Global City Competition... Is Seoul Enough? [Curiosity Lab]

Seoul cityscape. Photo by Asia Economy

"The imminent achievement of ‘5th place in global city competitiveness’ will not stem from new and extraordinary policies, but will naturally rise to a world-class level when integrity, creativity & innovation, and deregulation are infused into administration." (January 10, 2025, First Staff Assembly Special Lecture)

"Seoul will soon be able to firmly establish itself at 5th place in the global city competitiveness rankings." (January 22, New Year Press Conference)

Mayor Oh Se-hoon of Seoul expressed these ambitions repeatedly, encouraged by Seoul’s ranking in a city competitiveness index released by an institution. The vision of achieving 5th place in city competitiveness mentioned by Mayor Oh originated from the 2024 ‘Global Power City Index’ (GPCI) announced by the Mori Memorial Foundation’s Institute for Urban Strategies, where Seoul ranked 6th.

Foreign tourists are lining up to purchase twisted doughnuts at a famous twisted doughnut shop located in Gwangjang Market, Jongno-gu, Seoul. Photo by Kang Jin-hyung

◆Mayor Oh Se-hoon Aims for 5th Place After GPCI 6th Place

This index analyzes and evaluates six areas from the perspective of overall city competitiveness: ▲economy ▲research & development ▲cultural exchange ▲residence ▲environment ▲transport accessibility, and publishes the GPCI annually. When the rankings were first announced in 2008, 30 cities were evaluated; now 48 cities are selected and assessed. Seoul rose from 13th place in the inaugural 2008 GPCI to 6th place this year, with notable improvements in transport accessibility, residence, and research & development. The rankings and scores by category were ▲economy (15th (254.8) → 19th (239.5)) ▲research & development (6th (136.4) → 5th (146.3)) ▲cultural exchange (11th (167.8) → 16th (147.1)) ▲residence (36th (318.7) → 35th (329.0)) ▲environment (14th (178.1) → 17th (173.6)) ▲transport accessibility (20th (146.3) → 16th (157.8)). The overall GPCI ranking was 1st London, 2nd New York, 3rd Tokyo, 4th Paris, 5th Singapore, the same top cities as last year. Seoul climbed one spot, overtaking Amsterdam, which was 6th last year. The 7th to 10th places were Amsterdam (Netherlands), Dubai (UAE), Berlin (Germany), and Madrid (Spain).

Tokyo cityscape. Photo by Asia Economy

◆City Rankings... London, New York, Paris, Tokyo, Singapore Remain Top Contenders

When a city’s name appears in various institutions’ rankings and its position rises, the city’s image is greatly enhanced. Rankings vary depending on the institution, indicators, and survey methods. What about the ‘2025 World’s Best Cities Report’ released by global consulting firm Resonance?

Since 2016, Resonance annually analyzes the environment and user evaluations of 270 global metropolitan cities with populations over one million, measuring livability, popularity, and prosperity to select and announce the top 100 cities. This ranking is particularly meaningful as it selects cities preferred by both visitors and businesspeople. From two years ago, it supplemented its ranking methodology by analyzing user evaluations and reviews from Google, Facebook, Instagram, and key statistics.

Singapore cityscape. Photo by Asia Economy

Looking at the evaluation criteria by category, livability includes biking, tourism, landmarks, cost of living, rent, air quality, healthcare system, trees, and parks. Popularity includes nightlife, restaurants, shopping, culture, attractiveness, museums, Google Trends, travel ratings, and Instagram hashtags. Prosperity includes education level, labor participation rate, Fortune 500 companies, universities, airport accessibility, convention centers, business-friendly environment, and poverty rate. The top rankings in this survey are similar to the Mori Foundation’s findings.

London ranked 1st, with New York, Paris, Tokyo, and Singapore in the top five. Rome, Madrid, Barcelona, Berlin, and Sydney followed in 6th to 10th places. Seoul ranked 16th. Among major cities, Beijing was 36th, Osaka 42nd, Kuala Lumpur 50th, Shanghai 61st, Taipei 76th, Sapporo 86th, and Hong Kong 97th.

London cityscape. Photo by Asia Economy

◆Resonance’s World’s Best Cities: Seoul 16th... High Rankings in Restaurants & Fortune 500

By category, London ranked 1st in popularity, 2nd in prosperity, and 3rd in livability, notably achieving 1st in nightlife and airport accessibility. New York was 1st in prosperity, 2nd in livability, and 3rd in popularity, with 2nd in business-friendly environment and culture. Tokyo ranked 1st in restaurants and shopping. Seoul stood out with 3rd place in restaurants and 6th in Fortune 500 companies.

Last year, citizens experienced traditional Arab culture at the 'Salam Seoul Festival' held around Gwanghwamun Square in Jongno-gu. The Salam Seoul Festival introduces Asian and Middle Eastern cultures to Seoul citizens while creating a welcoming atmosphere for Middle Eastern tourists and providing them with opportunities to experience Korean culture. Photo by Jo Yong-jun

Resonance stated, "Riding the Korean Wave, Seoul has firmly established itself as the center of global popular culture." They added, "From K-pop and K-dramas to innovative K-beauty, Seoul, the capital of Korea, the thriving hub of all things ‘K’, is home to global cultural icons like BTS and famous filming locations such as Gwangjang Market, frequented by Netflix foodies and Michelin-starred chefs." Seoul, with 176 Michelin-rated restaurants, ranked 3rd in the ‘restaurants’ category and is perhaps the world’s most discreet gourmet destination."

They also noted, "Starting from ‘food alleys’ to Michelin Korean restaurant Dureyu, or visiting Gwangjang Market to enjoy dishes from rice cake soup, kimchi, tofu, dumpling soup to wriggling live octopus (really!), Seoul offers it all." Seoul has achieved digital innovation as a cutting-edge tech city implementing beyond 5G to 6G, ranking 6th among global Fortune 500 companies, with thousands of startups striving to join. As travel regained momentum, Seoul’s popularity soared. It was the fourth most searched travel destination on Airbnb in 2022, and the government is leveraging this post-pandemic momentum by investing in the event industry and swiftly promoting three major international conference clusters to attract global business.

Busan Gwangandaegyo Bridge panorama. Provided by Busan City

◆Busan 67th, Then Dropped Out of Rankings in One Year?What Happened?

Other than Seoul, no Korean cities made the rankings. Busan was different. Busan ranked 67th in the 2024 report but disappeared from the rankings within a year. What happened? The 2024 report described Busan as ‘Korea’s Miami,’ a popular destination for domestic and international travelers seeking relaxation, with international events and cultural activities playing a key role in enhancing the city’s appeal. It also highlighted Busan’s pivotal economic role as the world’s 4th largest container port, emerging as a destination fulfilling both business and leisure needs.

When the 2024 report was released, some questioned, "Busan only 67th?" since Busan has long faced red flags in regional vitality and population aging. Some interpreted the ranking as reflecting Busan’s active domestic and international promotion efforts to attract the Expo. Resonance also called Busan "the summer capital of Korea, rolling up its sleeves to host the World Expo."

◆Top 1000 Cities... Seoul 41st, Busan 252nd, Cheongju 306th

What about other city competitiveness rankings? Oxford Economics publishes the ‘Top 1000 Cities in the World’ ranking. Oxford Economics indexes global cities and releases rankings for 1000 cities, evaluating ▲economy ▲human capital ▲quality of life ▲environment ▲governance, and ranks them by composite scores. In the 2024 Top 1000 Cities ranking, 1st place was New York, followed by London (2nd), San Jose (3rd), Tokyo (4th), Paris (5th), Seattle (6th), and Los Angeles (7th). Seoul ranked 41st, the 2nd highest in Asia, followed by Singapore (42nd), Taipei (65th), Hong Kong (76th), and Osaka (91st). Among Chinese cities, Shenzhen ranked highest at 206th. Shenzhen is China’s Silicon Valley, home to Huawei and various IT companies. Among domestic cities, Busan ranked 252nd, and Cheongju 306th.

New York skyline. Photo by Asia Economy

◆Resonance: "‘Seoul, My Soul’ Falls Short"

Pause for a moment. Are there any shortcomings for Seoul? Resonance’s final remark stands out. While introducing Seoul’s various strengths, Resonance said, "It is regrettable that no one advised the government to reconsider the new city brand ‘Seoul, My Soul’." The Seoul brand during the late Mayor Park Won-soon’s administration was ‘I·SEOUL·U,’ symbolizing Seoul between ‘I’ and ‘You,’ emphasizing citizen relationships. This brand also had mixed reactions.

After Mayor Oh Se-hoon took office, Seoul City announced on August 16, 2023, the development of a new brand clearly expressing Seoul’s identity and charm to enhance city competitiveness and leap to a ‘global top 5 city’ where anyone worldwide wants to live, visit, and invest. The new brand is ‘Seoul, my soul’ (a city that can fill your heart). This brand also has mixed reviews. London’s tourism slogan is ‘Let’s Do London,’ meaning "Let’s go to London," "Let’s enjoy London." New York’s most successful slogan is ‘I Love New York’ (I NY). Tokyo’s slogan is ‘Tokyo Tokyo Old meets New,’ symbolizing the meeting of tradition and modernity.