The Richest Cities in the World

The Richest Cities In the World

The global economy has seen substantial growth over the past decades with the total global GWP (Gross World Product) reaching $107.5 trillion in 2014 regarding PPP (Purchasing Power Parity). The majority of the GWP originates from developed countries. These cities have GDPs exceeding a trillion dollars with the top ten cities having GDPs exceeding $0.5 trillion.

Tokyo (Japan)

The Japanese capital city of Tokyo is the richest city in the world with a GDP of $1.69 trillion in 2014. Tokyo, originally a small fishing village, is currently home to more than 13 million residents. However, the greater Tokyo metropolitan area is the most populous metropolitan area in the world having a population approaching 50 million people. By 2012, Tokyo had a GDP of $2 trillion. Of the global fortune 500 companies, 51 are found in Tokyo. Tokyo has been the leading international finance center since the 1960s and has been known as the one of the three command centers for world economy, along with New York and London. The city is a regional business hub with many international companies having global and regional headquarters located in the city. The city is among the most expensive to live and a 2006 Economist Intelligence Unit study placed it at the top of the most expensive cities to live. Tokyo’s stock market, The Tokyo Stock Exchange, is the biggest in Asia and is one of the most important in the global economy.

New York (US)

New York City is the largest city in the western hemisphere and is the second richest in the world with a GDP reaching $1.56 trillion. New York has a booming real estate industry which is among the most expensive in the world where many apartments exceed a million dollars in value. Manhattan is home to the biggest central business district (CBD) in the world and hosts many headquarters of international companies and organizations including the United Nations Building. Wall Street is known as the origin of stock market due to the presence of the oldest stock market in the world, the New York Stock Exchange (NYSE). The NYSE is the second largest stock market in the world concerning the daily trading volume. Wall Street also hosts other stock markets such as the NASDAQ and the American Stock Exchange. The city also serves as an important shipping port due to its natural deep harbors and is a key player in the Trans-Atlantic shipping route.

Los Angeles (US)

Los Angeles is a city in the western United States. Los Angeles is the second richest city in the US and ranks third globally with a GDP reaching $866 billion. According to the 2010 census, the city had a population of 3.7 million residents in the urban area and almost 20 million in the greater area. The city is famous for its entertainment industry with major film companies located in the city such as 20th Century Fox, Paramount Pictures, and the Universal Pictures. The city is also famous as home to Hollywood and hosts the annual Academy Awards. The manufacturing industry in Los Angeles is the largest in the western United States and is a big contributor to the city’s economy.

Controversies

Although these cities are the richest in the world, the gap between the rich and the poor is often collosal, and this has brought with it many social problems such as crime. The crime rates in the cities have been increasing over the years, and this has made the local authorities to put measures in place to counter this problem.