World cities David Redfern

World cities What this presentation covers What is a world city? Where are the world cities? How can world cities be identified? How could the importance of world cities change over time? Fotolia

World cities World cities and mega cities Mega cities and world cities both have large populations, but they have different functions. Megacities have regional or national influence. World cities have a global role: they are the command and control centres of the international economy. World cities dominate the global urban hierarchy. Unlike mega cities world cities are mainly located in the developed world. The two top-ranking world cities are London and New York, with several others such as Hong Kong, Tokyo and Singapore below them. On what criteria are these cities judged to be world cities?

World cities What is a world city? World cities are business centres and the preferred headquarter locations of major TNCs. They are global service centres, specialising in advanced producer services such as finance, banking, accounting, management consultancy, law and advertising. In order to deliver these services to global markets, world cities are major telecom, information and transport hubs. They are magnets for educated, skilled workers, and home to world-class universities. World cities often have a political and cultural dimension. They house foreign embassies, consulates and international organisations, host international sporting events, and support a wide range of performing arts venues, museums and galleries.

World cities Fotolia

World cities Where are the world cities? Take a look at the diagram on the next slide. What makes the world cities shown on the diagram so important on a global scale? The slides that follow identify some criteria. Fotolia

World cities Where are the world cities?

World cities The top ten global financial centres RankCentreGFCI 11 rating 1London781 2NYC772 3Hong Kong754 4Singapore729 5Tokyo693 6Zurich689 7Chicago688 8Shanghai687 9Seoul686 10Toronto685 Source: The Global Financial Centres Index 11, March 2012

World cities The financial centres likely to become more significant RankCentreNo of mentions by investors 1Singapore42 2Shanghai35 3Hong Kong33 4Toronto20 5São Paulo15 6=Luxembourg14 6=Almaty14 8=Beijing11 8=Moscow11 8=Mumbai11 Source: The Global Financial Centres Index 11, March 2012 (based on conversations with investment bankers)

World cities The financial centres where new offices will be opened RankCentreNo of mentions by investors 1Singapore17 2Hong Kong14 3London11 4Shanghai8 5Dubai6 6Beijing5 6=Mumbai5 6=New York5 9Luxembourg4 10Calgary3 Source: The Global Financial Centres Index 11, March 2012 (based on conversations with investment bankers)

World cities Fotolia Which continent is this city on?

World cities Fashion rankings based on views of designers City 1355London 2121NYC 3433Paris 4614Milan 5566Los Angeles 62711Hong Kong Barcelona Singapore Tokyo Berlin Source: Global Language Monitor

World cities Measuring interconnectivity Another way to identify a world city is to measure the degree of interconnectivity between it and other such cities, for example the interactions between them. This is called the global network connectivity (GNC). Here is one view… ‘But while the concentration of fibre optic grids, prestigious architecture and bespoke office towers in central London, essential to support intense, near instantaneous inter-city global interaction and trading seems relatively ‘fixed', business knowledge and finance can no longer be regarded as assets that are tied to one locality. Interconnectivities between global cities are creating a different sort of place. Seen as a global service centre, a networked node for world business flows, London is this new kind of fluid place, part of a transitional, global space. The concept of world city network thus depicts new pathways of power involving many cities world-wide, associated with the unfolding economic geography of capitalism.’ Source: GaWC Research Bulletin 328 (2009)

World cities Global network connectivity (GNC) RankCityGlobalisation index 1London100 2New York99 3Hong Kong82 4Paris77 5Singapore74 6Sydney73 7Tokyo72 8Shanghai70 9Beijing70 10Milan68 Source: GaWC Research Bulletin 328 (2009)

World cities Websites and research Research world city growth by accessing the UN Department of Economic and Social Affairs website: Read the GaWC (Globalisation and World Cities) Research Unit (based at Loughborough University) bulletin no.328 on ‘London – the pre-eminent world city’ at The GaWC is a leading academic ‘think-tank’ on globalisation and world cities. You could investigate the importance of telecoms connectivity to the functioning of London as a world city. Fotolia