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New York and London Ranked Top Cities of Opportunity in Study of Global Economic Leaders

The Big Apple beat the U.K. capital by one point for the No. 1 spot in PwC’s 2012 study Cities of Opportunity. The annual study ranks cities that are capital market centers, demonstrate mature and emerging economies and represent a broad geographic sampling.

According to PwC, while New York and London had high cumulative scores, other top performers of the 27 hubs studied include Toronto, Paris and Stockholm.

"Cities succeed when they invest in core needs important to both people and businesses," said Bob Moritz, PwC's U.S chairman and senior partner. "When a city invests continuously and aggressively in critical areas, including education, healthcare, safety and infrastructure, it creates a healthy urban environment. Entrepreneurs and businesses thrive, the city economy grows, and long-term resiliency follows."

The study, which evaluated cities in 11 categories, found financial and business services, manufacturing, wholesale and retail are fueling many city economies. Business and finance jobs make up more than one-third of employment in Milan, Paris, London, Beijing, San Francisco and Stockholm.

PwC predicted that by 2025, 19 million more people will live and 13.7 million more will work in cities. While they’re expected to generate an additional $3.3 trillion in GDP, developing cities like Mumbai and Beijing will need to spend substantial amounts to accommodate the urban flux.

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