Toronto identified as Number 2 capital of finance in just-released global study

TORONTO, May 6 /CNW/ - Toronto has leapt into the number two spot in the world in the just-released PwC survey of "Cities of Opportunity" - the consultancy's fourth analysis "of the trajectory of 26 cities, all capitals of finance, commerce and culture."  New York is slightly ahead of Toronto in first place, while San Francisco, Stockholm and Sydney round out the top five.

In its analysis, PwC ranked cities in ten categories - measures designed, as PwC describes it, to favour "holistic capital market centres with vibrant economies and strong quality of life."  According to PwC, "Our thesis is that a successful city going forward will balance both social and economic strengths so the people and infrastructure support each other."

Toronto ranks particularly highly in two of the categories most closely correlated with global competitiveness: Intellectual Capital & Innovation (2nd) and Health, Safety & Security (2nd).  "The successful modern urban economy," says PwC, "is reliant on, if not yet solely the product of, intelligence and social well-being."

Toronto also ranks highly on Demographics and Liveability (#3), Lifestyle Assets (4th), Ease of Doing Business (5th), Sustainability (5th) and Cost (5th).

"These findings confirm our view that Toronto's real strength lies in its quality of life which serves as a powerful magnet for the talented people we must rely on if we are to continue to be a leading financial services centre," said Janet Ecker, President, Toronto Financial Services Alliance.

The PwC report sums up with the observation that, "to sustain success, cities today must continually attract and retain highly educated, technologically adept and digitally connected knowledge workers who increasingly make up the core of their human capital and whose definition of quality of life is exacting and not easily compromised… More than a centre of global business and finance alone, Toronto is a community in which people want to live and expect to lead rich and meaningful lives."

Earlier this year, Toronto was ranked for the first time in the top ten on another closely followed index, the Global Financial Centres Index.  Toronto was tied with Sydney, Australia, on the list, which was published in March.  Toronto is also ranked among the top ten global financial centres by Britain's influential financial magazine, The Banker.

About Toronto Financial Services Alliance

The Toronto Financial Services Alliance is a growing public-private partnership dedicated to increasing Toronto's role as a global financial services hub. Established in 2001 by the City of Toronto in partnership with the financial industry, TFSA works on behalf of the entire financial cluster, including its business and educational support sectors. With both the federal and provincial governments now joining the partnership, TFSA has established the Global Risk Institute in Financial Services to leverage the sector's global reputation for stability, as well as the Centre of Excellence in Financial Services Education to capitalize on Toronto region's human capital advantages.

SOURCE Toronto Financial Services Alliance

For further information:

Brian Smith, tel. (416) 822-3130

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