New York City, once more a "shrine to capitalism" because of dramatic improvements, not only returned to Fortune magazine's rankings of the best cities for business in North America but tops the 1997 list released Monday.
Dublin, Ireland, heads the list for Europe, Kuala Lumpur, Malaysia, rates as the best in Asia, and Santiago, Chile, is the place to be in Latin America.In North America, Denver is No. 2 for the second year, followed by Boston (up from No. 13), Seattle (No. 1 in 1996) and Raleigh-Durham, N.C., (No. 5 in 1996). Toronto, No. 1 on the international list last year, is No. 8 on the North American list.
In its ninth year of rankings, appearing in the Nov. 24 issue, Fortune focused on the most improved cities and measured how well municipalities had taken advantage of the thriving economy, now in the seventh year of an expansion.
Using research by its staff and Arthur Andersen consultants, the magazine examined a wide range of criteria, from quantitative business factors such as cost of labor and office rental rates, to quality of life, education, housing costs and the number of Starbucks coffee shops.
New York wasn't even on Fortune's list of best cities last year, after five years of making the rankings. But with crime down significantly, Wall Street riding high - before the shocks of the past two weeks - and with more corporations willing to stay in the Big Apple, the city is basking in its turnaround, the magazine cheers.
"This is a wonderful advertisement for the city. It's wonderful recognition for the city of New York," Mayor Rudolph Giuliani said Monday as he campaigned for re-election near the New York Public Library in Manhattan. The election is Tuesday.
Also on the North American top 10 list, Cleveland is No. 6, followed by Indianapolis, Toronto, Atlanta and Richmond, Va.
In Europe, Dublin is tops, says the magazine, "thanks to a strong economy. James Joyce's dirty old town is clean and cool."
No. 2 in Europe is Amsterdam, Netherlands, which is "now spiffing up for business," followed by Barcelona, Spain; Prague, Czech Republic; and Vienna, Austria. Milan, Italy, is sixth; followed by London; Rome; Budapest, Hungary; and Brussels, Belgium.
Santiago's mantra of "trade, trade, trade" put it atop the Latin American list, while foreign bankers, "as common as coffeehouse poets," helped Buenos Aires, Argentina, to a No. 2 ranking, followed by Mexico City; Caracas, Venezuela; and La Paz, Bolivia.
Monterrey, Mexico, is the No. 6 Latin city, followed by Sao Paulo, Brazil; Quito, Ecuador; Lima, Peru; and Bogota, Colombia.
Kuala Lumpur's ownership of the world's tallest office towers is a "hint at its ambitions," the magazine says in placing the city atop the Asian list. Sydney, Australia, as "an Asian hub," was ranked No. 2 because of its "big and growing multi-culti population."
Singapore, Hong Kong and Melbourne, Australia, round out the top five.