Wealthiest Cities in The World
Over the last decade, the Gross World Product (GWP) has seen significant growth and it is projected to hit US$88.08 trillion in 2019. Unfortunately, most of GWP actually comes from developed countries. Statistics show that the top 5 cities in the world have GDPs that exceeds US$1 trillion. The actual state of wealth in a city is usually determined by its Gross Domestic Product (GDP), not culture or population as many people think.
In simple words, GDP is the total dollar value of all products and services produced over a certain period of time in a particular city. Wealthiest cities in the world not only have a stable and thriving economy but they also have high literacy, high standards of living, high employment rates and low crime rates. In this article, we are going to discuss wealthiest cities in the world based on GDP.
Tokyo, the capital city of Japan is the world’s wealthiest city. However, the industrial revolution has transformed this great city to economic giants. Tokyo economic transformation started when Tokugawa Leyasu come into power and made Edo (now Tokyo) his headquarter way back in 1603.
Although this great city has experienced setbacks in the recent past like the devastating earthquake that occurred way back in 1923 and bombs from a second world war, Tokyo was able to bounce back and went on to build one of the strongest economies in the world. Currently, Tokyo has the most populous metropolitan in the world with a population that is now approaching 50 million.
Out of the global fortune 500 companies, 51 of them are actually located in Tokyo. This great city has also been the leading global financial center since 1960 and it is also one of the leading economies alongside London and New York. The Tokyo stock exchange is not only the biggest in Asia but it also plays a key role in the global economy.
Tokyo leading industries include publishing, electronics, and telecommunications.
GDP: US$1.7 trillion
New York, United States
New York is the second wealthiest city in the world and the largest in the western world and is often regarded as the city that never sleeps. There is common saying that “if you can make in New York then you can make it anywhere in the world”.
New York is also one of the historically rich states in the US. It is also one of the few cities that abolished the slave trade in the US and served as the entry point for immigrants who came from other European countries. New York is a powerhouse when it comes to the real estate industry and it is among the most expensive cities to live in.
New York also boasts of having the biggest central business district in the world. The city also hosts many reputable international organizations and companies including Wall Street, the United Nation Building and the famous New York Stock Exchange which is the largest stock exchange market in terms of trading volume.
Just to emphasize on how wealthy New York is, if it was an independent state, it would have the 12th highest GDP in the world.
GDP: US$1.56 trillion
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