As people increasingly move into cities, the world’s major economic zones are concentrating around a few, mega-powerful metropolitan zones. (We could call them the 1% of cities.) These cities each engage in fierce competition to attract foreign and local investment and grow their economies. Find out where the world’s economic power lies in our list of the 25 most financially powerful cities in the world.
The capital of Russia and indisputably one of the world’s most financially powerful cities, Moscow is home to the highest amount of the world’s billionaires and to Gazprom, the world’s largest natural gas exporter.
A major global financial city thanks in large part to the California Gold Rush, San Francisco originally built itself up with finance and tourism. Since the end of the 20th century, San Francisco has pushed into medical research and technology, evidenced by its role as headquarter of companies such as Facebook and Google.
The third in a three-way tie for #23 (with San Francisco and Moscow), Washington, D.C. is politics first (but politics often means money) with 29% of jobs working for the federal government. On its own, the D.C. metropolitan area is the fourth-largest metro economy in the United States.
Famous for its watchmaking, Geneva comes onto our list at #22, understandably so due to Switzerland’s reputation as a banking centre. Geneva’s private banks are home to over $1 trillion (that’s 1,000,000,000,000) in assets.
The first in a four-way tie for #18, Shanghai is the financial centre of mainland China. It should come as no shock that Shanghai has experienced double-digit growth for almost every one of the past 20 years, largely due to its port: the busiest container port in the world.