Shanghai was crowned first in the latest Schroder's Global Cities 30 Index. New York came in second while London, which previously ranked fourth in the index, fell to a distant 10th.
The index is compiled by aggregating a variety of factors including projected growth of a country's economy, disposable incomes over the next decade and the size of the working population. Other Chinese cities in the list include Tianjin (third) and Beijing at fourth.
"It should be no surprise that China's cities rank so highly given it has strong factors," Hugo Machin, co-head of global real estate securities, said. He added that although its economy has slowed recently, China is still "growing more strongly than the rest of the world."
