NEW YORK (CBSNewYork) - The old saying ‘If you can make it here, you can make it anywhere’ really is true according to a new report.

WCBS 880′s Marla Diamond On The Story

The Economist’s intelligence unit ranks New York number one among the 120 most competitive cities worldwide and Mayor Michael Bloomberg on Monday took some of the credit.

“We made the investments that have brought it to life. These long-term investments will not only keep New York City competitive, I think, for decades to come, but we’re seeing great benefits right now,” he said.

One of the city’s lowest-rankings however was in human capital. The report blames federal immigration policy for closing its borders to the world’s best and brightest.

“The next big things are going to be invented and developed elsewheres, and you cannot keep staying on top if that happens,” said Bloomberg.

The report says global economic development is shifting, with the weight of power moving rapidly to the far east.