Top 10 cities in the world with the highest GDP rate

Top 10 cities in the world with the highest GDP rate

Updated on September 13, 2022 15:20 PM by Sally Harbor

How developed a country is and how wealthy a city is calculated using GDP, which is the Growth of Domestic Product. When a city has a GDP, it is much wealthier than those which have lesser GDP. Today, urban centres or urban cities, in general, generate more GDP for many countries because cities have become the centre of attraction and attention with their innovations, creativity, and cultural variations. These components have acted as focal points for finance, business services, corporate headquarters, and government. 

The richest cities or the cities which have more GDP all belong to the developed countries of the world and not to the developing or under-developed ones. Some of these cities are so wealthy that they have significant economies. One factor that has majorly contributed to making these cities grow wealthier is that they have large populations of people who are ready and willing to pay money which in return attracts more business investments and government spending.

Also, cities with strong tech sectors, lucrative industries, and large populations tend to attract more wealthy people leading to an increase in their GDP. So here is a list of all the wealthy cities in the world with high GDP. 

1. Tokyo 

You might have thought that the first might be a city which belongs to the USA or UK, but that’s not true. Tokyo, which is the capital city of Japan, stands first in the list of countries which have a GDP. 

Tokyo is the most populous city in Japan, and it is the main political and economic centre of the country. The city has a GDP value of $1.790 billion. Tokyo was initially a fishing village in the 1600s, but it had grown to become the most populated city worldwide by the 18th century. 

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Tokyo has a very high GDP rate when compared to any other city in the world because it is a major international finance centre which houses the headquarters of some of the world's largest investment banks and insurance companies. In addition, the city acts as a hub for Japan’s publishing, broadcasting industries, and transportation services.

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2. New York 

New York is the city with the highest population in the United States, and it is also the second wealthiest city worldwide, with $1.732 billion in GDP value. Furthermore, it is also the city with the most millionaires per capita. The city is a centre for many industries, including international trade, financial technology, finance, real estate, fashion, manufacturing, entertainment, education, tourism, and biotechnology. 

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New York also generates a lot of wealth because it is the headquarters for the United States financial industry, better known as Wall Street. New York’s financial sector is so powerful that it has become the world’s leading financial centre. The city also hosts the world’s largest stock exchanges by market capitalisation, NASDAQ and the New York Stock Exchange. 

3. Los Angeles 

Los Angeles marks the third position in this list, and it is the second most populated city in the US. It has a GDP value of $1.048 billion, mostly contributed by a productive entertainment industry. LA is also one of the biggest global centres of international trade, tourism, media, business, education, sports, and technology. 

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The city is also home to many car manufacturers like Honda, Mazda, Hyundai, Suzuki, and Mitsubishi. Along with being a hub for the manufacturing industry, most of its economy also comes from the entertainment industry, with a sharp focus on TV, motion pictures, music, and interactive video games. 

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4. London 

London is the capital city of the United Kingdom, and it is also the financial centre of England and one of the world’s most populated global cities. Most of its wealth comes from commerce, fashion, arts, finance, media, communications, entertainment, education, and tourism in England which makes London have a GDP value of $937 billion, making it the biggest urban economy in Europe. 

Also read: 10 Richest Cities in the World in terms of GDP

London is also a major financial centre of Europe and one of the largest in the world, with over 450 banks in the city. The city first became a financial centre in the early 1800s.In addition to this, London has the highest concentration of higher education centres in Europe and has the world's most expensive office market. 

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5. Seoul 

Seoul is the most populated city in South Korea and is also the country’s cultural, commercial, financial, industrial, and residential centre. It has been the capital city of South Korea for around 2,000 years, and it has a GDP of $915 billion. 

Seoul plays a very important role in the economics of South Korea because it generates half of the country’s GDP. Earlier, the economy of Seoul largely depended upon manufacturing. Still, the economy has been bending more towards the knowledge hub now, as a result of which high-tech business parks have come up in the city to serve as business incubators.

6. Paris 

Paris, also called the City of Love, is the capital of France, and it is one of the richest places in the world, with a GDP value of $866 billion. Paris has remained as one of the strongest financial centres of Europe since the 18th century. 

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Along with this, the city has been the centre for diplomacy, fashion, science, and the arts. The economy of Paris heavily relies on commerce, services, transportation, construction, and industry. But with the coming of modern times, Paris has gradually shifted its economy to high-value-added service industries like finance, IT services, and high-tech manufacturing. 

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7. Shanghai 

Shanghai is the capital city of China and has a GDP value of $608 billion which is more than the GDPs of many other National countries. Shanghai-like Tokyo was initially a fishing village and market town, but it grew vastly from the 19th century due to domestic and foreign trade, especially in its strategic port location.

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Today, Shanghai has become Asia’s commercial and financial hub, and it also plays a significant role in booming China’s economy. The city has also become a global centre for innovation and finance and is also a national focal point for commerce, transportation, and trade. Shanghai is also home to the Port of Shanghai, the world’s busiest container port. 

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8. Moscow 

Moscow is one of the wealthiest and largest cities in the world. It was the first city in Russia which came into existence back in the 1100s and has now grown to become Russia's political and economic centre, with a GDP of $604 billion. 

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It is also a very wealthy city as it ranks among the top ten cities with the highest number of billionaires. In addition, Moscow has many financial centres that contribute to the city’s GDP. The most significant industries which bring a lot of wealth and prosperity to Moscow are chemical, energy production, software development, food, furniture, and machinery industries. 

9. Beijing 

You will find China everywhere around you and also in all the lists of GDP values that ever exist. Beijing is the capital of the People's Republic of China and is the most populated national capital city in the world, which grants a GDP of $554 billion to it. Along with this, the city is the world's billionaire capital as it ranks first on the list of cities with the most billionaires.

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The city has grown very widely over the years and has become a global city. It is also one of the leading cities in the world for culture, politics, diplomacy, business, economics, science, and technology. Beijing is also home to the largest state-owned companies in China and the highest number of Fortune Global 500 companies globally. 

10. Washington DC 

Washington DC is the capital city of United States of America and is also the main seat of the United States Federal Government and international organisations. It has a GDP of $541 billion and plays a major role in the country’s tourism economy as it caters to the most tourists or visitors that come to the country. 

Although Washington attracts many tourists, it enjoys a a good diversified economy. Some of its industries include finance, education, scientific research, and public policy, which makes Washington DC one of the most competitive financial centres in the world.

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