Seoul ranked as the sixth-most competitive city in the world among 40 metropolitan areas last year, according to the 2012 Global Power City Index. The ranking was developed by the Seoul Institute and Japan's Mori Memorial Foundation based on a number of factors, including cultural interaction, environment and the economy.

Seoul has been making a steady climb in recent years, up from 13th in 2008 and seventh in 2011. The Seoul Metropolitan Government attributes the rise to economic progress and convenient transportation as well as a reduction in corporate taxes.

London and Paris ranked first and second in the survey.