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10 Wealthiest Cities in the World: It’s Not New York or London at the Top

Category: Financial News

What does make a city rich? Is it the people? Is it the culture? Or is it a combination of a lot of things? In most cases, state of wealth at the city level is measured by its Gross Domestic Product, or GDP. The term refers to the market value of all the goods and services offers and provided by a particular locale. In terms of GDP rankings, here are the 10 wealthiest cities in the world today.

10. Shanghai, China

GDP: $516.5 billion
Area: 6,340.5 square kilometers
Population: 23,019,148

shanghai

With the Chinese economy experiencing a big boom, it is no wonder that a Chinese city will make it to the list. While Beijing is the cultural and political seat of China, Shanghai is known to be its commercial hub and will remain as such for many years to come. Most of its major industries engage in tourism, chemical and steel production sectors and majority of foreign embassies have chosen Shanghai as its home, which greatly adds to the prestige and appeal of the once small fishing village on the Chinese east coast.

9. Moscow, Russia

GDP: $520.1 billion
Area: 2,510 square kilometers
Population: 11,503,501

moscow

The Russian capital offers more than their famed vodka and luxurious caviar. That’s for sure. After getting dethroned as the official seat of the country when St. Petersburg was founded, Moscow was reintroduced as the capital city of Russia after the 1917 Revolution. After getting involved in countless wars and historical milestones, Moscow now provides a huge fraction of the country’s supply of food, steel, minerals, and chemicals.

8. Chicago, USA

GDP: $524.6 billion
Area: 606.1 square kilometers
Population: 2,707,120

chicago

Chicago is home to the Chicago Bulls, the basketball team that lorded over the basketball scene in the 1990s. It is also home to the deep-dish pizza, a culinary offering rarely found anywhere else. But Chicago is more than just basketball and an Italian dish. The city’s roots are so deep they would trace back to Native Americans that called the Windy City home. Since the modern founding of Chicago in 1833, all the city did was grow and it is still developing up to this day. Current industries found in Chicago are manufacturing, printing and publishing.

7. Osaka, Japan

GDP: $654.8 billion
Area: 552.26 square kilometers
Population: 1,545,410

osaka

One of the oldest and historically significant cities in Japan, Osaka’s origins go back to as far as 6 BC. But Osaka’s true beginnings as a city flourished during the Edo Period from 1603 to 1867. Today, only 223 square kilometers of its total land area can be described as an urban metro. The rest of the land is either designated as agricultural and cultural. Tourist attractions include the Osaka Castle and Universal Studios Japan.  Most industries found in the city engage in metal, textile and plastic production.

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6. Paris, France

GDP: $669.2 billion
Area: 105.4 square kilometers
Population: 10,413,386

paris

While it has the reputation of being the City of Romance today, Paris went through a very stormy history. That includes countless wars during the rise and fall of the Roman Empire, battles in the Medieval Period, the Black Plague, invasions from Asia, and two World Wars. Today, apart from being the City of Romance, Paris is now the Fashion Capital of the World, with high end clothing labels lined up in their streets and fashion designers and models flocking to the city to make it big. Places worth of attention include the famed Eiffel Tower, the Champs Elysees, the Louvre Museum and the Arc de Triomphe.

5. London, England

GDP: $731.2 billion
Area: 1,570 square kilometers
Population: 8,173,194

london

London started out as a Roman settlement called Londinium and soon grew to be a huge city even after the collapse of the Roman Empire. London suffered much throughout the history. There was the Great Fire in 1666, which was then followed by the Black Plague a century after. London also figured as an immensely important city during the two World Wars. The city was a dream destination for many people from different races, cultures, and religions, making London a vital melting pot of the world. Tourist spots worth going when in London are the Buckingham Palace, the Tower Bridge, the London Eye and the world-famous Big Ben clock tower. As far as commerce goes, the city thrives on finance and banking.

4. Seoul, South Korea

GDP: $779.3 billion
Area: 605.21 square kilometers
Population: estimated 10 million

seoul

History says that Seoul was founded as early as 17BC and is considered to be one of the oldest surviving settlements in the East Asian region. Seoul suffered heavily during the Second World War against Japan and against China and Korea during the Korean War from 1950 to 1955. When a truce between the two Koreas was formalized, Seoul started to develop as a city and never stopped since. Today, tourists from all over the world flood Seoul, visiting places of note like the Korean War Memorial, Namsan Park, Changdeokgung Palace and the N Seoul Tower. Major businesses anchored in Seoul engage in electronic, textile and iron and steel production.

3. Los Angeles, USA

GDP: $789.7 billion
Area: 1,302 square kilometers
Population: 3,792,621

la

Known to the world as the City of Angels, the glitzy and plush city of Los Angeles comes from very humble beginnings. Founded as a small village made up of predominantly Spanish-descent settlers, the village evolved to a huge town when Americans won it in 1847. The construction of railroads attracted more settlers and helped build business establishment until it blossomed to the city we know today. While many regard Los Angeles as the filmmaking and showbiz hub in the United States, most businesses found in the city belong to the finance and banking sectors.

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2. New York, USA

GDP: $1,210 billion
Area: 1,213square kilometers
Population: 8,244,910

nyc

The Big Apple. The City that never sleeps. If you can make it in New York, you can make it anywhere, or so that old Frank Sinatra hit goes. New York is one of the most historically rich cities in the United States, particularly in the East Coast. It figured in the Anglo-Dutch War, where the Dutch won the city but eventually turned it over to the English as decreed via a treaty in 1647.  New York was one of the cities that called for the abolition of slavery in the United States and it also served as an entry port to immigrants from Europe, which made New York into a culturally diverse place that it is today. Attraction in the city includes the Times Square, the Statue of Liberty, the Brooklyn Bridge and the Empire State Building.

1. Tokyo, Japan

GDP: $1,520 billion
Area: 2,187.6 square kilometers
Population: 13,185,502

tokyo

Great things come from small beginnings, or so the old adage goes. And it is the case for Tokyo, Japan. The city’s origins start from being a little fishing village and becoming the country’s seat of power when  Tokugawa Ieyasu ascended to power as Shogun and chose Edo as the location of his headquarters. Edo is the former name of Tokyo. The city suffered a turbulent past – an earthquake in 1923 almost levelled the city which was also the receiving end of extensive bomb runs during the Second World War. After Japan’s surrender in 1945, Tokyo went to rebuild and grew into the most progressive city in the world today. Tokyo’s leading industries are electronics, telecommunications and publishing.

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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