As the world’s economic axis continues to shift eastward, Asia now contributes nearly 60% of global economic growth – almost double its share from just three decades ago.
This remarkable transformation has elevated the region’s cities as crucial nodes in global commerce, finance and innovation. Against this backdrop, the Hong Kong General Chamber of Commerce recently unveiled The Asian Cities Internationality Index (ACII), providing a comprehensive assessment of its leading urban centres. The study arrives at a pivotal moment as cities across the region compete to attract global talent, investment and strategic positioning in the new world order.
The Index evaluates 11 Asian metropolises – Bangkok, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Mumbai, Seoul, Shanghai, Singapore, Taipei and Tokyo – across seven critical dimensions of international competitiveness, combining hard data with insights from over 1,100 business leaders.
Hong Kong claimed the top position with a score of 73.7 out of 100, ahead of Singapore’s 73.5, highlighting that Hong Kong and Singapore are in close competition regarding their role in the international economy. However, overall, the 11 cities’ strengths – including diverse cultures and a mix of advanced and emerging economies – showcased their unique advantages.
“We wanted to develop an independent, transparent and credible framework to assess the prominence of leading Asian cities as international business hubs,” said HKGCC Chairman Agnes Chan. “By evaluating multiple criteria, using both quantitative and qualitative methods, this Index has resulted in a comprehensive report highlighting each city’s competitive advantages. The findings also provide actionable insights to guide strategic policy decisions and strengthen Asia’s position in the global economy.”
What Makes Cities Truly Global?
The Index’s rigorous framework assesses cities through 113 distinct indicators spanning seven key categories: Business and Economy, Quality of Life, Infrastructure and Connectivity, Innovation and Ideas, Human Capital Diversity, Cultural Interaction, and Government and Legal System for Business.
What sets this Index apart is its dual approach – incorporating 69 quantitative metrics from authoritative sources alongside qualitative survey responses evenly split between local and expatriate professionals. The methodology captures both measurable performance and the on-the-ground realities experienced by those driving these urban economies.
Hong Kong’s top ranking was anchored in its unparalleled strengths as an international financial hub, with particular excellence in financial market freedom and openness of the business environment. The city also scored highly as a destination for world-class education and major international events. Singapore ranked high in human capital diversity, reflecting its success in attracting and integrating global talent.
Tokyo (70.0) and Seoul (69.4) formed a strong second tier, each showcasing distinct advantages. Japan’s capital dominated in quality of life metrics, cultural interaction and international presence. At the same time, Seoul led all cities in infrastructure and digital connectivity – key factors behind the global success of Korean culture and technology exports.
Shanghai’s 65.1 score highlighted the city’s thriving innovation ecosystem and economic dynamism, positioning it as the most internationally oriented metropolis in Mainland China. Bangkok (61.3) leveraged its unique tourism appeal and regional connectivity, while Kuala Lumpur (60.7) scored well in educational diversity and liveability. Taipei (57.9) rounded out this tier with its particular strength in information accessibility.
Jakarta (55.5), Ho Chi Minh City (53.9) and Mumbai (53.1) occupied the Index’s fourth tier. While these cities currently trail in international metrics, the study identified strong fundamentals that could propel future growth – huge domestic markets, improving infrastructure and favourable demographic trends. Their ability to capitalize on shifting global supply chains and geopolitical realignments will go a long way to accelerate their internationalization and prominence in the coming years.
Key Success Factors for Global Cities
The Index analysis identified four attributes shared by truly international cities, including economic and political stability, which provide predictable environments for long-term investment; global connectivity in terms of physical infrastructure and digital integration; openness to people and ideas, which helps to attract and retain diverse talent; and value creation that drives innovation and cultural influence beyond their borders.
For Hong Kong, maintaining the lead will require addressing challenges in the cost of living and talent retention while preserving its unique advantages in financial services and the rule of law. Meanwhile, Singapore’s continued success hinges on deepening its innovation ecosystem.
The Index findings carry significant implications for corporate strategy and urban policy across Asia. For multinational corporations, the rankings provide a nuanced guide for regional headquarters location decisions, talent acquisition strategies and market entry approaches. For city governments, the detailed dimensional scores offer a roadmap for targeted improvements.
As Chan emphasized: “This isn’t just a ranking exercise – it’s a strategic tool for cities to identify their competitive advantages and address critical gaps in the race for global relevance.”
Hong Kong’s Future
Hong Kong’s top ranking is an affirmation of its enduring strengths as Asia’s most dynamic international hub. The city’s winning combination of financial prowess, world-class talent and unparalleled connectivity has secured its leadership position – a testament to its unique value proposition in an increasingly competitive region.
While the competition among Asia’s leading cities remains fierce, Hong Kong’s performance across multiple dimensions – from business and finance to cultural exchange and innovation – demonstrates its well-rounded excellence. The city’s ability to consistently attract global corporations, top-tier talent and major international events further reinforces its status as the region’s gateway to opportunity.
Looking ahead, Hong Kong is exceptionally well-positioned to build on this success. With its deep-rooted strengths in the rule of law, free flow of capital and a highly skilled workforce, the city has all the fundamentals in place to remain at the forefront of Asia’s urban transformation.
The Index offers valuable insights to further enhance Hong Kong’s competitive edge, ensuring it continues to set the standard for global cities in the 21st century.
As Asia’s economic influence expands, the study presents a roadmap for stakeholders to capitalize on these advantages, reinforcing Hong Kong’s legacy as a city that not only adapts to change but also leads it.
About the Index
HKGCC commissioned Ipsos to conduct a study aimed at developing an independent, transparent and credible framework to evaluate the internationality of 11 Asian cities: Bangkok, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Mumbai, Seoul, Shanghai, Singapore, Taipei and Tokyo.
A total of 1,107 senior executives working in the selected cities – equally split between local and non-local respondents – were surveyed in January 2025 to gather their perspectives.
Performance of Top 3 Cities
1. Hong Kong
Hong Kong is a leading international business and financial hub in the region, which also performs strongly in many dimensions. Its rule of law, business-friendly environment and international competitiveness have demonstrated the success of the “One Country, Two Systems” principle. This ensures that Hong Kong remains one of the world’s freest, safest and most stable international metropolises. However, ongoing geopolitical tensions continue to pose challenges to the city’s international appeal. A refreshed narrative leveraging its unique strengths will reinforce its positive global influence.
2. Singapore
Singapore leads in human capital diversity, showcasing a vibrant mix of talent from both established and emerging markets. The city actively participates in global dialogues and creates an inclusive and dynamic environment. To further enhance its appeal, Singapore could develop an inspiring vision with dynamic cultural interaction and a vibrant lifestyle that resonates with aspiring global talent.
3. Tokyo
Tokyo is a prime example of an international hub, serving as the business, transportation, cultural, and political centre that bridges the world. To further enhance its global appeal, Tokyo could focus on introducing a more diversified human capital while maintaining its high quality of life.