Toronto City Profile: Economic Performance, Brand Strength, Reputation

Toronto, the provincial capital of Ontario, is Canada’s most populous city. It is known for one of the biggest freestanding buildings on the planet (the CN tower), supposed to be one of the safest cities of North America and characterized by the diversity of its inhabitants. But how do international rankings and studies assess Toronto’s economic performance, its brand strength, and reputation? Let’s explore deeper how Toronto positions itself on the world stage, drawing insights from data provided by TPBO partners and other reputable institutions.

Let’s take a closer look at:

• Toronto ’s competitiveness and financial performance
• Toronto’s brand strength and global attractiveness
• Livability: Toronto’s appeal for digital nomads and locals

Toronto ’s competitiveness and financial performance

How attractive is Toronto as a place to work and do business? 

The Global Financial Centres Index 34 ranks Toronto 30^th, jumping eight positions from the previous ranking. It is currently sitting between Guangzhou (29^th) and Copenhagen (31^st). Toronto holds the tenth place (out of 14 cities) in the North American region.

According to 2thinknow’s Innovation Cities Index 2022-2023 Toronto ranks 15^th, a jump of 28 positions from the previous ranking. The city now sits in between Dubai (14^th) and Munich (16^th).

Toronto’s brand strength and global attractiveness

Which subfactors hurt and help the brand of Toronto? 

Resonance’s 2023 World’s Best Cities Report ranks Toronto 23^rd, scoring the following in the Place Power Highlights subfactors: 10^th in Universities, and 11^th in Global 500 Companies. It currently sits in between Milan (22^th) and Boston (24^th).

Kearney’s 2023 Global Cities Report ranks Toronto 15^th, jumping three positions compared to last years’ publication. Moreover, Toronto ranks 33^rd, a jump of one position for Global City Outlook.

The comprehensive ranking of the Global Power City Index ranks Toronto 23^rd. In terms of function-specific rankings, the city ranks 18^th in terms of Economy, 20^th in R&D, 29th in Cultural Interaction, 18^th in Livability, 18th in Environment, and 24^th in Accessibility. Toronto positioned 11^th in the Highly-skilled Workers, 13^th in the Corporate executive, 20^th in the Resident, and 26^th in the Tourism categories.

According to Brand Finance’s City Index 2023, Toronto ranks 12^th in the global ranking with a score of 73.3/100, sitting in between Miami (11^th) and Barcelona (13^th).

Livability: Toronto’s appeal for digital nomads and locals

Which aspects of Toronto’s urban living make it an attractive place to live, work and study?

The Mercer Quality of Living City Ranking places Toronto 17^th, it sits ahead of Berlin and Ottawa (tied in 18^th), but below Luxembourg (16^th). The Mercer Cost of Living Ranking ranks Toronto 90^th, sitting in between Chengdu (89^th) and Leipzig (91^st). The cost living survey reports that factors such as currency fluctuations, cost inflation for goods and services, and instability of accommodation prices are key to determine the cost of expat packages for employees on international assignment.

According to the Best Urban Cities for Digital Nomads ranking by Spot a Home, Toronto ranks 16^th out of 56 global cities. It currently sits between Vancouver (15^th) and Amsterdam (17^th).

The Arcadis Sustainability City Index 2022 ranks Toronto 41^st overall, sitting in between Marseille (40^th) and Wellington (42^nd). Toronto’s pillar rankings are the following: Planet 57^th, People 29^th, Profit 26^th.

Lastly, Toronto is home to one of the best universities in the world. According to The Times Higher Education ranking and The QS World University ranking The University of Toronto ranks 21^st.

Last updated in January 2024. More city benchmarking insights, profiles and reports in our City Observatory.

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