The Gross Domestic Product (GDP) is the most comprehensive quantitative assessment that can be taken of a whole city’s economic activity.
To be more explicit, gross domestic product is the sum of the monetary or market worth of all completed products and services produced inside a nation’s boundaries within a certain period. It’s not always the case, but bigger isn’t necessarily better when it comes to the wealthiest cities in the world.
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1o. Shanghai, China
Even though the epidemic caused a severe economic slowdown, Shanghai has managed to maintain its position as one of the wealthiest cities in the world. A post-lockdown business recovery plan was made available to the public in June of 2022 by the city of Shanghai to make up for financial losses. This includes action plans to aid with rent, taxes, company subsidies, and various other financial burdens.
Their port, the biggest container port in the world, contributes significantly to the total money they bring in. Manufacturing was considered one of Shanghai’s most prosperous industries in the past.
However, in recent years, this sector’s growth has slowed and is gradually replaced by others, including financial services, trade, information technology, real estate, and commerce.
Remember that state-owned corporations in China get tremendous government support regardless of the economic conditions, including even Global 500 companies like SAIC Motor and China National Petroleum. This support is so strong that it even affects the stock prices of these companies.
9. Rhine-Ruhr, Germany
The Rhine-Ruhr metropolitan region is the center of Germany’s industrial and commercial activity. This central metro region has a long tradition of serving as Germany’s primary center for the country’s heavy manufacturing industry. On the other hand, it has shifted its focus in recent years to other economic pursuits that are more lucrative, such as banking, high technology, and insurance, to mention just a few examples.
The Rhine-Ruhr metropolitan area is broken up into three distinct areas, and each of these regions contributes to the overall gross domestic product of the Rhine-Ruhr metropolitan area. The Rhine-Ruhr metropolitan region is home to several Fortune 500 firms, some of which include ThyssenKrupp AG, RWE AG, Bayer AG, and Evonik Industries.
8. Osaka, Japan
The findings of a survey conducted by Teleport indicate that Osaka performs admirably in the categories of reasonably priced housing, community safety, commercial opportunities, and medical care. Osaka has been recognized throughout Japanese history as an important financial hub.
This perception continues to this day. Osaka is known as a hub of learning owing to the numerous colleges of high grades located in the city, such as Osaka University and Kansai University.
As a result, Osaka draws enterprises that are creative and inventive. For example, Osaka is home to prominent enterprises in various industries, including electronics (including Sharp and Panasonic), pharmaceutics, food, retail, and trade. Companies that work in information technology and biotechnology contribute to the overall variety.
If you look at this chart, you’ll see that the manufacturing industry has the highest percentage, coming in at 16.6 percent, followed by the retail sector, which has 16.6 percent, and real estate, which has 11.4 percent.
7. Chicago, USA
There is a robust financial sector in the economy of the City of Chicago, which can be found at the Chicago Board of Trade, NYSE Arca, Chicago Mercantile Exchange, Chicago Board Options Exchange, and the Chicago Stock Exchange.
All of these exchanges are located in Chicago. AT & T, Walgreens, Abbott Labs, the CTA, Walmart, and Allstate Insurance, amongst other businesses, are major city employment drivers. Food processing, manufacturing, publishing, insurance, and tourism are just some of the many industries that have flourished in the city.
Before the advent of Covid, Chicago had around 55 million visitors in 2017. The City of Chicago’s Department of Planning and Development is committed to fostering economic growth and supports this goal via various economic development projects.
The Small Business Improvement Fund, the Chicago Recovery Grant, the Special Service Area Program, Tax Increment Financing, and several other programs are included in these projects.
6. Seoul, South Korea
The capital and largest city of South Korea, Seoul is also the country’s economic center. The manufacturing industry was formerly the dominant sector, but in recent years, it has been overtaken by more cutting-edge fields such as high technology, financial services, and electronic products.
Samsung is a big powerhouse in the city of Seoul. Kia, Daewoo, and Hyundai are three other corporations essential to Seoul’s economy’s prosperity.
The Korea Exchange on Yeoui Island serves South Korea’s version of Wall Street. SK Holdings, POSCO, and LG Electronics are just a few corporations that are part of the Fortune Global 500.
Because there is such a significant concentration of high-tech firms in Seoul, it is sometimes referred to as “the most connected city in the world.”
5. Paris, France
It should be no surprise that the tourism industry makes up a significant portion of Paris’s economy. After all, Paris is one of the most popular tourist destinations in the world since it is known as the city of love and art.
It is also a city with a solid industrial presence—although it was once one of the most formidable manufacturing competitors, manufacturing now accounts for around 10 percent of the economy’s income.
It has been swiftly supplanted by the information technology sector and the financial services industry. In addition, Paris is the headquarters of several Fortune Global 500 corporations, including BNP Paribas, Peugeot, CNP Assurances, SNCF, and Vivendi, amongst others.
4. London, United Kingdom
The importance of the shipping industry to the world’s economy has been eclipsed in recent years by the growth of service-oriented businesses such as the financial sector.
London is recognized as one of the most important global economic hubs. Canary Wharf, HSBC, and Barclays are three of London’s most significant financial powerhouses.
In addition, it serves as the headquarters location for around three-quarters of the world’s Fortune 500 corporations. With more than 20 million tourists coming through the city every year, the tourism industry is another sector that brings in vast amounts of money for the City of London.
Lastly, London is home to several of the most well-known Fortune Global 500 firms, including the Lloyds Banking Group, Prudential, J. Sainsbury, BP, Tesco, and Vodafone Group, amongst others.
3. Los Angeles, USA
The city of Los Angeles makes significant efforts to foster economic growth in the local community. The city of Los Angeles makes effective use of employment training programs as well as development initiatives. Through various employment training programs, the Private Industry Council helps foster the local economy’s growth.
Los Angeles is also bustling with construction and development projects, including the refurbishment of companies like Mann’s Chinese Theater and the construction of new infrastructure.
The entertainment industry, international commerce, gambling, tourism, fashion industry, and several other sectors are vital to the success of Los Angeles’ economy.
Los Angeles is the manufacturing hub of the nation, which is a truth that is not well recognized. The cannabis industry is very new, yet it has already contributed to the rapid expansion of the city’s economy.
2. Tokyo, Japan
Tokyo is the city with the highest per capita income in the world. In addition to being regarded as the world’s financial hub, Tokyo is also known as the home of invention and innovation, as well as anime, manga, and, of course, robots. Tokyo is home to some of the most successful businesses and financial brains found anyplace on the planet.
This comprises the rapidly developing sectors of FinTech, which stands for financial technology. Tokyo has maintained its position as the world’s most populous city for over half a century and shows no signs of relinquishing its leadership.
Asset management, financial technology, and environmental, social, and governance investments all point to Tokyo’s sustained rise as one of the most important economies in the world. Tokyo is home to several Fortune Global 500 corporations, including Honda Motors, Hitachi, Sony, and Mitsubishi.
1. New York City, USA
New York Metropolis is living up to its image as a resilient and resourceful city, even though it is still showing signs of being beaten and wounded due to the pandemic’s ravages.
Wall Street is the driving force behind New York City’s thriving economy, which is the biggest in the United States. Several industries, including health care, tourism, real estate, technology, publishing, fashion, journalism, and insurance, all significantly contribute to New York City’s economy.
There are now 43 Fortune 500 firms that name New York City their home. Some of these companies are as follows: Verizon, JP Morgan, Pfizer, Citigroup, MetLife, Goldman Sachs, and Morgan Stanley.
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