Amazon may have been on to something when it chose New York as one of its winners for its second headquarters as the city just trumped the southern San Francisco Bay area, also known as Silicon Valley, as the world’s best tech community.
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According to a new report released by real estate brokerage Savills PLC. earlier this month, for the first time, New York was ranked No. 1 for technology among the 30 biggest cities globally.
“New York has emerged as the premier Tech City in this year’s index, overtaking San Francisco. Access to a deep talent pool and the city’s reputation as a global center of commerce makes New York the global leader,” Savills said in a press release.
To determine its rankings, the group measures each city against 100 individual metrics, ranging from the volume of inward venture capital investments, overall infrastructure, to the cost of a cup coffee in order to figure out which city is truly the place to be for tech companies.
Savills added that while two U.S. cities topped this year’s list, five mainland Chinese cities made its list for the first time as well. Various Chinese cities also now account for a higher share of venture capital (VC) investment than its U.S. counterparts. Beijing, for example, recorded an average $34 billion of VC per year in the last three years, surpassing both New York and San Francisco.
Here are the top 20 tech cities in the world, according to Savills’ data.
1. New York
2. San Francisco
7. Los Angeles
18. Tel Aviv
20. Hong Kong