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http://www.citylab.com/work/2015/03/sorry-london-new-york-is-the-worlds-most-economically-powerful-city/386315/

Sorry, London: New York Is the World's Most Economically Powerful City

New York and London are both powerhouse cities, competitive in everything from fashion, music, and finance, to now even start-ups and high tech. In recent years, the long debate over which is the world’s most economically powerful city has reached something of a fever pitch. In 2012, London Mayor Boris Johnson (who was born in New York City and is, for now, still a dual citizen) debated members of the Bloomberg administration on this score. And earlier this month in London, Harvard economist and native New Yorker Edward Glaeser suggested his hometown is fast losing its status to London. Indeed, London should be congratulated for its remarkable run over the past couple of decades, even as the U.K.’s economy has sputtered.

But the newest ranking of the world’s most economically powerful cities put together by my Martin Prosperity Institute (MPI) research team finds New York to be the clear winner.

Our updated version of the Global City Economic Power Index (we introduced the original version in 2012) is based on five core metrics:

Overall Economic Clout: We evaluate overall economic activity by gross domestic product (GDP) as measured by the Brookings Institution in their Global Metro Monitor Map.

Financial Power: We gauge global financial power based on think tank and consultancy Z/Yen’s Global Financial Centres Index, which gauges the strength of a city’s finance and banking industries.

Global Competitiveness: Here we use two measures. The Global City Competitiveness Index , by The Economist, includes 32 indicators of economic strength, physical capital, financial maturity, institutional character, human capital, global appeal, social and cultural character and environment and natural hazards. The Global Cities Index from consulting firm A.T. Kearney tracks business activity, human capital, information exchange, cultural experience, and political engagement in metros.

Equity and Quality of Life: Lastly, we include a measure of equity and quality of life, The United Nations' City Prosperity Index , which measures prosperity along five dimensions: productivity, infrastructure, quality of life, equity and social inclusion and environmental sustainability.

We calculate a city’s total score across these five indices, with 10 points awarded to a first place ranking, nine to a second place rank and so on.