New York was ranked as the most competitive city in the world, with Singapore ranking 3rd after London.

The new Economist Intelligence Unit (EIU) report, entitled the "Global City Competitiveness Index" measures cities across eight categories of competitiveness and 31 individual indicators. The categories include economic strength, financial maturity, global appeal and physical capital.

According to the report, the ten most competitive cities in the world are: New York (1st), London (2nd), Singapore (3rd), Paris and Hong Kong (joint 4th), Tokyo, (6th), Zurich (7th), Washington, DC (8th), Chicago (9th), and Boston (10th).

European and American cities dominate in terms of attracting capital, businesses, talent and tourists, despite, as the report terms it, concerns over ageing infrastructure and large budget deficits.