Global cities are a result of the swift amalgamation of world economies and the rise of the global consumer class. Alternately, the boom of millennials within the workforce has given a shot in the arm to this overall concept of global cities.
Some cities are of vital economic significance in their countries and then there are cities which serve as an important nodule within the overall international financial system.
The term Global City was first coined by Dutch-American sociologist Sasika Sassen, in her seminal work, The Global City: Introducing a Concept. Sassen emphasises that cities are major nodes in the interrelated systems of money and information, and the wealth they generate or accumulate closely related to the specialised businesses enable those flows, for example, financial institutions, accounting firms, consulting firms, law firms, and media organisations.
Today, roughly three decades down the line, the term Global City has become symbolic of places that offer the best economic, social and cultural climate to businesspersons and professionals (especially millennials and single professionals) for working or carrying out business and trade.
Globally integrated cities have a strong effect on economic and human development. They offer flourishing environs that attract the best talent across the world.
Here are the six best global cities in this world to work and live that I would love to visit at least once:
#1. London, UK
London has successfully placed itself at the number one position in the list of Global Cities to work and live for. In 2016, the city was ranked top in a survey named Top Global Cities of today, conducted by A.T. Kearney, trailed by its counterpart New York. The capital of England, London happens to dawn multiple hats—as the financial, educational, transport and even the cultural hub of Europe.
While all of London’s airport (including Heathrow) terminals, see more than 100,000 flights landing per month, reports suggest over the next one decade; the coloured Asian minority ethnic group will account for nearly 80 percent of its working millennials’ population.
London is already home to 33 percent of European HQs of Global Fortune 500 companies; it is also the world’s largest city airport system measured by passenger traffic.
The city generates 20% of UK’s GDP and is always fighting it out for the top spot with New York when it comes to being the most significant locale for international finance. Even if we choose to ignore the city’s economic and cultural background, today, its current face, its slick transport system, advanced educational and healthcare facilities, the ease-of-doing business makes it one of the three triumvirates—along with New York and Paris.
However, sustainability is again a fundamental challenge that the city faces in the wake of growing modernization and industrialization.
#2. New York, USA
Several research reports confirm the fact that by far, New York is the best place rather the best global city in the world to work and live (preceded by London recently). Of course, provided that it pays well. New York, happens to be one of the biggest modern hubs of the global economy.
The city is one of the largest urban hubs of the international economy and hence has been characterised as Alpha ++ world city. Wall Street located in Lower Manhattan is the leading financial centre and is home to the New York Stock Exchange (NYSE), the world’s largest stock exchange in terms total market capitalisation of its listed companies.
New York’s economic might can be gauged from the fact that the city is home to a maximum number of world’s billionaires. Several organisations including 45 Fortune 500 companies have their headquarters in New York City. On the other hand, industries such as information technology, software development, advertising, education (home to Ivy League University), fashion, new media are booming, accounting for an increased number of jobs for millennials.
#3. Paris, France
Paris has a particular place in people’s imaginations. One of the first global cities, its charisma has attracted the world’s brightest minds for centuries, from artists and émigrés to writers and entrepreneurs to political leaders. Fashion and Epicureanism still make up for its moniker style; but as the real city dropped out far its historic core, diversifying and adapting, the Paris of the imagination became somewhat fixed. Reconnecting the two cities will be an essential part of realising the potential for Paris to thrive in future.
Economically, it is growing stronger with each passing day, with Paris Region registering one of the highest GDPs in the world, (to the tune of $US845 billion). The Region headquarters 30 of the Fortune Global 500 companies and is the third most popular tourist destination after London and Bangkok.
In spite being a hub for high-tech manufacturing and high-value-added service industries, Paris is rated as the second most “green” city in Europe, right after Berlin. The City of Lights is close on the heels of London and New York regarding the economic importance, ease of doing business and of course, one of the best global cities to work and live.