities on various attributes such as culture, heritage, business potential, and investment prospects. A standout in the Business & Investment category, Seoul ranks 11th for 'future growth potential,' showcasing its promise in economic expansion. Its business allure is further enhanced by a significant improvement in 'corporate tax attractiveness,' leaping to 22nd place and enticing global investors.
Seoul also advances as an innovation hub, securing the 7th spot in 'great for start-ups and innovations,’ reflecting a dynamic ecosystem primed for entrepreneurial success. As a magnet for global talent, Seoul ranks 7th worldwide for 'access to a skilled workforce,' underscoring its status as an ideal locale for professionals and industry leaders. The city also excels in the Culture & Heritage arena, ranking 9th for its vibrant shopping, dining, and nightlife, and 24th for its rich cultural festivals.
In education and science, Seoul shines as the 21st 'global leader in science and technology,’ bolstered by its private schools, which rank 27th, reinforcing its academic and research appeal. Seoul's liveability has seen remarkable improvement, ascending 30 ranks to become the 30th most 'affordable city,' taking into account housing and education. The city is noted for its 'reliable and accessible internet connectivity' (18th) and 'good-quality healthcare' (31st).
In sustainability, Seoul ranks 33rd as a 'clean city that cares for the environment' and jumps 31 places to 14th for 'ease of cycling,' demonstrating its commitment to eco-friendly planning and sustainable transport. "Seoul's climb to 37th in the Brand Finance Global City Index 2024 underscores its appeal as a global business and cultural hub. From its robust start-up culture to its affordability, Seoul is increasingly becoming a top choice for investors, talent, and travelers," remarked Alex Haigh, Managing Director Asia Pacific, Brand Finance.
Global Landscape London retains its status as the world's top city brand, excelling in Familiarity and Reputation. Despite this, the city faces challenges in Consideration due to affordability concerns. New York and Paris take the 2nd and 3rd spots, with Paris leading in Culture & Heritage and New York in Education & Science.
Tokyo rises to 4th, noted for its leadership in science and technology, while Dubai, now 5th, boasts a strong reputation and ranks high in future growth potential and investment appeal. "The 2024 study reveals the nuanced impact of familiarity on city perceptions. London's overall brand strength is strong, yet its desirability in some areas has waned, providing valuable insights for city strategists worldwide," commented David Haigh, Chairman and CEO of Brand Finance.
This extensive study, now featuring regional insights like the US City Index, equips city leaders globally with vital understanding of the top city brands, guiding effective growth strategies..
