It was also a record year for venture capital funding into the city, with reporting that London tech companies raised more than $10.5bn in 2020, more than any other European city. Between 20, London attracted the highest amount of inward FDI - overtaking Singapore, which ranked top for inward FDI in the previous ranking. The UK capital benefits from multiple world-class universities, in addition to being part of the ‘Golden Triangle’ with Cambridge and Oxford.
London topped the Megacities overall ranking, and ranked well in the Human Capital and Lifestyle category - both overall and in size division. London has held on to second place with an impressive inward FDI count of $2.6bn between 20. The city is certainly suggesting that its path to post-pandemic economic recovery lies in increasing digitalisation and driving forward the green economy. Singapore’s president Halimah Yacob also announced plans to ‘push for green financing and sustainable infrastructure development’. In June 2020 the Singaporean government announced the creation of a new ‘Digital Office’, focusing on digital services across the city. The city-state has curated a thriving R&D ecosystem, with more than 150 venture capital funds, incubators and accelerators and thousands of start-ups.
Singapore recorded the most FDI in research and development (R&D) between 20 at $210m, surpassing other cities by a significant margin. With low tax rates and generous research grants, Singapore has long positioned itself as one of the world’s most innovative cities, having also ranked in the top 30 cities for innovation in Knight Frank’s Innovation Cities research in the latest Active Capital report. Singapore has triumphed in both the economic potential and business friendliness categories.
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