Don’t look now, but Toronto has officially surpassed Montreal as one of the top cities in the world.
According to the 2025 edition of the Global Cities Index, cities across the planet were evaluated across five core categories: Economy, Human Capital, Quality of Life, Environment, and Governance.
Toronto showed up strong, coming in at 20th place, while Montreal barely made the top 50.
Could it have anything to do with Montreal's high transport emissions, or the post-tropical cyclones and torrential downpours forecasted (again) for this summer?
Oxford Economics is the world’s foremost independent economic advisory firm, covering over 200 countries, 100 industrial sectors, and 8,000 cities and regions.
Drawing on top-tier urban economic forecasts and a range of publicly available datasets, the Index builds a consistent global profile of the 1,000 largest cities.
What is the world’s top city?
It should come as a surprise to absolutely no one that New York City topped the list as the world’s top city. The urban giant ranked first in the Economics category as the economic capital of both the U.S. and, arguably, the world—boasting the largest metro economy globally, nearly double that of Los Angeles.
While heavily reliant on finance, its stable GDP growth and future outlook remain strong. It also scores high in Human Capital, with a population of over 20 million, top universities, major corporate headquarters, and a highly educated, diverse population—though future growth may slow due to stricter immigration policies.
What are the top 50 cities in 2025?
Here are the top 50 countries according to the Oxford Economics' Global Cities Index 2025:
1. New York
2. London
3. Paris
4. San Jose
5. Seattle
6. Melbourne
7. Sydney
8. Boston
9. Tokyo
10. San Francisco
11. Los Angeles
12. Washington, D.C.
13. Dublin
14. Stockholm
15. Seoul
16. Zurich
17. Oslo
18. Copenhagen
19. Dallas
20. Toronto
21. Singapore
22. Munich
23. Brisbane
24. Chicago
25. Geneva
26. Denver
27. Amsterdam
28. Atlanta
29. Berlin
30. Houston
31. Perth
32. Luxembourg
33. Philadelphia
34. Brussels
35. Minneapolis
36. Vienna
37. Vancouver
38. Helsinki
39. Hamburg
40. San Diego
41. Phoenix
42. Basel
43. Montreal
44. Madrid
45. Miami
46. Tel Aviv
47. Austin
48. Bern
49. Gothenburg
50. Portland
Why did Toronto surpass Montreal in this global ranking?
Toronto is the top-ranked Canadian city thanks to its role as a national hub for business, finance, culture, and education. Scoring in the top 20 globally for both Economics and Human Capital, the city boasts strong GDP and employment growth, fuelled by high levels of international immigration. Home to Canada's largest banks and major universities like the University of Toronto, it’s a centre for innovation and research.
However, rapid population growth has strained housing supply, leading to affordability challenges and impacting its Quality of Life score. Environmental challenges and extreme weather also weigh on its overall ranking. Still, with strong governance, high life expectancy, and continued global appeal, Toronto is expected to remain a top performer for years to come.
Meanwhile Montreal, the third Canadian city in the top 50, stands out for its strong Human Capital score, bolstered by world-renowned universities like McGill and a growing tech sector focused on AI and video games. It’s also a key transport hub, home to major companies like Air Canada and Canadian National Railway.
Once Canada’s economic capital, Montreal now has the country’s second-largest GDP, though lower wages in its dominant sectors contribute to some of the lowest incomes in North America. Still, housing is more affordable than in other Canadian cities, inequality is low, and residents enjoy high life expectancy and rich cultural offerings.
Montreal’s main weakness lies in the Environment category, due to high transport emissions and weather volatility. As climate change intensifies, reducing carbon output remains a key challenge for the city’s economy.
For more information about the Global Cities Index 2025, click here.
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