New York, NY - New York Is World’s Top City to Do Business
New York, NY - Citigroup, which has its headquarters on Park Avenue, commissioned the Economist Intelligence Unit (a subsidiary of the company that puts out the magazine The Economist) to compare 120 cities around the globe on a set of measures of their standing as places to do business.
New York ranked above London, Singapore, Paris and Hong Kong — the rest of the top five — largely on the basis of its No. 4 placing on economic strength, which included the growth rate of its economy. Another important criterion was the size of its middle class, which was defined as the share of households whose annual consumption exceeded $14,000. (Even a New Yorker living alone on the maximum weekly unemployment benefit of $405 a week could qualify as middle-class.)
New York was not only the sole American city but the only Western city to rank among the top 15 in economic strength. Eleven of the others are in China. Los Angeles ranked 17th.
Mayor Michael R. Bloomberg took some of the credit for the results. “New York City’s position at the very top of this list is no accident,” he said in a statement. “It’s due to the investments our administration has made and the world-famous ingenuity and creativity of New Yorkers.”
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