The zero-sum game of Soft Power

The Global Soft Power Index 2025 offers a year-on-year measurement of all 193 member states of the United Nations, after expanding the scope last year. This like-for-like comparison reveals a growing divergence in Soft Power potential between nations, with stronger nations advancing faster while weaker ones fall further behind.

The data illustrates this divide: the top 10 nations saw an average score increase of +0.9 points, while the bottom 10 experienced a steep decline of -3.0 points.

The same is true across broader segments - the top 50 nations averaged a +0.5 increase, compared to a -1.6 drop among the bottom 50. Even within the top 100, scores rose by +0.3 on average, while the remaining 93 countries declined by -1.2, reflecting a widening gap where gains by leading nations often come at the expense of others. While experts previously posited that all nation brands might experience a gradual score inflation over time, the data now suggests a zero-sum game, with winners and losers. The global public’s capacity to develop familiarity with and admiration for nation brands seems finite, favouring prominent countries and those making deliberate efforts to stand out. Less familiar nations struggle to capture attention and affection in this highly competitive environment.

Superpower at a crossroads

The United States maintains its position at the top of the Global Soft Power Index, scoring 79.5 out of 100. Again, it leads in Familiarity and Influence and ranks first in three of the eight Soft Power pillars: International Relations, Education & Science, and Media & Communications.

However, the nation’s overall score has stagnated, likely due to internal political tensions and the polarising nature of the presidential campaign which was underway during the time of polling. Reflecting this turbulent context, Reputation has taken a hit, falling four positions to rank 15th globally.

There has also been a noticeable decline in key pillars that underpin Reputation, particularly Governance, which dropped four positions to 10th, and People & Values, down 10 positions in the ranking to 36th.

For the third consecutive year, there has been a decrease in perceptions of ‘political stability and good governance’. Other crucial attributes have declined, including ‘high ethical standards and low corruption,’ ‘generosity,’ ‘trustworthiness’, and being ‘safe and secure.’ Notably, the US ranks 124th for being ‘friendly,’ pinpointing a significant weakness in its Soft Power profile.

With President Donald Trump returning to office, the country’s global image may face further shifts in the coming years, adding an element of unpredictability to its Soft Power dominance and future trajectory.

The sun rises in the East

China has climbed to second place in the Index with a score of 72.8 out of 100, achieving its highest position to date and surpassing the UK for the first time. This improvement can be attributed to strategic efforts to enhance its global image, including the Belt and Road infrastructure projects, a renewed focus on sustainable development, stronger product brands, and the country's reopening to visitors post-pandemic.

The nation's strong performance is reflected in statistically significant gains across six of the eight Soft Power pillars and improvements in 24 of 35 nation brand attributes.

China has addressed perceptual weaknesses, particularly in the country’s People & Values, up 18 positions this year. Overall, five of the lowest-ranked attributes from the previous year show the most significant increases: ‘generous’ (+27 ranks), ‘friendly’ (+25 ranks), ‘good relations with other countries’ (+24 ranks), ‘easy to communicate with’ (+20 ranks), and ‘fun’ (+15 ranks). These efforts have helped bolster China’s global perceptions.

However, further attention to enhancing its cultural appeal and social perceptions could provide additional momentum in building its Reputation, where the nation currently only ranks 27th, showing no improvement from 2024. At the same time, the United Kingdom has fallen to third place for the first time since the pandemic, reflecting a period of stagnation in its nation brand perceptions.

While there have been no sharp declines in scores or rankings, the lack of substantial improvement across key pillars - particularly Business & Trade, falling one position to rank 6th globally, and Governance, now ranked 3rd - highlights the need for revitalisation. The UK must provide clearer and more consistent leadership on global issues to regain momentum. Creating the UK Soft Power Council is a welcome step in bolstering Britain's potential as a global player.

Shifting sands in the Middle East

In recent years, Middle Eastern nations have made strides in Soft Power. However, this growth appears to be losing momentum, with many of the region’s countries experiencing a decline in their global rankings. The United Arab Emirates is the exception, retaining 10th position, buoyed by strong perceptions of Business and Trade, International Relations, and overall Influence.

The UAE is second globally for being ‘easy to do business in and with,’ reflecting its pro-business policies. It also ranks in the top 10 for other Business & Trade attributes, namely ‘future growth potential’ and ‘strong and stable economy’, driven by fiscal strength, a favourable investment climate, and ongoing economic diversification.

However, others in the region are losing ground: Saudi Arabia has dropped two positions to 20th, and Qatar has fallen one spot to 22nd. A decline in the perceptions of Gulf countries is becoming evident among respondents from the Middle East, Africa, and Asia, who view the region less favourably than before. While most of these markets still hold Gulf countries in high regard, overall scores have decreased, potentially reflecting a shift in sentiment. Africa and Asia are key demographics for the Gulf economies, as migrants from these regions form the backbone of the workforce, supporting sectors such as construction, hospitality, and domestic services and contributing significantly to economic growth and cultural diversity.

K-popular like South Korea

South Korea has emerged as the fastest-improving nation among those ranked in the top 100 last year, moving up three places to 12th following a +2.2-point increase in its Soft Power score. This rise is underpinned by greater Familiarity and statistically significant gains across six of the eight pillars.

Attributes such as ‘advanced technology and innovation’ and ‘advanced in science’ highlight South Korea’s cutting-edge achievements. At the same time, the global success of K-pop and acclaimed films and TV shows have strengthened its scores in arts, entertainment, and media, boosting its international profile.

South Korea has recently come under pressure after President Yoon Suk Yeol's declaration of martial law, which led to his impeachment and sparked an ongoing constitutional crisis. While these events could raise concerns over trust and harm South Korea’s global reputation, they may also strengthen its image, showcasing resilience as the nation swiftly overturned martial law and upheld its democratic institutions.

El Salvador's meteoric rise

In comparison, El Salvador is the fastest-rising nation across the whole ranking, jumping 35 spots to 82nd following a +3.2-point increase in its Soft Power score. Under the transformative leadership of President Nayib Bukele, the country has been thrust into the global spotlight, gaining greater recognition. This has led to improvements across all eight Soft Power pillars.

Once notorious as one of the world’s most violent nations, El Salvador is now perceived as much safer. This transformation is primarily attributed to President Bukele’s decisive measures, including the Territorial Control Plan, which has drastically reduced gang violence and homicides.

These efforts are reflected in the country’s progress in the Governance pillar, with improvements in being perceived as ‘safe and secure’ and ‘politically stable and well-governed’ with ‘high ethical standards and low corruption.’ El Salvador has also advanced in Business & Trade, earning higher scores for its ‘strong and stable economy,’ ‘easy to do business in and with,’ and ‘advanced in technology and innovation.’ Though controversial, its 2021 decision to adopt Bitcoin as legal tender has driven economic growth, boosted tourism, and attracted foreign investment.

Hard Power and Soft Power

Nations engaged in military conflicts continue to see declines in Soft Power scores. Israel has fallen to 33rd place - its lowest position to date. More than a year after the October 7 attack by Hamas on Israel and Israel’s invasion of Gaza in response, the Israeli-Palestinian conflict continues to heavily impact the nation’s global perceptions, evidenced by a sharp 42-place decline in Reputation to 121st. Tensions remain high, with the ceasefire deal fragile and President Trump’s takeover plan for Gaza adding further division and uncertainty.

Ukraine faces ongoing struggles to maintain global support since Russia’s full-scale invasion in February 2022. This year, its overall score dropped by -1.0 point, causing a drop of two places to 46th. Three years on, perceptions of Ukraine’s Soft Power have weakened, with Reputation plummeting 19 places to 95th - below Russia’s 75th - highlighting divided global views on the war. Governance has also declined, down 17 places to 77th, and Familiarity fell four spots to 20th, underscoring the difficulty of sustaining international attention and sympathy.

Russia holds its position at 16th in the Index despite facing widespread condemnation in Western countries for its aggression towards Ukraine. Its Reputation score remains relatively stable, bolstered by strong support from Eastern allies, underscoring the sharp regional divide in perceptions of Russia.

The Russian point of view

After pausing fieldwork in Russia for the 2023 and 2024 Index surveys, we have re-included the views of the Russian general public on nation brands in the 2025 survey. Undertaking opinion polling in Russia complements a holistic overview of nation brand perceptions that accounts for all geographic perspectives. It provides valuable insight into how perceptions of the outside world have changed in Russia three years after its aggression against Ukraine.

Consequently, the Soft Power rankings of the nation brands that Russians are most familiar with – its neighbours – have been affected. Belarus (+7 to 80th), Azerbaijan (+3 to 81st), and Armenia (+13 to 93rd) have risen, benefiting from their political and historical ties with Russia. In contrast, the Baltic states, Georgia (-5 to 59th) and Moldova (-8 to 126th), have seen declines, as their closer alignment with the West and resistance to Russian influence has led to more negative perceptions within Russia.

A new chapter for Bangladesh

Bangladesh’s decline from 96th to 104th in the ranking may be surprising, especially following the 2024 revolution that toppled Sheikh Hasina’s authoritarian government, as many expected to see a new momentum behind the nation brand.

However, market differences are key in explaining this dynamic, with perceptions among Indian respondents dropping significantly. Due to its status as the world’s most populous country, India's weight in the Index has had a notable impact. One of the nation brands that punch much below their weight in Soft Power, Bangladesh finally has the opportunity to reshape its global perceptions and forge a stronger position on the world stage.

Brand Finance Global Soft Power Index 2025

Explore the findings of the world's most comprehensive research study on perceptions of nation brands, presented in a downloadable report and an interactive dashboard.

Participants

The session was opened by Krzysztof Gawkowski, Deputy Prime Minister and Minister of Digital Affairs of Poland. The three participants of the panel discussion, co-organised with Eastrise Group, were:

1. Thebe Ikalafeng, Chairman of Brand Africa
2. Mirjam Loertscher, Economic, Trade and Innovation Advisor to the Ministry of Foreign Affairs of Estonia
3. Alexandre Edelmann, Head of Presence Switzerland

What is Nation Branding and Why Does It Matter?

Every country has a brand, whether intentionally shaped or not. Nation branding refers to strategically managing these perceptions to position a country favourably on the world stage.

Nation branding is not just about tourism campaigns or logos. It encompasses a wide array of initiatives, including:

• Building a global narrative that reflects a country's strengths and aspirations.
• Attracting foreign investment and fostering trade.
• Supporting cultural diplomacy and boosting soft power.
• Encouraging innovation and entrepreneurship.

Managing a nation's brand is no longer optional in today's interconnected world. It is a strategic asset that can shape a country's future.

How to Build and Manage a Nation Brand

Effective nation branding requires:

1. Investment in Strategy: Successful branding begins with a commitment to understanding global perceptions and aligning them with national goals.
2. Collaboration Across Sectors: Governments, businesses, and cultural institutions must collaborate to ensure consistent messaging and impact.
3. Leveraging Strengths: To differentiate themselves, countries should focus on their unique strengths, whether in technology, culture, or natural resources.
4. Measuring Impact: Data and insights must be used to track the effectiveness of branding initiatives and improve them continuously.

Examples of Nation Branding in Action

Our panel discussed several examples of nation branding in practice:

• Switzerland: Known for its precision, neutrality, and innovation, Switzerland has crafted a brand synonymous with quality and trust, leveraging its strengths in finance, manufacturing, and tourism.
• Estonia: A digital pioneer, Estonia has established itself as a global leader in e-governance and technological innovation, showcasing how small nations can punch above their weight on the world stage.
• Africa: As a continent, Africa is increasingly redefining its brand through initiatives highlighting its diversity, vibrant cultures, and opportunities for economic growth, particularly in sectors like technology and renewable energy.

The Road Ahead

In our discussion, we emphasised that nation branding is not a one-time campaign but a continuous process of refinement and adaptation. Countries that actively manage their brands are better equipped to:

• Attract global talent.
• Enhance their geopolitical influence.
• Build resilience in times of crisis.

I hope these insights inspire leaders, businesses, and citizens to think strategically about the image of their nations and how they can contribute to shaping it.

Watch the complete discussion to explore these ideas in more depth. Let's continue the conversation about how nations can harness the power of branding to build brighter futures at the launch of the next iteration of the Global Soft Power Index.

See you at the Global Soft Power Summit 2025

The Global Soft Power Index 2025 will be released at the Global Soft Power Summit in London on 19/20 February. The summit will explore the role of Soft Power in international relations and business – an essential tool in understanding nation branding as the key to reimagining growth. The index is the world's most comprehensive research study measuring perceptions of nation brands and a key tool for effective nation brand management.

John Kerry, the 68th U.S. Secretary of State, will be the keynote speaker. This year, the summit will focus on Responding to the Decline of Globalization. The international community is becoming increasingly divided, reversing the previously thought-to-be inevitable processes of globalisation. How can nations mobilise their Soft Power to piece together our fragmented world? You can click here to register for the 2025 Global Soft Power Summit in London.

• London, Paris, and New York City retain top 3 spots in second annual Brand Finance Global City Index
• Tokyo and Dubai ascend to 4th and 5th positions among top 100 city brands, respectively, driven by improved Reputation perceptions
• European cities dominate Culture & Heritage pillar, claiming 17 out of 20 top spots

This second iteration of the Brand Finance Global City Index marks its transition to an annual publication. The study is the world’s most comprehensive global survey of city perceptions, collecting opinions from over 15,000 respondents across 20 countries. In addition to its global focus, the study has also expanded into regional analysis, with the inaugural Brand Finance US City Index launched in May 2024.

The result is a clear picture of perceptions of the world’s best city brands which provides a baseline for strategies to attract residents, workers, remote workers, students, pensioners, visitors, and investors.

To arrive at a comprehensive assessment of the top 100 city brands in the ranking, the survey asked the respondents about their perceptions of Familiarity, Reputation, and their personal Consideration of each city as a place to work locally, work remotely, invest, retire, study, live and visit.

This distinctive methodology can help each city ranked in the Index understand its key strengths and weaknesses against peers while offering robust insights to guide the brand positioning of any city with an international outlook - big or small.

TOP 5 CITIES

No 1: London Calling

London has again topped the Brand Finance Global City Index, boasting an impressive score of 90.9 out of 100. The British capital secures 3rd place in two Key Performance Indicators: Familiarity and Reputation, exemplifying its strong international profile and appeal. That said, its overall Consideration ranking is less robust, sitting in 19th place, despite strong performances in the consideration to visit (2nd) and consideration to study (6th) categories.

Reflecting its strong appeal for studying, London shines in 2nd place globally in the Education & Science pillar. Ranked 1st for its great universities, London is home to prestigious and world-renowned institutions such as Imperial College London, University College London, King's College London, and the London School of Economics, all of which consistently feature among the global top 50 universities. The city’s status as a financial and cultural hub provides students with abundant internship and employment opportunities, attracting students from across the globe.

London also ranks 1st for its great private schools, although it falls to 18th for publicly funded schools. It falls even further to 21st position for being a leader in tech and innovation, lagging behind other European cities such as Geneva, Zurich, and Stockholm for this attribute. This lower ranking suggests potential challenges in keeping pace with global advancements, which could hinder London’s ability to maintain its reputation as a leading educational hub going forward.

Bolstering its strong consideration to visit score, London also ranks an impressive 3rd place in the Culture & Heritage pillar. London excels with top rankings in attributes such as great museums, art galleries, and great theatres and music venues. Additional factors influencing its high visit ranking include being 1st for speaks a language I understand, 2nd for diverse/ multicultural and 1st for easy to get around by public transport.

Despite its strengths, London faces challenges in several key areas. The city ranks between 25th and 40th in consideration for living, working, retiring, and investing, with particularly weak perceptions among respondents from Japan, Germany, Canada, Australia, South Korea, France, and China. These unfavourable views reflect a global scepticism towards London's affordability and long-term liveability, especially compared to other major cities.

Historically perceived as a business epicentre, London ranks in 9th place in the Business & Investment pillar. This is largely supported by its 3rd place ranking for being perceived as a city of global significance, alongside a respectable 9th place for easy to find employment. London also ranks a notable 9th for its strong and stable economy, highlighting its economic resilience in the post-Brexit landscape. However, London ranks considerably lower in other key economic attributes, including 35th for its future growth potential, and 57th for its attractive personal taxation. These lower score raises questions about the city’s competitiveness compared to other leading global cities like Dubai and Zurich.

The 2024 data suggests that London is also facing challenges related to perceptions of its Liveability and Governance. The city ranks a concerning 59th for low crime and terrorism, 73rd for low bureaucracy, and 83rd for ease of obtaining a visa. The city faces a significant challenge regarding affordability, ranking a concerning 97th. As the cost-of-living crisis continues, many people find it increasingly challenging to afford life in iconic cities like London, New York, and Paris, all of which rank in the bottom 10 for affordability.

Beyond London

Beyond the capital, Manchester ranks 26th overall, with its highest score coming in 2nd place for famous sports teams and clubs. Being home to Manchester City and Manchester United has put the city on the map also outside the sporting world. This year, however, Manchester City was narrowly edged out by Real Madrid for the title of the world’s most valuable football club brand in the annual Brand Finance Football 50 ranking. Mirroring that, Madrid claims the top spot over Manchester in the Brand Finance Global City Index for famous sports teams and clubs, underscoring both the clubs’ and the cities’ unparalleled dominance in the sports world.

Liverpool ranks 38th in the overall Index and, like Manchester, is globally renowned for its rich sporting and cultural history. Bolstered by its iconic football club, Liverpool FC, the city ranks 3rd for its famous sports teams and clubs. The city is also the birthplace of The Beatles, widely regarded as one of the most influential bands in music history. That said, Liverpool's rich cultural heritage is less recognised outside Europe, especially in metrics related to theatres and music venues or cultural festivals.

Scotland’s capital, Edinburgh, ranks 47th overall and is the 3rd city in the world for green spaces and recreation. Landmarks like Arthur’s Seat and Princes Street Gardens, along with its proximity to the Scottish Highlands, make the city a vibrant destination for outdoor enthusiasts, offering a perfect blend of natural beauty and urban life.

No 2: New York, New York

New York City retains its 2nd place ranking in the Brand Finance Global City Index, achieving an impressive 89.8 out of 100 score. Renowned worldwide, it stands as the second most Familiar city globally. Its frequent visibility on the global stage fosters positive perceptions, significantly enhancing its international standing, particularly in areas of culture, economic strength, and influence.

On the other hand, domestically, perceptions of New York reveal a striking contrast. In Brand Finance’s US City Index - which captures only US residents' views - New York ranks 11th overall, with Governance issues significantly impacting its standing. While international respondents may overlook or forgive these challenges due to New York’s cultural and economic influence, domestic respondents are less forgiving. US audiences rated New York 47th for law enforcement, ethical standards, and corruption, 49th for low crime and violence, and last for trustworthiness, viewing these Governance concerns as genuine obstacles to the city’s appeal and Reputation.

On a global level, Governance also stands out as New York City's greatest challenge, with the city ranking 65th in this pillar. Perceptions are particularly low in Japan, Australia, Saudi Arabia, Canada, China, and the UK, likely undermined by recent political scandals. Mayor Eric Adams's involvement in a major corruption case, which resulted in his indictment on federal bribery charges, has further eroded trust in the city's leadership. This decline in Governance perceptions can undermine New York's broader appeal as a well-governed international powerhouse, potentially impacting its ability to attract investment and maintain its international influence.

These Governance issues do not seem to significantly affect tourism, with visitors drawn to the city's culture, landmarks, and lifestyle. The city ranks 6th globally for consideration to visit, 1st for great shopping, restaurants, and nightlife, and 4th for great theatres and music venues. New York also remains a leading global hub for business. It ranks 4th globally for Business & Investment, 1st for global significance, and 2nd for ease of business. Home to the New York Stock Exchange and NASDAQ, as well as influential companies like JPMorgan Chase and Goldman Sachs, New York retains its Reputation as a financial powerhouse.

Two further American cities feature in the top 10

Two more American cities are in the top 10: Los Angeles (7th) and San Francisco (9th). Los Angeles ranks 2nd for perceptions as fun, although its overall ranking has slipped to 7th, dropping out of the top 5. This fall is primarily due to the impressive rise of Tokyo and Dubai, which have surged up the Index this year, but also reflects a decrease in Consideration in key markets, including Japan, Spain, Germany, and Canada.

San Francisco secures 3rd place for being great for start-ups and innovations, bolstered by its proximity to Silicon Valley, which continues to be a global hub for technology and entrepreneurial ventures. Miami (16th in the overall Index) stands out as the top city for Liveability and 2nd for consideration to retire, renowned for its stunning beaches, vibrant cultural scene, and year-round warm weather. Additionally, Texas’s economic powerhouses, Houston (35th) and Dallas (40th), are noteworthy for both climbing five places in the Index and scoring particularly high for consideration to invest in and consideration to work in. Both cities are part of the Texan triangle, positioning themselves as significant economic players in the US. Houston ranks 2nd globally for easy to find employment and 9th for attractive corporate taxation, contributing to its 13th place ranking in the Business & Investment pillar. Similarly, Dallas performs well in economic attributes, ranking 4th globally for easy to find employment.

Canada’s highest-ranked city is Toronto, 14th, down from 11th in 2023. Toronto notably ranks 5th for consideration to live, study, work locally, and work remotely, reflecting its strong appeal among residents and professionals. Further down the Index, Vancouver ranks a respectable 29th globally, while Montreal takes 44th place.

No 3: Paris - Cultural Capital, Practical Challenges

Paris retains 3rd spot with a score of 87.8 out of 100 and excels in Familiarity (1st) and Reputation (14th) but struggles in overall Consideration, ranking 38th. Despite this, it performs strongly in consideration to visit, placing 3rd, largely due to its unparalleled cultural and heritage offerings and the global attention brought by hosting the 2024 Olympics.

Paris is unrivalled in Culture & Heritage, ranking 1st for great museums and art galleries, such as the Louvre, the Musée d’Orsay, and the Pompidou Centre. It also ranks 2nd for beautiful architecture, including iconic landmarks like Notre Dame, the Arc de Triomphe, and the Eiffel Tower, as well as great theatres and music venues. The city’s rich history, exceptional shopping, vibrant dining, and lively nightlife have likely reinforced its global reputation as a cultural hub.

However, Paris’s poor scores in other Consideration categories affect its overall performance. Apart from consideration to visit, it ranks between 30th and 50th, particularly struggling among respondents from Germany, the UK, Australia, and South Korea. The city’s strong standing for business and living is marred by slow economic growth, ranking 48th in the Business & Investment pillar. Paris ranks particularly poorly for personal and corporate taxation (81st for both), future growth potential (70th), ease of doing business (66th), and ease of both finding employment (65th) and skilled workforce (64th).

While the city is 2nd for its appealing lifestyle, it fares poorly in practical evaluations like affordability (92nd), low crime and terrorism threat (71st), and low bureaucracy (58th). These contrasts suggest that while Paris is seen as a desirable city for its lifestyle and culture, it is also viewed as unaffordable and challenging for day-to-day life, a reflection of the idealised yet often unrealistic perceptions of iconic cities.

Looking ahead, Paris aims to further enhance its global reputation through an environmental transformation focused on initiatives like reducing traffic and expanding its green spaces. This initiative could improve the city’s standing in the Sustainability & Transport pillar, where it currently ranks 34th.

No 4: Tokyo Rising

Tokyo ranks 4th overall in the Index, climbing three spots from 7th in 2023. The city’s Reputation has jumped significantly year-on-year, to 13th in 2024. Additionally, its Familiarity remains strong in 6th. This year, Tokyo sees improvements across the majority of attributes and in consideration to visit. This shift in perception could be attributed to arising trend of travellers, particularly among Gen Z and Millennials, choosing Tokyo as their destination this year.

The city also particularly excels in economic metrics. The Japanese capital ranks 7th for Business & Investment supported by its access to skilled workforce (1st) and strong and stable economy (3rd). Tokyo also holds 3rd place for future growth potential, further cementing its reputation as a global hub for innovation and opportunity.

Outside the capital, Osaka ranks 39th overall, with much lower Familiarity compared to Tokyo, ranking 44th. The city is set to host the upcoming Expo, however, which could boost its visibility on the global stage. It also scores well for Governance (10th) and 5th for accessibility to the elderly and people with disabilities, demonstrating its effective response to Japan's ageing population challenge.

No 5: Dubai - The Gateway to Global Business

Dubai has climbed four spots in the Index this year, now ranking as the world’s 5th best city brand. Notably, the brand ranks 1st globally for Reputation (up from 7th in 2023), ahead of Sydney and London in 2nd and 3rd. The city has also achieved impressive gains for consideration for working locally (up from 16th to 8th) and consideration to work remotely (up from 24th to 4th).

Dubai has been recognised as the 2nd best city of global significance, surpassing traditional heavyweight London (3rd). Its strong and stable economy, ranked 2nd globally, is underpinned by its strategic role as a hub for international trade, supported by world-class logistics infrastructure and its advantageous position bridging the East and West. This combination of factors positions Dubai as a compelling choice for residents, businesses, and global investors alike.

The emirate is a hotspot for innovation and start-ups, with initiatives like the Dubai Future Foundation contributing to its 1st place ranking for future growth potential. Additionally, its number three ranking for attractive corporate taxation further solidifies Dubai's status as a prime location for investment, making it the number one city for consideration to invest.

Brand Finance Global City Index 2024

Read our new report on the world's most comprehensive research study on perceptions of the top 100 city brands, based on a global survey of more than 15,000 respondents across 20 countries on all continents.  

How can the countries of emerging Europe turn their perceived appeal into impact on the global stage? 

Understanding the relationship between perceived investment attractiveness, the ability to leverage those perceptions to bring investors across the line, and finally the tangible results in terms of FDI inflows, is the foundation on which investment attraction agencies can chart impactful strategies. 

The graphs below provide a visual representation of the relationships between perceived investment attractiveness, Soft Power and an average of FDI inflows for the past three years (2021-2023) in US dollars (millions) for each of the 22 countries of emerging Europe in our analysis.  

The strength of the relationship between these two indicators and FDI inflows can be quantified using the coefficient of determination, R². 

Investment attractiveness and FDI inflows 

Graph 1 indicates that there is—naturally—a strong relationship between the perceived attractiveness as an investment destination and FDI inflows.  

The R² value for this graph indicates that 31 per cent of the variance in FDI inflows across emerging Europe can be explained by the willingness to recommend each of the 22 nations as destinations to invest in. 

Poland (PL) leads as a significant outlier with a high recommendation score of 6.4 and substantial FDI inflows, accounting for over a third of the total for the region, but the scale of its lead over the rest of the pack points to other factors having a stake in its success, from its economic clout to its diplomatic influence. 

Croatia (HR) has the second-highest recommendation score of 5.8 but lower FDI inflows compared to its peers. This can be linked to its strong tourism sector, which enhances its nation brand but may deter investment in other sectors.  

Ukraine (UA) scores lowest for recommendation to invest in, unsurprisingly so given the ongoing Russian aggression. At the same time, it still commands relatively high levels of FDI inflows compared to peers, demonstrating that negative perceptions can be challenged through a targeted strategy. 

This shows that while the perceived investment climate is relevant, other factors significantly influence FDI inflows. 

Among those, key roles are certainly played by policy factors, such as fiscal regime and bureaucratic processes, as well as by infrastructure factors, such as connectivity by road, rail, sea, and air.  

Nevertheless, our analysis demonstrates that other factors connected to the country image—that go beyond investment attractiveness as such—are equally important.  

Soft Power and FDI inflows

Brand Finance’s Global Soft Power Index is a complex scorecard based on an annual global survey of more than 170,000 respondents in more than 100 markets around the world, assessing nation brands across 55 metrics. 

It takes into account perceptions of business, diplomacy, culture, governance, technology, and sustainability, among others, but - crucially - it goes beyond measuring reputation or attractiveness alone and asks respondents about perceived influence of nations around the world.  

While still measuring nation brand perceptions, it is geared to quantify a nation’s ability to turn appeal into impact on the global stage and provide that missing link to understand the relationship between perception and performance.  

Graph 2 illustrates the relationship between the Global Soft Power Index score and FDI inflows. The R² value indicates that approximately 59 per cent of the variance in FDI inflows in emerging Europe can be explained by the nations’ Soft Power.  

This is a relationship nearly twice as strong as that between perceived investment attractiveness and FDI inflows. It can therefore be inferred that perceived investment attractiveness is responsible for close to one-third of variance in FDI inflows in the emerging Europe region, with another nearly one-third explained by other aspects of the nation brand and its influence as captured by the concept of Soft Power, and the latter one-third down to factors unconnected to the nation brand.  

So what?

While perceived investment attractiveness is relevant, it is not the sole determinant of FDI. There are more objective factors at play—such as policies and infrastructure.  

However, there are also other aspects of the nation brand—which can be easily overlooked by investment promotion agencies as falling beyond their traditional remit—that also play vital roles. 

Therefore, looking at your nation brand as a whole rather than at investment attractiveness alone, and understanding its Soft Power—perceived influence rather than only reputation, can really set you up apart from competitors and yield improved results. 

This article was first published in Emerging Europe's Investment Promotion Report 2024.

Honolulu ranked as the best US city brand, three Florida cities make the top 10

• Honolulu tops the inaugural Brand Finance US City Index
• Florida shines, with three cities ranking in the top 10
• Nashville excels in perceptions of Culture & Heritage and People & Values
• Texas Triangle cities dominate in Business & Investment
• Fame doesn’t equal fortune: US vs. Global perceptions
• The green cities: Honolulu leads in sustainability perceptions
• The battle of America’s most famous sports teams
• Detroit: challenges and opportunities in revitalization for the bottom-ranked city

Based on a survey of 10,000+ respondents nationwide, the inaugural Brand Finance US City Index ranks the top 50 city brands in the United States according to how they are perceived by the public.

The Index offers vital insight for city brand leaders to develop and advance strategies to attract visitors, residents, employees, students, retirees, and investors. 

Respondents provided their perceptions of Familiarity, Reputation, and their personal Consideration of each city as a place to live, work locally, work remotely, study, retire, visit, and invest in, alongside associations with 40+ city brand Attributes grouped under 7 Pillars.

The most comprehensive dataset of its kind, the Brand Finance US City Index enables cities to understand their perceived strengths and weaknesses and to leverage the underlying data in their current planning and future strategies.

Honolulu tops the inaugural Brand Finance US City Index

Honolulu is the highest-ranked city brand in the US. Scoring 82.9 out of a possible 100, Hawaii’s capital’s brand perceptions surpassed those of every other city included in the study, driven by its iconic scenery, unique blend of cultures, and energetic urban center. Orlando came in 2^nd, while Nashville rounds out the top 3.

Honolulu is ranked highest for Consideration, leading in all dimensions. Its number one ranking for both consideration to visit and consideration to retire is largely due to its stunning natural beauty and its position as the gateway to the Hawaiian Islands. Although traditionally viewed as a travel destination, Honolulu’s top rankings for consideration to invest, consideration to work locally, and consideration to study are underscored by the city’s booming tourism industry, service-orientated job market, and low unemployment rates. Building on both tourist and business attraction, Honolulu is also perceived as an excellent base for workcation, scoring the highest for consideration to work remotely.

Honolulu also ranks number one in Reputation and in four out of seven attribute pillars: Governance, Livability, People & Values, and Sustainability & Transport.

Florida shines, with three cities ranking in the top 10

Three cities from America’s sunshine state - Orlando, Miami, and Tampa – have secured a spot in this year’s top 10. Orlando stands out as Florida’s highest-ranking city, coming 2^nd in the Index overall with an impressive score of 82.6/100. Miami takes 5^th place overall with a score of 81.1/100, while Tampa secures 7^th place with a score of 78.7/100. Orlando’s top-ranking position is underscored by its strong performance in the Reputation and Familiarity metrics, for which it ranks 4^th nationally.

Florida’s cities perform strongly in the Livability pillar, with Tampa securing 3^rd position, followed by Orlando in 4^th, and Miami in 5^th. Tampa also ranks 3^rd in overall Consideration, above the other two. Notably, both Tampa and Orlando are perceived as highly accessible cities, with Tampa leading the Index for the attribute accessible to the elderly and to people with disabilities, while Orlando follows in 3^rd.

Florida’s cities are also perceived as appealing destinations for leisure and tourism. Orlando, globally renowned for its iconic attractions and amusement parks including Disney World and Universal Orlando, ranks 2^nd overall for consideration to visit, as well as 4^th for being fun. Tampa outshines Orlando for perceptions of its academic scene and education system, ranking 9^th for consideration to study whilst Orlando comes 17^th. Coupled with a low 42^nd rank for Education & Science, this indicates a critical area of focus for Orlando to maintain positive nationwide perceptions.

Widely renowned as a glamourous tourist hotspot, it is perhaps unsurprising that Miami outperforms Orlando and Tampa in the Culture & Heritage pillar, ranking 8^th overall. Looking at particular attributes, Miami ranks 4^th overall for its great shopping, restaurants, and nightlife, and 3^rd and 4^th respectively for being fun and having an appealing lifestyle. That said, Miami’s perceptions are not all about glitz and glamour, as it ranks a low 38^th for Governance, including 42^nd for low crime and violence, indicating an urgent need to bolster safety and security measures to further elevate Miami’s overall attractiveness.

Nashville excels in perceptions of Culture & Heritage and People & Values

Nashville is the third highest-rated US city brand, with a score of 82.5/100. Nashville’s strong overall score is driven by a high Reputation (2^nd) and strong perceptions for its Culture & Heritage and People & Values.

Nicknamed “Music City,” Nashville is renowned as a hot spot for country, bluegrass, gospel, and rock 'n' roll. This is reflected in the perceptions of Nashville's city brand – ranking 2^nd for Culture & Heritage overall, as well as 2^nd for great theatres and music venues and 3^rd for outstanding cultural festivals. Music is also likely to have contributed to the city's 3^rd place for the attribute city with a strong identity/character/civic pride.

Nashville scores 2^nd highest in the People & Values pillar, as well as 2^nd for being perceived as friendly. The city is associated with the concept of Southern hospitality, characterized by authentic warmth, courtesy, and generosity.

On the flip side, likely driven by Tennessee’s relatively low education spending, Nashville faces challenges in building its appeal in the Education & Science category, where it ranks 27^th overall and underperforms in all attributes, especially leader in science and technology, coming 40^th. While the city brand’s positioning is undoubtedly focused on its identity as the nation’s capital of music, increasing education funding and incorporating strategies to better communicate innovation into its city brand strategy could be key to further strengthen its reputation as a dynamic and forward-thinking city.

Texas Triangle cities dominate in Business & Investment

Texan cities, Austin, Dallas-Fort Worth, and Houston, claim the top three positions in the Business & Investment pillar, solidifying the Texas Triangle’s journey towards becoming one of the nation's foremost economic powerhouses. San Antonio follows in 9^th position nationally. Thanks to their business attractiveness, all four rank in the top 15 of the overall Brand Finance US City Index ranking.

While California is home to many of the nation’s most valuable brands, according to the Brand Finance US 500 ranking of the nation’s corporate brands, a noticeable shift is occurring as brands increasingly relocate from the Golden State to the Lone Star State. Notably, tech giants like Tesla and Oracle have recently moved their headquarters to Austin, attracted by the state's favorable business climate characterized by low taxes and moderate regulation. Texan cities lead the way in many attributes within the pillar, including for attractive corporate taxation.

Dallas-Fort Worth in particular is ranked highest across the nation for strong and stable economy and easy to do business in. Aside from Business & Investment, the city also excels in having great publicly funded schools and good governance.

Fame doesn’t equal fortune: US vs. Global perceptions

Several cities in the inaugural Brand Finance US City Index also appeared in the global edition of the ranking last year. While the US City Index reflects the perceptions of US respondents only, the Global City Index assessed perceptions across 20 countries worldwide. Notably, New York City, Los Angeles, and Chicago rank much lower domestically than globally: NYC ranks 11^th among domestic respondents (compared to 2^nd globally), LA 21^st (4^th globally), and Chicago 32^nd (15^th globally). This gap indicates that international perceptions differ from national ones, likely because US respondents have more nuanced and localized views of their cities.

Despite high Familiarity rankings – NYC 2^nd, LA 3^rd, and Chicago 7^th – these cities polled considerably lower domestically in terms of Reputation and Consideration, underscoring that being a well-known or famous city does not necessarily lead to positive perceptions. These comparatively lower standings stem from poor perceptions in attributes such as good governance (respects law, high ethical standards, low corruption) where NYC, LA, and Chicago rank 47^th, 44^th, and 49^th respectively, low crime and violence (49^th, 48^th, and 50^th) and trustworthy (50^th, 48^th, and 47^th). While these cities do excel in other attributes, this indicates areas of focus for future resource investment to enhance domestic image.

The green cities: Honolulu leads in sustainability perceptions

The top-ranked city brand Honolulu leads the way for perceptions of Sustainability & Transport in the Brand Finance US City Index. Coming 1^st for the pillar overall, it also tops the ranking for two of the underlying attributes clean city that cares for the environment and green spaces and recreation. Honolulu's commitment to environmental protection and its abundant natural beauty, from pristine beaches to lush tropical landscapes, likely contribute to its strong sustainability perceptions. The city is actively pursuing initiatives to combat climate change, striving to reduce carbon emissions and transition to renewable energy sources. Aligning with Hawaii's statewide sustainability objectives, Honolulu aims to achieve carbon neutrality by 2045.

Behind Honolulu, San Diego ranks 2^nd for the pillar overall and 3^rd for being a clean city that cares for the environment. San Diego prides itself on its commitment to sustainability, implementing various initiatives to reduce its environmental footprint. Key efforts include promoting renewable energy, water conservation, and waste reduction, as well as engaging in green building practices and supporting sustainable development projects. 

At the other end of the sustainability ranking, New York City is awarded the lowest rank of 50^th for being perceived as a clean city that cares for the environment. NYC’s dense urban environment, extensive infrastructure, and the challenges of keeping such a vast metropolis clean have likely contributed to its low ranking in the sustainability metric. As one of the country’s most iconic and globally regarded cities, the Big Apple has the opportunity to enhance its sustainability image in the future, such as by focusing on reducing emissions, shifting to renewable energy sources, and supporting sustainable infrastructure.

The battle of America’s most famous sports teams

When looking at the US cities with the highest perceptions for famous sports teams, there are three clear leaders – Boston, Kansas City, and Pittsburgh.

The Boston Red Sox, Boston Celtics, and The New England Patriots are synonymous with US sports. Boston’s top teams have won 12 championships since the turn of the century: six by the Patriots, four by the Red Sox, and one each by the Celtics and the Bruins respectively, highlighting prowess on the pitch. However, it is also the heritage of the teams and years in building their strong brands, which are central to the cities’ sporting reputation.

The Chiefs' recent on-field triumphs, including clinching the two most recent Super Bowls, have undeniably elevated perceptions of Kansas City as a sports powerhouse. However, off-field buzz surrounding the team's tight end, Travis Kelce, and his relationship with global superstar, Taylor Swift, has dominated headlines in recent months too. The union of Swift and Kelce has brought together two influential personal brands, with the phenomenon dubbed the "Taylor Swift Effect" significantly boosting female viewership of the NFL and familiarity with the Chiefs and Kansas City in general.

Pittsburgh ranks 3^rd for famous sports teams, mostly owing to its three major professional sports franchises, the Pirates, Steelers, and Penguins. Pittsburgh's major teams have seen great success, with the MLB's Pirates winning 5 World Series titles, the NHL's Penguins winning 5 Stanley Cups, and the NFL's Steelers winning a tied league record 6 Super Bowls. Boosting the city’s perceptions, the reach of the Steeler Nation – the term used to describe the passionate fan base of the Steelers – stretches far beyond Pittsburgh or even Pennsylvania.

Detroit: challenges and opportunities in revitalization for the bottom-ranked city

Detroit, the birthplace of the American motor industry, has a rich history but has endured decades of economic decline, largely due to the rise of foreign automakers. In the Index, Detroit sits at the bottom of the ranking, 50^th overall with a score of 50.4 out of 100. Once flourishing as home to Ford, General Motors, Chrysler, and Dodge, the Motor City faces an ongoing challenge of population loss and high crime rates, reflected in lowest scores for Reputation, Consideration, and all seven city brand attribute Pillars – from Business & Investment to People & Values.

However, Detroit stands at a relatively high 24^th position for Familiarity pointing to huge potential for turning the city brand around. It already holds solid, mid-range rankings in certain attributes, such as known for supporting diversity, equity, and inclusion (26^th) and famous sports teams (24^th), including the NFL’s Detroit Lions and NBA’s Detroit Pistons. With Detroit recently hosting the 2024 NFL draft, there is a clear signal of further opportunities for investment to improve city perceptions and promote economic development. Additionally, Detroit’s vibrant musical history, particularly in Motown, continues to resonate in the US relative to the city’s performance in other attributes, ranked 34^th for having a rich history and heritage. The city’s ongoing revitalization is reflected in significant investment in its arts and cultural scene, such as the expansion of its Motown Historical Museum.

Brand Finance City Index 2024

A comprehensive survey of America's top 50 city brands. 

Introduction

In 2023, Soft Power faced substantial challenges marked by events like the Israeli–Palestinian conflict, the escalation of the Ukrainian-Russian war, tensions between the United States and China, global warming and natural disasters. These events not only shaped international perceptions but also tested nations’ Soft Power capabilities.

The economic landscape witnessed significant transformations too, with high inflation and slow growth on one end and the launch of new AI initiatives on the other. AI is now shaping the trajectory of industries and influences business dynamics on a global scale. It may also fundamentally change how nations are perceived as they strategically navigate the opportunities and challenges presented by this new technology.

The continued growth of social media and the democratisation of news creation while stimulating for the public debate, have also raised critical questions about disinformation and interference in news feeds. As individuals become more cautious about their information consumption, the interplay between scepticism and the surge in content accessibility provoke new questions for the global community.

These developments set the contextual backdrop as Brand Finance conducted the research for this latest report.

“It's the economy, stupid”

In this global Soft Power landscape, the significance of Business & Trade perceptions is growing amid economic challenges and political instability. ‘Strong and stable economy’ emerged as the leading driver of both Reputation and Influence, with ‘products and brands the world loves’ and ‘easy to do business in and with’ also counting among the top 5 nation brand attributes in terms of their importance for shaping the Soft Power of nations this year.

This trend explains the continued dominance of the world’s largest economies like the USA and China as well as smaller developed economies like Switzerland and the United Arab Emirates at the top of the ranking. Dominant nation brands are recording faster Soft Power growth (average +3.1 points in the top 50) than the rest of the ranking (average -1.3 for those ranked 51-193).

The Global Soft Power Index, now in its fifth iteration with the 2024 edition, examines the perceptions of all 193 member states of the United Nations for the first time, realising the ambition we set ourselves when the study started. It is based on the most comprehensive and wide ranging fieldwork of its kind, with responses gathered from over 170,000 people across more than 100 markets.

The Soft Power Super Power

The United States leads the rankings with an all-time highest Global Soft Power Index score of 78.8, an increase from 74.8 in 2023. It earns the top spot for Familiarity and Influence, four out of the eight Soft Power pillars, and nine out of the 35 nation brand attributes, including ‘leader in science’, ‘influential in arts and entertainment’, ‘internationally admired leaders’, ‘helpful to countries in need’, and ‘supports global efforts to counter climate change’.

However, despite these strengths, internal security challenges around gun violence and police brutality as well as involvement in international conflicts seem to be undermining some of its nation brand perceptions, as evidenced by continued rank declines on ‘great place to visit’, ‘good relations with other countries’, ‘safe and secure’, and ‘friendly’ where the USA has dropped a further 9 places to 112th.

The upcoming presidential election in November 2024 will be momentous in terms of future direction for the USA and how the nation is perceived globally. Donald Trump’s confrontational politics – both domestically and internationally – caused a serious erosion of the nation’s Soft Power in his final year in office, reflected in the United States temporarily losing its 1st rank in the 2021 Index, since recovered under the Biden administration.

Britannia back on course

The United Kingdom defends 2nd position with a Global Soft Power Index score of 71.8, improving on 67.3 in the previous year.

Maintaining its standing in the top 3 for Familiarity and Influence, and this year also achieving an all-time high of 4th rank in Reputation, the United Kingdom consistently demonstrates a round profile.

It also continues to dominate in ‘strong educational system’ and ‘respects law and human rights’ and ascends to the top in ‘easy to communicate with’ and ‘trustworthy media’ attributes, proving an edge in specific perceptions around its universities, constitution, and journalism. For more than a decade, the UK's strengths have been successfully promoted by the GREAT Britain and Northern Ireland Campaign – one of the world’s longest running and most impactful nation branding and marketing initiatives.

This year, the UK has also overcome a Soft Power risk from temporary instability in late 2022, resulting from tumultuous government changes and the passing of Queen Elizabeth II. This year, the UK ranks 7th in ‘strong and stable economy’ compared to last year’s 12th and improves on ‘politically stable and well governed’ up to 12th from last year’s 16th. Like the USA, as the UK is set for a general election this year, it will be interesting to see how the results impact its Soft Power.

The Year of the Dragon

China solidifies its global standing, replacing Germany at the 3rd position in the Global Soft Power Index, having achieved the most substantial improvement in the overall Soft Power score this year (+6.2 points) among all nation brands in the ranking. The marked progress across nearly all pillars reflects China’s rising global reach.

China’s particularly strong and improving perceptions across key drivers of Soft Power in the Business & Trade (3rd) and Education & Science (3rd) pillars are the main factors behind the scale of the nation’s rise this year. Despite these achievements, there is a need to urgently focus on enhancing likeability, as China scores disproportionately low on People & Values attributes such as ‘friendly’ and ‘fun,’ ranking 122nd in both categories. This signals potential areas for improvement in the realm of cultural perceptions and social appeal, as these attributes, though not key drivers of Influence, are crucial for building Reputation—an essential component of Soft Power.

Replaced by China and overtaken by Japan too, Germany fell to 5th position in the Global Soft Power Index, after earning top ranking in 2021, and 3rd place in both 2022 and 2023.

Germany has experienced stagnation and in many cases erosion in perceptions across the board this year, with a substantial drop of 14 positions in 'good relations with other countries' compared to 2023, along with decreases in 'helpful to countries in need' and measures of trustworthiness.

Nevertheless, Germany achieved the top rank in Governance and, despite some score declines, remains among the leaders in the pursuit of a Sustainable Future.

An intentional approach strengthens Soft Power

While China makes significant growth in Soft Power this year, the greatest improvements in the ranking over the past five iterations of the Global Soft Power Index have been recorded by the United Arab Emirates (+13.8 points and 8 ranks to 10th), Saudi Arabia (+14.1 and 8 ranks to 18th), Qatar (+16.0 and 10 ranks to 21st), and Türkiye (+14.3 and 5 ranks to 25th).

All four are characterised by conscious efforts to grow their Soft Power through nation branding projects, diplomatic initiatives, and by hosting major events.

The Gulf nations especially, are seeing enhanced Influence and Reputation as well as strengthening International Relations and Business & Trade credentials, with the United Arab Emirates receiving 10/10 marks and top position globally on the key ‘strong and stable economy’ attribute this year.

The United Arab Emirates has successfully staged the high-profile EXPO 2020 and COP28. Qatar’s improvement follows the 2022 football world cup, which FIFA president Gianni Infantino called the best in history.

Similarly, Saudi Arabia is seeing stronger perceptions following significant investments in tourism and football which have earned global media attention. Türkiye has during the same time officially changed its name and took on the role of a mediator leveraging Soft Power to facilitate diplomatic dialogue from Eastern Europe to the Middle East.

The top 5s for score and rank improvement are rounded off by Italy gaining a +12.7 score increase and Spain climbing 5 ranks since 2020. Both nations effectively balance tourism attraction and economic strength, and successfully rebounded from COVID-19 over the past few years. Italy in particular, secures 2nd position in ‘great place to visit’ and 3rd in ‘products and brands the world loves’, demonstrating that positive perceptions in culture and business can go hand in hand.

Regional leaders

Large regional powers India, Brazil, and South Africa are struggling with the challenge of fully realising their Soft Power potential. While all three exhibit high levels of Familiarity and Influence, particularly within their home regions, they face difficulties in building a truly global Reputation. All three are often scored high for their Culture & Heritage yet encounter limitations in crucial metrics such as Business & Trade.

The observed increase in Soft Power scores this year has not translated into significant advancements in rankings for India, Brazil, and South Africa. While strengthening economic perceptions would be the quickest way to enhance their Soft Power, these nations might also benefit from focusing their efforts on International Relations and Culture & Heritage, drawing inspiration from Türkiye's successful strategy.

India, despite fast economic growth, has seen its rank drop one spot to 29th. However, its more active position on the international stage, evident by its hosting of the G20 Summit, economic progress, investment in space, and sports initiatives like the launch of the Indian Women’s Premier League in cricket, signals a shift towards a less Western-dominated world order.

This is reflected in the enhancement of some Soft Power scores, gaining 34 positions in the Media & Communication pillar and improving on a number of key attributes in Education & Science.

Brazil, the highest-ranked Latin American nation brand, stagnates at 31st place. The country faced political instability in January-February 2023, suggesting a potential focus on political polarisation that may have impacted its Soft Power standing.

Despite recent achievements such as the Rugby World Cup victory and hosting the 2023 BRICS summit, South Africa, leading in the Sub-Saharan Africa ranking, reaches an all-time lowest spot at 43rd.

However, a significant 20-position rebound in Reputation signals a transformative 2023, marked by the G21 integration of the African Union and important diplomatic interventions in both the Russia/Ukraine and Israel/Palestine conflicts.

Hard Power undermines Soft Power

Countries engaged in armed conflict experience declines in their Soft Power this year. Down 3 ranks, Russia reaches an unprecedented low at 16th place, primarily due to negative perceptions surrounding its aggression against Ukraine.

Despite this, it records a minor Reputation recovery as the war is becoming increasingly normalised, marked by a change of +0.3 and a 30-rank advancement to 75th place.

Striving to maintain international support, Ukraine experiences a 7-rank decline to 44th place, although remaining higher in the ranking than pre-invasion.

Despite retaining significant Familiarity gained from its heroic defence against Russian aggression since 2022, Ukraine loses 4 ranks in Influence due to slower improvement compared to other nations.

This calls for the development of innovative routes to achieve strategic goals in both Hard Power and Soft Power battlefields. Positioned at 76th in Reputation, Ukraine's spot just below Russia reveals the deep-seated differences in global perspectives on the conflict.

Israel’s Soft Power has declined significantly, down 5 ranks to an all-time low of 32nd following its invasion of Gaza.

Despite initial widespread international support after terrorist attacks by Hamas, the Global Soft Power Index survey results show that the decision to retaliate with full force has negatively impacted Israel's global perceptions.

Its Reputation saw a decrease of -0.3, causing a drop of 18 ranks to 79th, with a negative knock-on effect on the nation brand more broadly, as Israel’s scores decline in 34 out of 35 attributes.

All 193 United Nations member states ranked

This year’s inclusion of 72 new entrants marks a significant development of the Brand Finance research as all 193 member states of the United Nations are ranked for the first time.

Monaco enters the Global Soft Power Index strongly, claiming 42nd position. Ranked among the top 20 in attributes like ‘appealing lifestyle’, ‘politically stable and well-governed’, and ‘safe and secure’, Monaco punches much above its tiny weight. While ranking lower on Familiarity (73rd) and understandably Influence (104th), Monaco’s Reputation (28th) places it within the global top 30, making this Soft Power debut hopeful for next year’s rankings.

Most other new entrants find themselves towards the bottom of the table, with small Pacific island nations Vanuatu (191st), Nauru (192nd).

Global Soft Power Index 2024

Explore the findings of the world's most comprehensive research study on perceptions of nation brands, presented in a downloadable report and an interactive dashboard.

What is Soft Power and how is the Global Soft Power Index constructed? 

Soft Power is a nation’s ability to influence the preferences and behaviours of various actors in the international arena (states, corporations, communities, publics, etc.) through attraction or persuasion rather than coercion. 

Brand Finance’s Global Soft Power Index is the industry’s most comprehensive research study on Soft Power and perceptions of nation brands in general, surveying opinions of 150,000+ respondents in 100+ markets. The fifth iteration of the Index, which will be published in a few months’ time in February 2024, will rank all 193 member states of the United Nations for the first time. 

The term Soft Power was popularised by Professor Joseph Nye of Harvard University in the 1980s. Brand Finance has consulted the development of the Global Soft Power Index with academics from around the world, including Professor Nye. Dr Paul Temporal of the University of Oxford, who is known in ASEAN for having helped develop the Malaysia – Truly Asia tourism brand strategy among his numerous other professional achievements, has supported us as the chief academic advisor to the Index. 

The Global Soft Power Index quantifies an overall score of a nation’s Soft Power, thanks to evaluating both its Reputation and Influence. Grouped into thematic pillars such International Relations and Sustainable Future, a wide range of nation brand attributes are measured in their own right as well as to analyse their role in driving performance in both KPIs of Reputation and Influence. The third KPI – Familiarity – enables respondents to form their perceptions in the first place. 

What are the results of the Global Soft Power Index like for ASEAN nations? 

In the Global Soft Power Index 2023, the United States wins the top spot in the ranking, followed by the United Kingdom and Germany. 

However, Asian nations are steadily growing their Soft Power too, with different nations gaining their edge thanks to different advantages. Japan (4^th) and China (5^th) are economic powerhouses as well as crucial players in international relations which secures their places in the global Top 5 for Soft Power. South Korea (15^th) has become particularly influential in technology – thanks to global electronics brands like Samsung – and entertainment – owing to K-Pop and award-winning cinema. Also, India (28^th) is taking an increasingly prominent role in the world thanks to the fast growth of its population and economy as well as the steady appeal of its culture – from yoga to Bollywood. 

In ASEAN specifically, Singapore is leading the way in Soft Power, being a major financial hub and a role model for good governance for many nations in the region. In the world, it ranks 21^st. In Asia, it is behind only Japan, China, and South Korea as well as ahead of much larger India. 

Malaysia (39^th), Thailand (41^st), and Indonesia (45^th) all rank in the Top 50 globally too. Having become more familiar to people around the world as tourist destinations, they are simultaneously investing in developing strong corporate brands that are increasing their Soft Power internationally. 

It is worth noting that all four of these ASEAN nations are punching above their weight in terms of perceptions of corporate brands. All rank higher on the particular attribute within the Index that measures perceptions of products and brands, than in terms of overall Soft Power. In this attribute, also Vietnam makes the global Top 50, which is explained by its exponential economic growth in recent years. 

How does this matter to corporate brands? 

The relationship between nation brands and corporate brands deserves special attention. Perceptions of the economic standing of a nation and brands of products and services originating there play a key role in forming its Soft Power. Our statistical drivers’ analysis, conducted on the Global Soft Power Index data to understand which particular nation brand attributes drive Reputation and Influence, has identified perceptions of the Business & Trade pillar as being the most important in growing Soft Power. Within this pillar, the attributes “a strong and stable economy” and “easy to do business in and with” are among the Top 5 drivers of both Reputation and Influence. The attribute “products and brands the world loves” is not far behind as the 15^th most important driver of Reputation and 7^th most important with regards to Influence. 

Moreover, we set about conducting an analysis earlier this year that would allow us to better understand how the dynamics of Soft Power are intertwined with the performance and economic gains of nation brands. We looked at two of our annual rankings – the Global Soft Power Index, which measures perceptions and the Brand Finance Nation Brands ranking, which assesses the value and strength of nation brands. 

Our analysis tells us that despite the existence of many and various factors that affect the performance of nation brands, perceptions and Soft Power that come with them correlate very strongly with performance, suggesting that improving perceptions and strengthening Soft Power can boost performance. 

There are five key areas of financial impact that are measured within the Nation Brands ranking: economy, investment, trade, talent, and tourism. In our analysis, the Global Soft Power Index score demonstrated a strong statistical relationship with the Nation Brand Performance score across these five areas combined. 

We then narrowed the analysis from the relationship between the overall Global Soft Power Index and Nation Brand Performance scores, to assess the relationship between perceptions captured in a particular Global Soft Power Index pillar focusing on Business & Trade on the one hand and economic performance measures in the Nation Brands study – namely GDP per capita and GDP growth – on the other. The results showed a strong correlation again, suggesting that improving perceptions towards a nation’s Business & Trade pillar attributes can support stronger macroeconomic performance. 

This supports the gut feeling that most marketers have that strong corporate brands mean a strong nation brand, and a strong nation brand means a strong economy, creating a virtuous circle that reinforces corporations based in the country. 

Invitation to the Global Soft Power Summit 2024 

The findings of the new iteration of the Global Soft Power Index will be inaugurated at the Global Soft Power Summit on 28^th and 29^th February 2024 in London and streamed live online. This time, we will also unveil the findings of additional new research identifying the best nations in investment, trade, talent, and tourism attraction. The data will tell us even more about the relationship between corporate and nation brands. 

The previous iterations of the Global Soft Power Index can be accessed on Brand Finance’s website at: https://brandfinance.com/softpower. Attendance at the Global Soft Power Summit is free and all delegates can register to join in-person or online on Brand Finance’s website. We look forward to your participation. 

ASEAN 300 2023

The annual report on the most valuable and strongest ASEAN brands.

The inaugural Brand Finance City Index has been concluded after several months of original research and analysis and is the world’s most comprehensive global survey of city perceptions. The research programme sought the opinions of nearly 15,000 individuals from 20 countries across the globe.

The result is a unique insight into perceptions of 100 city brands which provides a baseline for strategies to attract residents, workers, remote workers, students, pensioners, visitors, and investors.

To arrive at a comprehensive assessment of the city brands in the ranking, the survey asked the respondents about their general impressions and perceptions of Familiarity, Reputation and their personal Consideration of each city as a place to live, work locally, work remotely, study, retire, visit, or invest in.

This distinctive methodology has created a precise toolkit to help each city understand its key strengths and weaknesses and develop appropriate strategies accordingly.

No 1. London takes the crown

Competing with a powerful set of rivals, London secured the top spot in this new ranking. With a top score of 84.6 out of 100, London's brand perceptions surpassed those of every other city included in the study. London’s performance can be attributed to the city's widespread familiarity among respondents from all corners of the globe. ‘Familiarity’ is defined in the study as the knowledge acquired through repeated exposure or direct experience, fostering a deeper connection and affinity towards a particular brand. Coming first on this particular measure, London has a huge advantage over its peers, with the global ubiquity of English language and huge cultural media events, particularly in connection with the Monarchy, reinforcing its success in the ranking overall as the world’s best city. Knowing a city allows the public to form positive perceptions about it – to recognise its reputation and to consider it as the preferred place to live, work, study, retire, visit, or invest. High familiarity means a deeper understanding of its qualities and a broader reach of its appeal, allowing the city to draw significant economic benefits from inbound migration, investment, and tourism.

Renowned as a hub for academic excellence, London is ranked as the best city globally to study. The British capital hosts top universities – such as University College London, King’s College London, Imperial College London, and the London School of Economics, while prestigious schools in and near London that prepare for university – like Eton and Harrow –attract students from around the world. It is no surprise that the city comes 1st globally for great universities and great private schools . Thanks to iconic landmarks like the Houses of Parliament, Buckingham Palace, and the Tower of London, and renowned cultural institutions like the British Museum, National Gallery, and the West End theatre district, London is a prime tourist destination. London’s top global ranking as the best city to visit, is supported by its 3rd place for great museums and art galleries and great theatres and music venues. London’s appeal can also be attributed to its strong identity and character, where London ranks 3rd globally.

No 2. New York – The Big Apple pipped to top spot

New York City has secured 2nd spot, behind London, with a Brand Finance City Index score of 83.0 out of 100. NYC also ranks 3rd globally in Familiarity and boasts 2nd spot in three out of the seven key dimensions: invest, study, and visit. Widely regarded as the global capital of finance, NYC ranks 2nd behind only Zurich as the best city to invest in. It comes 1st for the city of global significance, easy to do business in, and strong and stable economy attributes, which explains its appeal to investors. Home to several of the world's most esteemed universities - including Columbia, NYU, and the City University of New York – the Big Apple has also been recognised as the 2nd best city in the world to study in behind only London. It is 2nd for the great universities and leader in science and technology attributes, comes 4th for great private schools, but falls much behind London on great publicly funded schools, ranking 41st overall. In general, NYC is perceived as the least affordable city in the ranking, coming 100th. Ranking 1st for great shopping, restaurants and nightlife and 2nd for great theatres and music venues, home to Fifth Avenue shops and Broadway theatres, NYC lives up to its name as the ‘city that never sleeps’. As a result, NYC ranks as the 2nd best city in the world to visit.

No 3. Paris - In vogue

Paris rounds off the podium, coming 3rd in the ranking with a score of 79.7 out of 100. Paris is also ranked as the world’s 2nd most familiar city. Complementing its strong Familiarity score, the ‘City of Love’ is also ranked as the 3rd best city in the world to visit. Boasting an abundance of renowned attractions, including the Eiffel Tower, the Louvre Museum, and the Moulin Rouge, Paris unsurprisingly scores better than any other city in the Culture & Heritage pillar, ranking 1st globally for beautiful architecture, great museums and galleries, and great theatres and music venues. The French capital also performs strongly in People & Values, ranking 2nd globally for being open and welcoming, fun, and having a strong identity and character, but falling behind on being friendly where it ranks 25th – perhaps in line with pre-existing perceptual stereotypes.

Dubai proves its reputation as the top city brand in the Middle East

Ranking 1st across the Middle East & Africa and 9th overall, Dubai comfortably makes the top 10 of the world's best-perceived cities, with a score of 75.8/100. Dubai has gained a reputation as the ‘City of Gold’ for being a major shopping destination for jewellery, but this title has grown to describe the city’s role in finance and trade more broadly. Dubai has performed well across multiple Business & Investment attributes, ranking 1st for future growth potential, 2nd in strong and stable economy, and 3rd behind only New York and London as a city of global significance. More cities from outside Europe and North America have performed well in the ranking too. From Australia, Sydney ranks 5th overall, standing out as the best city to live in, 2nd best to work and retire in, 3rd best to study and invest in, and 5th best to visit. Singapore, 6th in the ranking, and Tokyo, 7th, are the best perceived cities from Asia. Singapore boasts strongest perceptions globally as great for startups and innovations as well as clean and sustainable. It is also 2nd for easy to do business in, and 3rd for both strong and stable economy and future growth potential. At the same time, Tokyo ranks 1st as the global leader in science and technology.

Zurich leads rankings as the best city in the world to work locally, work remotely, invest, and retire, but low familiarity undermines its reach

Zurich is a highly desirable destination to work locally, work remotely, invest, and retire, claiming the top spot for each dimension. The city scores exceptionally well on Reputation (4th) and Consideration (1st) when considering all seven dimensions combined too, but a low score on Familiarity (53rd) prevents it from taking a higher spot in the overall ranking (17th). Zurich is a great example of a city brand successful in converting familiarity and perceptions into reputation and ultimately consideration. More so than for other cities, those that get to know Zurich, feel persuaded by its appeal as a destination, especially for work, investment, and retirement. Much like Swiss watch brands, Zurich is a “luxury city brand” – with a lower familiarity among the public, but a high regard among those that know it well. The trade-off of this positioning is a more modest reach than that of more popular city brands, such as London, New York, or Paris.

Brand Finance City Index 2023 

Read our new report on the world's most comprehensive research study on perceptions of the top 100 city brands, based on a global survey of close to 15,000 members of the public in 20 countries on all continents.