Canada's largest city has not only been recognized as the 10th most economically influential cities in the world, but also the most influential in Canada for 2020.

This is according to a new report titled “Cities Of Economic Influence Index,” from CEO World, which ranked 100 powerful cities in the world based on their competitiveness as a major urban centre.

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According to the report, the Cities Of Economic Influence Index is based on five core indices, including:

  1. Economic Power (overall economic activity)
  2. Financial Clout (strength of a city’s finance and banking industries)
  3. People and Political (political and demographic influence)
  4. Quality of Life (productivity, infrastructure, quality of life, equity and social inclusion and environmental sustainability)
  5. Competitiveness (business activity, human capital, cultural experience, and political engagement)

To find which city came out on top, CEO Wold calculated a city’s total score across these five indices.

Interestingly, the report found, "the top 100 cities generate roughly half of the globe’s total economic output and the top twenty-five accounts for more than 30% of global economic production."

This year, London was dubbed the most economically influential city in the world with an overall score of 85.49, while New York came in a close second with 83.49, followed by Tokyo with 82.59 points.

Toronto secured the 10th spot with 76.90 points, just 8.59 points behind London. Canada's largest city was followed by Washington DC (76.32), Moscow (75.94), and Sydney (75.38). Two other Canadian cities made it onto the list, with Vancouver taking the 65th spot with 62.0 points and Montreal in the 72nd spot with 60.45 points.

Toronto is the 10th most economically influential cities in the world Most economically influential cities in the world, 2020/CEO World

Mayor John Tory said it's "no surprise" Toronto has made it onto this list and that as the city continues to prosper, "we must ensure that this success is something that is accessible to everyone in our city."