Yahoo Finance City Spotlights: Top 10 Economies Primed for 2024’s Boom
A city’s economy drives its job market, determines access to its goods and services and creates its wealth-building opportunities. February data from the Economist reported 353,000 more jobs in January 2024, and the S&P 500 index surged 15%, which is good news for investors.
Learn More: Here’s How Much the Definition of Middle Class Has Changed in Every State
Check Out: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
In 2024, we’re primed for an economic boom. But some cities are more robust than others. According to economic data from the Oxford Economics Global Cities Index, the United States leads the world economy category, holding seven spots on the top 10 list. Here are the top 10 cities in the world driving finance and industry.
New York
Population: 20.5 million
GDP: $2.3 trillion
GDP per person: $114,000
The Big Apple, considered the economic capital of the world, grabbed the top spot for the economics category on the 2024 Global Cities Index. New York is the central hub for finance, media, fashion, technology and much more. While New York took the hardest hit among cities during the COVID-19 pandemic, it made a quick recovery.
Trending Now: 6 Reasons the Poor Stay Poor and Middle Class Doesn’t Become Wealthy
Read Next: What the Upper Middle Class Makes in Different US Cities
Wealthy people know the best money secrets. Learn how to copy them.
Los Angeles
Population: 12.9 million
GDP: $1.3 trillion
GDP per person: $101, 800
Los Angeles is recognized as the major entertainment center of the world, with studios such as Sony, Warner Brothers and Paramount based in Greater Los Angeles. But the City of Angels is also known for other major economic producers, including aerospace and technology, such as Northrop Grumman, SpaceX and the largest manufacturing center in the United States.
Explore More: 50 Safest and Most Affordable US Cities To Live In
San Jose, California
Population: 2 million
GDP: 475 billion
GDP per person: $242,900
Ranking third on the list is another California city: San Jose. This city drives the economy in Silicon Valley. Tech giants include Apple, Google, Meta, Amazon, Nvidia, Microsoft and other industry leaders. San Jose ranks highest in GDP per person out of 1,000 cities reviewed.
Seattle
Population: 4.1 million
GDP: 558 billion
GDP per person: $136,600
Home to Amazon, Microsoft and the biggest U.S. coffee producers, Seattle landed a spot on this list. Companies such as Boeing make the city a major player in the aerospace industry. And don’t forget Emerald City’s retail giants, which employ thousands of people, including Starbucks, Nordstrom, Costco and other leaders, contributing to the GDP per person index.
San Francisco
Population: 4.6 million
GDP: $778 billion
GDP per person: $168,600
With the second highest GDP per person in the world, the San Francisco Bay area is home to renowned clothing brands Levi Strauss, The Gap and Banana Republic, as well as Wells Fargo bank — not to mention Uber and major tech companies Adobe and Apple. Although the city hit some rough spots during the dotcom era and the housing bust, the economic forecast is positive for 2024.
Be Aware: In Less Than a Year, You Might Not Be Able To Afford To Live in These 6 US Housing Markets
Dallas
Population: 8.1 million
GDP: $742 billion
GDP per person: $91,600
Dallas has attracted many large corporate relocations to the city in several industries, like finance, aviation, manufacturing and tech, including companies like Toyota, Texas Instruments, Charles Schwab, Southwest Airlines and American Airlines, creating a behemoth of jobs. The city ranks as the sixth largest metropolitan city in the U.S. and ninth in the world.
London
Population: 12.8 million
GDP: $1 trillion
GDP per person: $78,800
London ranks as the seventh top city in the economics category on the Global Index list. The city is a major force in every industry from education to technology and the arts. Totaling $1 trillion, London has the third-highest GDP in the world.
Chicago
Population: 9.4 million
GDP: $869 billion
GDP per person: $92,900
The Windy City is home to 40 four-year educational institutions and a large financial sector housed in the Chicago Loop. Chicago holds the spot for the third largest GDP in North America and the sixth largest in the world. Greater Chicago, including the city and its suburbs, is a major hub for a variety of industries, including finance, fintech, manufacturing and more.
Find Out: I’m an Economist: Here Are My Predictions for Inflation If Biden Wins Again
Paris
Population: 13.2 million
GDP: $941 billion
GDP per person: $71,200
Paris has pioneered the global economy in fashion, design, gastronomy, tourism, art and foreign policy for centuries. It has the second-highest GDP in Europe — the fifth in the world — and ranks ninth in the global economy. The City of Light draws millions of travelers for business and leisure every year.
Tokyo
Population: 36.3 million
GDP: $1.4 trillion
GDP per person: $38,700
Tokyo is a major global financial center and holds second place for the largest GDP, slightly ahead of Los Angeles. Although the GDP growth fell 3.2% in the third quarter of 2023, according to Deloitte, it regained its position in 2024.
More From GOBankingRates
These 10 Used Cars Will Last Longer Than an Average New Vehicle
6 Things to Try This Week if You're Behind on Your Savings Goals
4 Reasons Retired Women Need More Money Than Men -- And What To Do About it
This article originally appeared on GOBankingRates.com: City Spotlights: Top 10 Economies Primed for 2024’s Boom
