Did you know that the wealthiest cities in the world are not based on the population, culture or expenditures? How do you determine whether a town is rich then? In most cases, the state of wealth of a particular city is measured by its Gross Domestic Product (GDP). What is a GDP? GDP is the total dollar value of all the output and services produced over a certain course of time, or simply; it is the size of the economy.
Unsurprisingly, these cities belong to the countries with a stable, well-performing economy, high literacy rates, high employment and low crime rates. Moreover, these cities have a high standard of living with a profoundly low rate of poverty. Now, the Finances Online released the list of the survey for the 2015’s top 10 wealthiest cities in the world by GDP. Discover the cities with the highest GDP per capita.
10. Shanghai, China (GDP: $516.5 billion)
With its area of 6,340.5 square kilometers, Shanghai is the largest city proper by population in the world with 23,019,148 inhabitants. In the 1990s, the city’s economic reforms redeveloped the city making a huge return of finance and foreign investment. Shanghai, as describe by most, is the “showpiece” of the booming economy of the mainland China.
While the economy of the city continuously grows, its tourism and other major sectors are also elevating. Among the cities in the world, Shanghai has been one of the fastest developing cities in the world.
9. Moscow, Russia (GDP: $520.1 billion)
Regarding Russia’s economy, the country boasts off their high-income mixed economy with state ownership. Did you know that Russia is the richest in terms of its resources in the world? It contains more than 30 percent of the natural resources of the world.
In its abundance of oil, natural gas, and precious metals, this has something to do with the Russia’s export shares. Furthermore, the country is known for it’s high-tech and high-quality military equipment and refined arm industry. Moscow is the primary supplier of the country’s food, steel, minerals, and chemicals.
8. Chicago, USA (GDP: $524.6 billion)
Home of the famous NBA team, Chicago Bulls, Chicago is a developed country with high-rising companies and industries which are a transportation and distribution center. In 2012, the city ranked as the 21st largest economy in the world.
Chicago caters the sources of the economy’s progress which includes manufacturing, printing, publishing, insurance, and food processing. These play a vital role in the economic growth of the city. Since 1833, the city consistently develops throughout the years.
7. Osaka, Japan (GDP: $654.8 billion)
One of the largest metropolitan areas in the world, Osaka ranked 19th among the world’s leading cities which have a significant contribution to the world’s economy. The home of some major companies like Panasonic, Sharp, and Sanyo, Osaka was once the commercial center of Japan.
Mercer ranked the city as the world’s second most expensive city for expatriate employees in 2009. Furthermore, Osaka was the world’s second most expensive city in 2013 as per the Economist Intelligence Unit’s Cost of Living study. Most industries include metal, textile, and plastic production.
6. Paris, France (GDP: $669.2 billion)
Paris plays the most important role in the economic growth of France which contributes over 30 percent of the French GDP. With its services and commerce, 80.6 percent of the enterprises are involved in commerce transportation and diverse services, 6.5 percent are engaged in construction and just 3.8 in industry.
Called the ‘City of Romance,’ Paris has been one of the tourism hubs in Europe. Every year, millions of visitors visit the city. Aside from that, it is also defined as the ‘Fashion Capital of the World’ which showcases the top-notch clothing labels.
5. London, England (GDP: $731.2 billion)
Aside from ranking as one of the “command centers” for the global economy, London is the leading financial center for international business and commerce. With an estimated Gross Value Added (GVA) of £309.3 billion ($546.4 billion) in 2012 and £37,232 ($65,768) GVA per capita, Brookings Institution ranked the city as the world’s fifth largest metropolitan economy.
While it contributes an estimate of 22 percent in the UK’s GDP, 18 percent engages in the professional, scientific, and technical services sector and 15 percent are in the construction industry. London also exports an estimated of £92 billion worth outputs annually.
4. Seoul, South Korea (GDP: $779.3 billion)
Due to its massive economic growth called the ‘Miracle on the Han River,’ Seoul is recognized as a leading and rising global city. It ranked as the fourth largest metropolitan economy in the world. And just recently, Arcadis ranked the city as the most livable city in Asia and the world’s second highest quality of life.
LG, Hyundai-Kia, and Samsung are situated in Seoul which makes it a world leading technology center. For nine years, Seoul has been in the top list with the best airport in the world. In terms of its public transportation system, the city is the world’s densest traffic and the best in the Northern Hemisphere. Seoul engages in the electronic, textile, iron and steel production industries.
3. Los Angeles, USA (GDP: $789.7 billion)
Also called the ‘City of Angels,’ LA is the second largest cities in the United States and the most populated cities in the state of California. It is the focal point of the American entertainment industry as the Hollywood is situated in the area.
Regarding the city’s economy, LA is recognized as a global city with a distinct economy in entertainment, culture, fashion, media, sports, science, technology, education, research and medicine. Within the US, Los Angeles has the largest economy and also regarded for the finance and banking industries.
2. New York, USA (GDP: $1,210 billion)
Also known as The Big Apple and the ‘City that Never Sleeps,’ New York ranked second wealthiest cities in the world by GDP. New York highly concentrates in its advanced service sectors including law, accountancy, banking, and management consultancy. It is the highest global center for the advertising industry.
New York’s economy is based on the financial, insurance, healthcare, and real estate industries wand the major center for mass media, journalism, and publishing in the US. Furthermore, NYC is the country’s most important arts center.
1. Tokyo, Japan (GDP: $1,520 billion)
Tokyo has been ranked as the wealthiest cities in the world by GDP and the world’s largest metropolitan economy. Due to its booming economy, this city extremely contributes to the world’s economy. Tokyo is a major international finance hub which caters several of the largest investment banks and insurance companies in the world.
Tokyo is also the center for Japan’s transportation, publishing, electronics and broadcasting industries. Although the country experienced natural calamities which left massive damages, the country was able to rebuild and outgrew into the most developed cities in the world. Tokyo is ahead with the electronics, telecommunications, and publishing industries.