New York beats out San Francisco to be world's best tech city
June 04, 2019 - New York
New York City has been named as the leading tech city in the Savills Tech Cities 2019 index, ahead of San Francisco and London, which came second and third, respectively.
The Savills Tech Cities 2019 index focused on cities it viewed as being important centers for tech within their region and VC investment hotspots.
Savills found that New York's "deep talent pool" and its "reputation as a global center of commerce" was what made it stand out from the competition, with 29 other cities from across six continents also featuring on the index.
The report found that tech cities have been outperforming other global centers, noting that GDP across the 30 tech cities was forecast to rise by 36% over the next decade, compared to a rate of 19% for other developed cities across the planet.
To determine its rankings, the group measures each city against 100 individual metrics, ranging from the volume of inward venture capital investments, overall infrastructure, to the cost of a cup coffee in order to figure out which city is truly the place to be for tech companies.
Savills added that while two U.S. cities topped this year’s list, five mainland Chinese cities made its list for the first time as well. Various Chinese cities also now account for a higher share of venture capital (VC) investment than its U.S. counterparts.
Beijing recorded an average $34 billion of VC per year in the last three years, surpassing both New York and San Francisco.
Here are the top 20 tech cities in the world
1. New York
7. Los Angeles
18. Tel Aviv
20. Hong Kong