New York and London are both powerhouse cities, competitive in everything from fashion, music, and finance, to now even start-ups and high tech. In recent years, the long debate over which is the world’s most economically powerful city has reached something of a fever pitch. In 2012, London Mayor Boris Johnson (who was born in New York City and is, for now, still a dual citizen) debated members of the Bloomberg administration on this score. And earlier this month in London, Harvard economist and native New Yorker Edward Glaeser suggested his hometown is fast losing its status to London. Indeed, London should be congratulated for its remarkable run over the past couple of decades, even as the U.K.’s economy has sputtered.
But the newest ranking of the world’s most economically powerful cities put together by my Martin Prosperity Institute (MPI) research team finds New York to be the clear winner.