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Busan rises to the top of global rankings
The City of Busan continues to enhance its reputation and status as a global hub city, and the finance world is taking notice. Busan has achieved its highest ranking on the Smart Centres Index and surpassed Shanghai, China, on the first Global Cities Index. These rankings reflect Busan's ascendance as one of the world's most important economic hubs.
In the Smart Centre Index 9, released by the U.K.-based global consulting agency Z/YEN, Busan ranked 14th among 79 global cities, making it the top city in Korea and one of the top three in Asia. Seoul remained in 29th place, the same as in the previous report.
Since debuting at 62nd place in 2021, Busan has consistently climbed the rankings, appearing within the top 20 three times in a row.
Busan ranked among the top-15 in five out of six categories evaluated by Z/Yen. Its overall ranking at no. 14 reflects its 12th-place ranking in Business Environment, 6th-place ranking in Infrastructure, and 7th-place ranking in Reputation. Busan's position in Human Capital and Financial Sector Development also entered the top group for the first time, ranking 13th and 9th, respectively.
In addition, Oxford Economics released its inaugural Global Cities Index, which it calls a "holistic assessment of the 1,000 largest cities in the world." The independent economic advisory firm compares cities across five categories: Economics, Human Capital, Quality of Life, Environment and Governance.
In the initial index, Seoul ranks 41st and is Korea's top urban economy. Busan comes in at 252nd, 26 spots higher than Shanghai, the financial center of China.
Vocab Spotlight (단어 돋보기)
surpass: 능가하다
consistently: 지속적으로
in a row: 연속으로
reflect: 반영하다
holistic: 전체적인, 총체적인