New York has just edged out San Francisco as the “world’s top tech city” while Singapore dominated in Asia, according to the latest rankings by Savills Research in their 2019 ‘Tech Cities in Motion’ report.
While Singapore ranks sixth worldwide, squeezed between Boston (fifth) and Los Angeles (sixth), Melbourne came in at a respectable 22 - one spot ahead of Seoul in South Korea.
The index measures 30 cities from around the world against 100 individual metrics that establish which cities are the most successful homes for tech and start-up companies.
According to Savills Research, the Savills Tech Cities index measures what makes a successful Tech City. The assessment for each city comprises of over 100 individual metrics, ranging from the number of days needed to start a business
through to the cost of a flat white coffee. These metrics are grouped into six categories: business environment, tech environment, city buzz & wellness, talent pool, real estate costs, and mobility.
Each category is weighted to reflect its importance to the tech sector says the research company.
Chinese cities now account for a higher share of venture capital investment than their US counterparts. Beijing, in 17th place, recorded an average USD34 billion of venture capital per annum in the last three years, volumes higher than New York and San Francisco.
The Top 30 cities in Savills Tech Cities index are:
- New York
- San Francisco
- Los Angeles
- Tel Aviv
- Hong Kong
- Buenos Aires
- Cape Town