The Richest cities can be measured using their Gross Domestic Product (GDP). GDP refers to the value of goods and services generated in a given area. Thus, the greater a city’s GDP, the wealthier it is.
Some towns are more affluent in terms of population, while others are wealthy in terms of wealth. Higher human resources mean higher productivity, a more efficient economy, and a higher GDP.
Here is a list of the top ten wealthiest cities in the world by population.
With a gross domestic product of 1.52 trillion dollars, Tokyo is the world’s wealthiest metropolis. In terms of GDP, Tokyo has the world’s largest urban economy. Moreover, it is the largest industrial center in Japan. As a result, it has a sizable market with complex needs. Tokyo is advanced in the industry, but it also leads other cities in research and universities.
The population is believed to be around 1.3 million. In Tokyo, the cost of automobile ownership and housing is relatively expensive. Tokyo’s business environment is well-balanced, which is why it is home to many types of industrial and corporate enterprises.
Tokyo has been the largest city for over half a century. The size of family financial assets has increased in Tokyo. Tokyo is the most powerful city in Asia, according to the global power city index. In Tokyo, to be precise. There are about 1500 financial institutions that provide advanced services. Tokyo’s stock market is prosperous. Every day, Japan’s stock market is worth $3 trillion.
Tokyo has a robust industrial base. Tokyo focuses on industrial industries to represent the entire globe in medicine, machinery, and automobiles. In addition, this city has a very reliable transit system and well-educated human resources.
2. New York City
New York has the most developed economy in the United States. It serves as the world’s financial hub. After Tokyo, it is the world’s second most wealthy city with a GDP of 1.21 trillion dollars. The gross domestic product of New York reflects the state of the city’s economy (GDP). It is a self-governing city with an estimated population of 8.8 million people.
In the USA, New York City is the essential job hub for banking, finance, and communication. It is also a significant manufacturing hub with a technologically advanced sector. The New York Stock Exchange is the world’s most influential stock exchange.
The educational services, healthcare, and social care industries collectively contributed $135 billion to the state’s gross domestic product. In New York, more than 941,000 people work in more than 77,000 retail establishments.
This city exports a wide variety of produced items to both foreign countries and other US cities. As a result, technical manufacturing in this city has increased at a similar rate.
Working in the New York corporate scene also attracts new talent to the educational sector. As a result, the private school market in New York is booming.
3. Los Angeles
Los Angeles comes in third with a GDP of $789.7 billion. Only 13.3 percent of the population lives in poverty. The population is estimated to be around 10.1 million people. The city is known as the entertainment capital of the world. More than 200 museums may be found in Los Angeles.
It has a thriving economy with fast-increasing high-tech industries. With a dozen major industries, it is the nation’s creative capital. In terms of volume and value of items handled, it is the country’s largest port. In Los Angeles, more than 100 foreign and domestic banks had branches. It is a popular tourist destination as well. In this area, tourism employs almost 46,000 people.
This city’s economy is heavily reliant on international trade. As a result, it provides a wide range of job opportunities and extensive education and skills to
assist enterprises in their growth.
With a GDP of $779.3 billion, Seoul ranks fourth on the list. It is a powerful city with a population of ten million people.
One of the city’s major industries is manufacturing. The service sector is the most populous. It is the economic hub of the country. In a global startup report, it is ranked 16th out of 280 cities. Seoul’s three pillars are business, technology, and transportation infrastructure. The city’s economy accounts for 67 percent of the national economy.
Seoul has launched the ‘sharing city Seoul’ initiative to promote the combined use of public and private resources. Its goal is to reduce the city’s wastage and expand economic opportunities.
London’s economy is the most developed in Europe. London’s GDP is 731.2 billion dollars. It is the UK’s most populated region, accounting for 22% of the country’s GDP. The professional and scientific sector accounts for 18% of the total, while the construction sector accounts for 15%.
The service industries dominate London’s economy. It is known as the global economy’s command center. Around 100 millionaires live in the city. But, in reality, London has always been a prosperous city.
London’s economy is primarily a well-developed social market and market-oriented economy.
With a GDP of $669.2 billion, Paris is ranked sixth. Paris has an 11-million-strong population. It is mostly business and service-oriented. It contributes more than a third of France’s gross domestic product (GDP). The top headquarters of French corporations are in Paris Banks, and six of the top twelve companies are in the insurance industry.
Paris is known for its high-end goods for the wealthy. Fashion labels account for a large percentage of the economy. It’s a prosperous city, with a household income that’s 60% more than the other.
With a GDP of $654.8 billion, Osaka is Japan’s most important economic center. Because of the multiple industries, it has a high population density. The population is estimated to be around 24.65 million people.
Osaka is responsible for 3.6 percent of Japan’s GDP. International traders will find Osaka to be a great location to invest with local partners. Skilled manufacturers, machinery, chemical, food, and construction industries all call it home. Osaka has a massive market comparable to a developed country, with a plethora of commercial opportunities.
With a GDP of around $ 529.1 billion, Moscow is ranked eighth on the list. However, 12 million people were living there, according to reports. So Moscow’s economy is a bit of a mixture.
It has a lot of natural resources, such as oil and gas. Machinery, automobiles, medical equipment, and metals are among the items it exports to foreign countries. In addition, its large geographic area plays a vital role in its economic development.
Chicago’s overall economic production is 524.6 billion dollars, ranking third in the United States behind New York and Los Angeles. Chicago’s key industries are food, metals, and plastics. In addition, this city is the leading industrial city due to its central location.
The city is an economical stronghold that has been well-managed. It is home to the headquarters of almost 400 large corporations. As a result, the city is a crucial player in healthcare technology development.
Shanghai is in last place, with a GDP of roughly 516.5 billion dollars. The city is transitioning from an industrial to a post-industrial economy. Wholesale, retail, transportation, construction, and manufacturing are the key industries.
Shanghai is said to as a “showcase of China’s rising economy.” The city is a global financial and innovation hub. After Beijing, it has the second-highest number of billionaires. The Shanghai Stock Exchange is worth $4.02 trillion in market capitalization. As a result, it is the largest stock market in China.
The bottom line
The Gross Domestic Product (GDP) is a metric for measuring economic growth. If the GDP is increasing, the economy is doing well. As a result, the country is progressing. Economists use GDP to measure a city’s progress. Whether it’s a city or a country, they must have a higher GDP if someone wants to be prosperous.
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