For the ninth straight year, a Japanese real estate developer’s foundation finds that Tokyo has taken the number three spot in its list of the world’s strongest cities. On the plus side, the report says, the city became an easier place to live. The downside? The economy continues to suck.
The yearly report from the Mori Memorial Foundation’s Institute for Urban Strategies, called the Global Power City Index, aims to measure “the overall strength of the world’s 48 major cities.” It looks at rankings across six functions: Economy, R&D, Cultural Interaction, Livability, Environment, and Accessibility, ranking a total of 70 factors across all six categories.
The top three cities remain unchanged: New York in first place, followed by London and then Tokyo. Tokyo, says the report made gains in several areas, including R&D, Cultural Interaction, and Accessibility.
In particular, Tokyo’s Cultural Interaction rose by two positions due largely to the influx of tourists, which raised various indicators related to tourism. An increase in the number of inbound flights to Tokyo’s major airports raised its Accessibility ranking. Toko also held its third place ranking for Livability.
A lagging economy
The one place where Tokyo lags? Its economy. Mori says the city continues to rank only tenth in terms of economic health. Contributing factors include a drop in per-capita Gross Domestic Product (GDP). Tokyo ranked 46th out of 48 cities in terms of GDP growth.
Mori also says – surprise! – that it’s tough to find good talent in Tokyo. The city ranked a mere 39th for Obtaining Talented Workers. That comes as little surprise, given that Japan’s population decline has left many businesses struggling to fill positions.
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Ichikawa Hiroo, a professor at Meiji University and an expert in urban strategies, says Tokyo’s low-ranking Economy indicator may not reflect economic gains Tokyo is making due to an influx in tourism due in part to the weak yen.
Many residents of Japan are struggling economically due to rising prices. In the past year, Japan’s had to weather price increases in everyday items such as eggs, rice, and even vegetables.
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Sources
Mori Memorial Foundation Issues GPCI–2024 and GPCI–Financial Centers Reports: — Post-Pandemic Economic Recovery and International Tourism Expansion Impact Rankings —. Mori Memorial Foundation
世界の都市ランキング 東京は９年連続３位. NHK News
