London: For the fifth consecutive year, British capital London has topped the 2016 Global Power City Index with India's financial hub Mumbai coming in at 39th position on the list that ranks the world's cities on business, innovation and culture.
The 2016 Global Power City Index (GPCI) report, which was released by the Mori Memorial Foundation's Institute for Urban Strategies, ranked London as the leading overall city, highlighting the capital's strong cultural offering, ease of doing business and global transport links.
The report ranks 42 major cities of the world across six key measures of economy, research and development, culture, accessibility, environment and livability.
Mumbai, the only Indian city to feature on the index, was ranked 39th.
London performed well across all areas, retaining its top spot for the fifth year in a row and ranking above other cities such as New York, Tokyo and Paris. The UK capital was first awarded the leading position in 2012, the year it successfully hosted the Olympic and Paralympic Games.
"This research shows that despite the recent vote to leave the EU, London is the best place in the world to do business. From start-ups to global enterprises across all industries and sectors, the capital offers the ideal environment for businesses to thrive. I am working with London's business community to ensure their needs are met as we leave the EU and that our great city maintains its global position," London mayor Sadiq Khan said.
New York experienced no significant change in its ratings, retaining its No. 2 slot, also for the fifth year running.
Paris dropped out of the top three to fourth position, due largely to a perceived decrease in the levels of cultural interaction and research and development. The terrorist attacks of November 2015 are also likely to have influenced those ratings.
Tokyo overtook Paris and moved into third place. The increase was due to a number of factors, including a reduction in Japan's rate of corporate taxation, an increase in the number of visitors to the city from abroad and an increase in the number of direct flight connections to overseas destinations.
Singapore completes the top 5 cities in the annual ranking.
The Japan-based Mori Memorial Foundation's Institute for Urban Strategies has published its GPCI report annually since 2008. The GPCI index is based on an evaluation of 70 criteria, analysing the strengths and weaknesses of global cities amid intensifying competition.
The rankings also reflect the viewpoints of global managers, researchers, artists, visitors and residents. The GPCI is used as a basis for urban development and branding by policymakers around the world.