Singapore beats major cities Tokyo and Hong Kong in new city ranking

Singapore ranks impressively for ASEAN nations in the inaugural Brand Finance City Index released today, in 6^th position. Bangkok follows in 47^th, Kuala Lumpur is 53^rd, Jakarta is 70^th, Manila 82^nd and Hanoi is 94^th. Presented by brand evaluation consultancy Brand Finance, the ranking is based on a global survey of close to 15,000 members of the public conducted in April 2023 in 20 countries on all continents to measure perceptions of the world’s top 100 cities. The Index has placed London as the best city brand in the world, followed by New York and Paris.

Singapore is the shining star for ASEAN city brands in this new Index, ranked 6^th globally, as well as 5^th for local work and 6^th for remote work. It also performs strongly in the investment dimension, ranking 5^th globally. Singapore’s government invests heavily in education and training, producing a highly skilled and educated workforce across various industries. Further, Singapore is strategically located as the gateway to the broader Asia-Pacific region, making it an attractive destination for businesses and investors looking to tap into the region’s potential. Singapore is also ranked 1^st for the attribute of being a clean city that cares about the environment. Singapore has strict laws and regulations in place to maintain cleanliness, while public education on environmental responsibility is conducted from a young age.

To arrive at a comprehensive assessment of the city brands in the ranking, alongside measuring familiarity, respondents were asked about the general reputation and their personal consideration of each city as a place to live, work locally, work remotely, study, retire, visit, or invest in. The evaluation of preferences across these seven dimensions was complemented by perceptions of 45 underlying city brand attributes, grouped under seven pillars, such as Business & Investment or Sustainability & Transport.

Largely attributed to its strong performance across the dimensions of work, study and visit, Singapore is the 11^th most familiar city globally. Thailand’s capital Bangkok follows not far behind in 16^th position. While ranked 47^th overall, it boasts one of the Asia-Pacific region’s most thriving tourism industries and performs well in the People and Values pillar; ranked 9^th for being fun and 10^th for being friendly. Kuala Lumpur follows not too far behind in the overall ranking at 53^rd and ranks 46^th for business and trade. Further, while way down in the ranking at 70, Jakarta’s performance is pulled up by its ranking in 43^rd position for business and trade.

Manila, the capital of the Philippines, is ranked 82^nd in the ranking. While Kuala Lumpur and Bangkok rank 2^nd and 3^rd respectively for being affordable cities, Manila also scores well in 19^th position. These cities are known for having lower costs of living, affordable transport and attractions, and cheaper accommodation, making them attractive spots for young people and tourists from Western nations. We can make one final comment for Hanoi which, while ranked 94^th overall, is making some positive moves in the business and trade pillar, ranked 74^th. Hanoi is emerging as a city to watch in terms of attracting Western tourists.

Alex Haigh, Managing Director of Brand Finance Asia, commented: “With their diverse cultures, growing economies, and innovative urban landscapes, ASEAN cities are beacons of progress, fostering connectivity, sustainability, and resilience at their core of their city brands. Singapore’s world-class infrastructure and investment opportunities position it as a global leader, setting the pace for economic progress. Additionally, the surge in tourism has become a catalyst, propelling economic growth throughout the entire region.”

London crowned as the world’s best city brand
With a score of 84.6 out of 100, driven by its high familiarity among respondents worldwide, London has recorded stronger brand perceptions than any other city in the study. Familiarity is understood as knowledge about the city gained through repeated exposure or direct experience, and it allows to form a deeper affinity for its brand.

David Haigh, Chairman & CEO of Brand Finance, commented: “London’s exceptional performance in the Index can be attributed to its global familiarity. Coming first on this particular measure, London has a huge advantage over its peers, leading to its success in the ranking overall as the world’s best city. Knowing a city allows the public to form positive perceptions about it – to recognise its reputation and to consider it as the preferred place to live, work, study, retire, visit, or invest. High familiarity means a deeper understanding of its qualities and a broader reach of its appeal, allowing the city to draw significant economic benefits from inbound migration, investment, and tourism.”

Crowned as the overall winner, London ranks 1^st in two of the seven key dimensions – study and visit – as well as in the top 4 in all other ones.

Renowned as a hub for academic excellence, London is ranked as the best city globally to study. The British capital hosts top universities – such as University College London, King’s College London, Imperial College London, and the London School of Economics, while prestigious schools in and near London that prepare for university – like Eton and Harrow –attract students from around the world. It is no surprise that the city comes 1^st globally for great universities and great private schools.

Thanks to iconic landmarks like the Houses of Parliament, Buckingham Palace, and the Tower of London, and renowned cultural institutions like the British Museum, National Gallery, and the West End theatre district, London is a prime tourist destination. London’s top global ranking as the best city to visit, is supported by its 3^rd place for great museums and art galleries and great theatres and music venues. The appeal of London can also be attributed to its strong identity and character, where London ranks 3^rd globally.

Everyone wants a bite of the Big Apple, coming 2^nd behind only London
New York City has secured 2^nd spot, behind London, with a Brand Finance City Index score of 83.0 out of 100. NYC also ranks 3^rd globally in familiarity and boasts 2^nd spot in three out of the seven key dimensions: invest, study, and visit.

Widely regarded as the global capital of finance, NYC ranks 2^nd behind only Zurich as the best city to invest in. It comes 1^st for the city of global significance, easy to do business in, and strong and stable economy attributes, which explains its appeal to investors.

Home to several of the world’s most esteemed universities – including Columbia, NYU, and the City University of New York – the Big Apple has also been recognised as the 2^nd best city in the world to study in behind only London. It is 2^nd for the great universities and leader in science and technology attributes, comes 4^th for great private schools, but falls much behind London on great publicly funded schools, ranking 41^st overall. In general, NYC is perceived as the least affordable city in the ranking, coming 100^th.

Ranking 1^st for great shopping, restaurants and nightlife and 2^nd for great theatres and music venues, home to Fifth Avenue shops and Broadway theatres, NYC lives up to its name as the ‘city that never sleeps’. As a result, NYC ranks as the 2^nd best city in the world to visit.

Paris is in vogue, ranked 3^rd in the world
Paris rounds off the podium, coming 3^rd in the ranking with a Brand Finance City Index score of 79.7 out of 100. Paris is also ranked as the world’s 2^nd most familiar city.

Complementing its strong familiarity score, the ‘City of Love’ is also ranked as the 3^rd best city in the world to visit. Boasting an abundance of renowned attractions, including the Eiffel Tower, the Louvre Museum, and the Moulin Rouge, Paris unsurprisingly scores better than any other city in the Culture & Heritage pillar, ranking 1^st globally for beautiful architecture, great museums and galleries, and great theatres and music venues. The French capital also performs strongly in People & Values, ranking 2^nd globally for being open and welcoming, fun, and having a strong identity and character, but falling behind on being friendly where it ranks 25^th – perhaps in line with stereotypes.