London tops list of world’s economic powerhouses

The global credit crunch hasn’t stopped London, the world’s financial centre, snaring top spot in a Forbes list of the world’s 10 most economically powerful cities.

The global credit crunch hasn’t stopped London, the world’s financial centre, snaring top spot in a Forbes list of the world’s 10 most economically powerful cities.

According to Forbes, London beats New York as the world’s banking capital and, with an annual economic growth rate of 3%, is expanding more quickly than most large cities in the developed world.

Next on the list is Hong Kong. It doesn’t have quite the same level of economic activity as some other cities, but its status as a regional hub and proximity to China earned it the number two spot.

Third is New York, the second biggest city on a GDP basis in absolute terms behind the fourth ranked city on the list, Tokyo. In both cases, slower growth and recent economic hard times pushed the cities down the list.

The top-10 city with a bullet next to its name is Shanghai. Currently ranked ninth and with an estimated GDP of just $139 million, Shanghai’s 6.5% growth rate and positioning at the heart of China’s thriving economy mean it is just a matter of time before it moves further up the list.

List of the world’s 10 most economically powerful cities:

1. London
2. Hong Kong
3. New York
4. Tokyo
5. Chicago
6. Seoul
7. Paris
8. Los Angeles
9. Shanghai
10. Toronto