As they prepare to ring in 2011, Istanbul's residents have an extra special reason to celebrate, as the Turkish city was named the world's best-performing city in terms of economics, according to a new report.
Prepared by the Brookings Institution and the London School of Economics, the Global MetroMonitor ranked 150 world cities, according to growth in gross value added per person (a proxy for income) and employment. With income growth of 5.5 percent and employment growth of 7.3 percent over the past year, Istanbul topped the chart. But with four cities nestled firmly in the top ten, China is undoubtedly the report's champion at the national level. Meanwhile, 3 Latin America metropilies stand among the top 10, which is one of the best results in the history of the region.
The recession has toppled previous champions -- Dubai, the second-best performing city between 1993 and 2007, now ranks among the most stagnant.
7. Guangzhou, China
8. Beijing, China
9. Manila, Philippines
14. Melbourne, Australia - the best performing city in Australia
15. Guadalajara - the best performing city in Mexico
19. Buenos Aires, Argentina
26. Austin, USA - the best performing city in the USA
27. Montreal - the best performing city in Canada
28. Alexandria, Egypt - the best performing city in Africa
30. Hong Kong, China
52. Tokyo, Japan
77. New York, USA
88. Vienna, Austria
92. Vancouver, Canada
96. Paris, France
113. Frankfurt, Germany
116. Los Angleles, USA
123. London, UK
142. Madrid, Spain
149. Dubai, UAE
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