In light of the steady expansion of globalization, the study assessed impacts of each city’s business activity, information exchange and political engagement, among other factors. A panel of corporate executives and academic advisors determined the final rankings.

The reports, the Global Cities Index and Emerging Cities Outlook, have been released every two years since 2008. Now in their third cycle, the two reports analyzed 66 cities. London is second to New York, followed by Tokyo and Paris, both of which have swapped rankings in two previous reports.

Professors and city analysts agreed this ranking could be attributed to New York’s status as a global capital of media, finance and culture with the energy of a diverse population and ambitious work force behind it.

“The study confirms that New York City really remains the premier place to do business in the world,” Patrick Muncie, New York City Economic Development Corporation spokesperson, said. “Factors include our diversity and our unparalleled talent. We have the best of the brightest working here.”

Mitchell Moss, a Wagner professor of Urban Policy and Planning at New York U., explained New York’s standing as a global institute for international negotiation.

“New York serves more direct international destinations than any other city in North America,” Moss said. “We offer boundless opportunities for face-to-face contact and direct interpersonal meetings, something that is rare in this age of online meetings and email.”

But Paul Romer, director of NYU’s Stern School of Business’s Urbanization Project, attributed New York’s success to stronger leaders and government institutions.

“In the 1950s and 1960s, New York was surely the most successful city in the world,” Romer said. “Then governance deteriorated. The city went into a serious decline. Starting in the mid-1990s, governance improved. As a result, the city has rebounded to a remarkable extent.”