The first-ever non-commercial ranking measure, Prosperity & Inclusion City Seal and Awards (PICSA) Index, showcased that Bengaluru emerged as the highest-ranked city in the global prosperity index. The Silicon Valley of India stood at No.83 of the world's 113 cities in terms of social and economic inclusivity. Zurich in Switzerland topped the list. The index was commissioned by Basque institutions and compiled by D&L Partners.
Other Indian cities like Delhi and Mumbai made it to the index ranked on 101 and 107, respectively. Bilbao, the host city of the new index, is ranked at 20. It marks the first time that the world's major cities have been ranked not just by the size and health of their economy.
What is PICSA Index?
PICSA provides a new measure of economic productivity that goes beyond GDP to provide a holistic account of how well people are doing in the economy and which have the populations that are most empowered to contribute to its economy and share in its benefits - Asier Alea Castanos, Director of Strategic Programmes, Regional Council of Biscay
The PICSA Index measures factors such as:
- Affordability of housing.
- Access to education and healthcare, besides GDP per capita.
- Efforts to build inclusive and prosperous environments for its citizens.
- Quantity of economic growth of a city.
- Quality and distribution across populations.
How are the cities ranked?
For the index, the cities were assessed on comparable data from the main focus areas by a jury of experts and business leaders. These assessments then produced an overall score for each city's inclusive prosperity, allowing them to be ranked based on a wide range of measures.
Asier Alea Castanos also said, "There is increasing recognition in governments and also the private sector that success needs to be judged in new ways: factors like health, housing affordability and quality of life need to be put alongside jobs, skills and incomes when measuring prosperity," according to reports by PTI.
Zurich tops the list
Zurich, as the number one, scores strongly across all measures, particularly on quality of life, work, housing, leisure, safety, and education - with the Swiss higher education system attaining an especially high score. Vienna, the Austrian capital in second place, scores close to top marks on healthcare. Copenhagen, Luxembourg and Helsinki complete the top five.
The higher end of the list is dominated by European cities, with 15 of the top 20, joined by four North American cities (Ottawa in 8th place; Washington DC ranked 11th; Seattle in 14th and Boston in 16th) and Taipei, which is the only Asian city to make it into the top 20 at 6th place.
(With inputs from wires)