Toronto is among the 10 most valuable ‘city brands’ in the world

Having a strong brand is vital for successful businesses but for cities it can enhance everything from investment to immigration.

A new report from Global City Lab has ranked the top 500 city brands in the world with more than 80% of them in North America, Europe, and Asia. Europe leads with 177 cities in the list, Asia has 151, and North America has 96, mostly in the US (66) but including one Canadian city in the top 10.

The brand values of major cities in each country are calculated based on six factors: economy, culture, governance, environment, talent and reputation.

Toronto is placed 10th in the list, joining Los Angeles (5th) and New York (1st) as the only North American cities in the top 10. Toronto’s brand value is U$773 billion, while top-placed New York has a value of $2.2 trillion.

Toronto recently announced a major new housing plan to grow the city’s households by more than 341,000 over the next decade.

A city brand needs several components including being able to tell a story in which local residents, government, and media share consensus. Global City Lab says that local governments are recognizing the importance of building a city brand and urban branding is becoming a promising public management tool.