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Madrid ranks as world's 7th most competitive and attractive city for business in Euromoney magazine's 2011 Global Cities Survey


Madrid ranks as world's 7th most competitive and attractive city for business in Euromoney magazine's 2011 Global Cities Survey

  • FCC and Citi sponsored the first survey, which analyses the most competitive global financial centres and the best cities for business
  • New York leads the global ranking and Madrid ranks fourth in Europe
  • Euromoney examined 83 cities and 57 countries worldwide
Madrid has been ranked seventh in the world and fourth in Europe among the best cities to live, work and invest, according to Euromoney magazine's 2011 Global Cities Survey, sponsored by FCC and Citi.
Madrid ranks as world's 7th most competitive and attractive city for business in Euromoney magazine's 2011 Global Cities Survey
The prestigious magazine has published a report on the most competitive global financial centres and the leading cities in the world for doing business, using seven yardsticks: infrastructure, technology & innovation, sustainability, education, healthcare, and financial competitiveness. The survey was based on an analysis of hard data on these categories together with a perception-based survey of C-suite executives in multinational corporations and financial institutions around the world.
More than 400 international executives participated in the survey. The authors of "Global Cities 2011" used statistical data from national and city governments and databases with information such as the number of graduates per 100,000 inhabitants, personal bank loans as a percentage of GDP, and the number of multinational corporate headquarters.
New York was named the best city for business in this inaugural "Global Cities" survey, receiving 68 out of 100 points, followed by Frankfurt, with 62.32 points. Madrid scored 59.26 points. Scores are the sum of weighted survey responses plus the outcome of statistical analysis.
According to Edward Harding, Managing Director of Euromoney, the world's largest cities are looking to raise funds to improve citizens' living standards, which they will do either by investing in infrastructure and transportation, creating a green economy, or simply addressing the most urgent challenges, such as urbanisation.
Healthcare, sustainability and infrastructure
Madrid's top scores were in the following categories: healthcare (second place), sustainability and taxes (third in both categories), hard infrastructure (fourth) and technology and innovation (fifth). In the area of infrastructure, the city came ahead of Paris, Hong Kong, and Singapore. Senior executives based in Madrid were more satisfied with the city’s infrastructure than their peers in many other parts of the world.
According to Baldomero Falcones, Chairman and CEO of FCC: "Modern city governments know that today's citizens think not only nationally, but also locally and globally. This change in mentality, combining global and local outlooks, requires cities to make intelligent use of infrastructure and municipal services in order to be competitive."
Madrid also gained top scores from the quantitative indicators for its high level of international connectivity and the quality of its long distance travel infrastructure. The city also performed strongly for the quality of the workforce, and the breadth and diversity of the financial services sector.
Citi and FCC's interest in drafting this report stems from their close ties with cities and citizen services. William Van Dyke, Citi Country Officer for Spain: "Both Citi and FCC aim to serve the large cities where we operate. We launched an initiative called Citi for Cities which aims to help large global cities, especially in emerging countries, improve both management efficiency and services for citizens. Citi for Cities responds to three major trends that are changing our world: globalisation and the multiplier effect of cities on world trade, urbanisation, and digitalisation."


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