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Tokyo is number one among
the richest cities in the world

A report by PricewaterhouseCoopers

11 March 2007: Greater Tokyo stands unrivalled in the world. For many years to come, the Japanese capital together with its surrounding urban areas will remain the richest and largest city in the world. Research published by PricewaterhouseCooper (PWC) in March 2007 places the Japanese capital at the top of the world’s richest cities between 2005 and 2020. In its own research on the world’s largest cities between 2006 and 2020, City Mayors also ranks Tokyo number one in the world.

Overall, the PWC research emphasises the economic significance of the world’s largest cities. The top 30 such cities ranked by GDP accounted for around 16 per cent of world GDP in 2005 and this share rises to around 25 per cent for the top 100 cities.

• At present, the mega-cities of the major developed economies continue to lead the global GDP rankings, with the top six in 2005 being Tokyo, New York, Los Angeles, Chicago, Paris and London.

• These mega-cities are of a scale comparable to many national economies. The Tokyo and New York urban agglomerations, for example, have estimated GDPs at purchasing power parity rates (PPPs) broadly similar to those of Canada or Spain, while London has a higher estimated GDP at PPPs than Sweden or Switzerland.

• None of the projected top 30 fastest-growing large cities in 2020 are from the major advanced economies, with emerging economy cities rising up the rankings.

• Five emerging economy cities are currently in the top 30 ranked by GDP (Mexico City, Buenos Aires, Sao Paolo, Moscow and Rio de Janeiro), but projections suggest that all of these cities except Rio will move up the global rankings by 2020 while fast-growing cities such as Shanghai, Mumbai, Istanbul and Beijing will move into the global top 30 by then.

• Three Indian cities are projected to rise into the top 100 in the GDP rankings between 2005 and 2020, while China and Brazil each have two new entries in the top 100. Ten of the 30 fastest growing large cities in the period 2005-20 are projected to be from China and eight from India.

• London is projected to grow somewhat faster than rivals such as Tokyo, New York, Chicago and Paris, moving up to fourth place by 2020, but other ‘old Europe’ cities, including Rome, Milan and Berlin, appear likely to slide down the rankings as the emerging economy cities of Asia and Latin America rise.

John Hawksworth, head of macroeconomics at PricewaterhouseCoopers LLP, said that within the developed world, it seemed likely that the most successful cities of the future would be those that had comparative advantages in intangible business, financial and consumer services that were not so easily emulated by the rising stars of China, India or Brazil. “A larger global market can still be of great benefit to those ‘old Europe’ cities that are likely to slide down the relative GDP rankings. Historic capital cities such as Rome, Vienna and Berlin, for example, should benefit from increased tourist revenues from the residents of cities in the emerging economies, while London and Frankfurt should benefit from the increased financial services trade and Paris and Milan should find new markets for their fashion industries,” he explained.

Thomas Hoehn, head of the economics practice at PricewaterhouseCoopers, added that the general increase in cities’ GDP across the world was good news, not only for emerging market economies. “Cities of the established developed economies should see this as more of an opportunity than a threat. It gives them opportunities to specialise in areas where they have potential comparative advantages in fast-growing global markets,” he pointed out.

Tables: Richest cities in 2005 | Richest cities in 2020


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Related research

THE MOST EXPENSIVE AND RICHEST CITIES IN THE WORLD

UBS survey (2011): Most expensiv and richeste cities (Intro) | World's most expensive cities (table) | Richest cities by personal earnings (table) | Richest cities by purchasing power (table | The iPod index |

ECA International survey (2011): Introduction | Table: World | Table: Europe | Table: Asia |

Mercer survey (2011): Most expensive cities

EIU survey (2012): Most expensive cities

RICHEST CITIES BY GDP
Introduction | 150 richest cities in 2005 | 150 richest cities in 2020 | Europe's richest cities |



World Mayor 2014
26 mayors from across the world are competing for the 2014 World Mayor Prize
CHOOSE THE WINNER NOW


Support the Mayor you believe should win the 2014 World Mayor Prize



NORTH AMERICA
Mayor Naheed Nenshi
Calgary, Canada
Mayor Annise Parker
Houston, USA
Mayor Mick Cornett
Oklahoma City, USA
Mayor Kevin Johnson
Sacramento, USA



LATIN AMERICA
Mayor Marcio Lacerda
Belo Horizonte, Brazil
Mayor Álvaro Arzú
Guatemala City, Guatemala
Mayor Carlos Eduardo Correa
Monteria, Colombia
Mayor Carlos Ocariz
Sucre, Venezuela



EUROPE
Mayor Daniel Termont
Ghent, Belgium
Mayor Alain Juppé
Bordeaux, France
Mayor Albrecht Schröter
Jena, Germany
Mayor Yiannis Boutaris, Thessaloniki, Greece
Mayor Giusy Nicolini, Lampedusa, Italy
Mayor Nils Usakovs
Riga, Latvia
Mayor José Ramón García, Ribera de Arriba, Spain
Mayor George Ferguson, Bristol, UK
Mayor Joe Anderson, Liverpool, UK



ASIA
Mayor Tri Rismaharini (Risma)
Surabaya, Indonesia
Mayor Yona Yahav
Haifa, Israel
Mayor Jed Patrick Mabilog
Iloilo City, Philippines
Mayor Hani Mohammad Aburas
Jeddah, Saudi Arabia
Mayor Park Won-soon
Seoul, South Korea
Mayor Aziz Kocaoglu
Izmir, Turkey



AUSTRALIA
Mayor Clover Moore
Sydney, Australia



AFRICA
Mayor Jacqueline
Moustache, Victoria, Seychelles
Mayor Thabo Manyoni
Mangaung, South Africa



Previous winners
and runners-up

Previous winners and runners-up include the mayors of Bilbao, Perth, Mexico City, Oklahoma City, Cape Town, Zurich, Melbourne, Amsterdam, Athens, Mississauga and Tirana. The World Mayor Project aims to show what outstanding mayors can achieve and raise their profiles nationally and internationally. MORE