Seoul, the capital of South Korea, is a metropolis where modern, high-tech, and pop culture blend with traditional street markets, Buddhist temples, and palaces. As the business and financial hub of the country, it is also an emerging global cultural capital. But how is Seoul performing in terms of reputation and influence, business attractiveness, and sustainability, according to leading rankings and indices?
Let’s take a closer look at:
- Seoul’s economic competitiveness and financial performance
- Its brand strength and global reputation
- Livability: how appealing is it to live, work, and study?
Economic Competitiveness
The Global Financial Centres Index 34 ranks Seoul 11th, dropping one position from the previous ranking. It currently sits between Geneva (10th) and Shenzhen (12th). Interestingly, the index regards Seoul as the 1st centre most likely to become more significant in the near future.
More specifically, the city holds a strong standing in the following areas of competitiveness: Human Capital (8th), Infrastructure (8th), Reputational & General (8th), and Financial Sector Development (14th). It also performs very well in the following industry sectors: Professional Services (5th), Government & Regulatory (5th), Trading (6th), and Insurance (13th).
According to 2thinknow’s Innovation Cities Index 2022-2023, Seoul ranks 8th, a drop of one position from the previous ranking.
City Brand Strength and Reputation
According to Brand Finance’s City Index 2023, Seoul ranks 42nd globally, comparable in rank with Hong Kong (41st) and Lisbon (43rd).
Resonance’s 2023 World’s Best Cities Report ranks Seoul 10th overall: 8th in Prosperity, 31st in Lovability, and 26th in Livability. It also ranks 3rd for restaurants and 8th for museums.
Kearney’s 2023 Global Cities Report ranks Seoul 14th, a drop of one position from the previous ranking. Seoul also ranks 14th in the same firm’s Global Cities Outlook, an impressive jump of 22 positions from the previous ranking, attesting to its high potential.
The Global Power City Index ranks Seoul a strong 7th overall: 15th in Economy, 6th in R&D, 11th in Cultural Interaction, 36th in Livability, 14th in Environment, and 20th in Accessibility.
How Attractive to Live, Work, and Study?
The Mercer Quality of Living City Ranking places Seoul 81st, sitting between Budapest (80th) and Taipei (82nd). The same firm’s Cost of Living Ranking features Seoul 16th, a drop of two positions from the previous ranking. It now sits between Honolulu (15th) and London (17th).
According to the Best Urban Cities for Digital Nomads ranking by Spotahome, Seoul ranks 42nd out of 56 global cities. It currently sits between Santiago de Chile (41st) and Budapest (43rd).
Lastly, Seoul is home to some of the best universities in the world. According to The Times Higher Education Ranking, Seoul National University ranks 62nd and Yonsei University 76th. The QS World University Ranking positions Seoul National University at an even stronger 41st place, with Yonsei University maintaining its rank at 76th.
Urban Sustainability
The Arcadis Sustainability City Index 2022 ranks the South Korean capital 26th overall: Planet 43rd, People 4th, Profit 44th. Its strengths include strong broadband, low crime, good education, health, and income equality; however, the index finds that work-life balance could be improved.
Last updated in January 2024. Explore more city profiles here.
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Disclaimer: The information in this article is intended to provide a general overview of Seoul’s economic and cultural landscape and facilitate comparison over time. While we strive for accuracy and completeness, we are not responsible for any typographical errors or inaccuracies. The data is provided ‘as is’ without warranty of any kind. Users should verify any information before relying on it for decision-making purposes.
