Why Invest in New York?
With more than 8.2 million people, New York City is the most populous city in the United States. The “Big Apple” is one of the world’s leading
business, financial and cultural centers and its influence in politics, education, entertainment, media, fashion and the arts all contribute to its status
as one of the major global cities. The city boasts a high quality of life, extremely high household incomes, and vast opportunities for cultural and
With over 200,000 businesses, New York City has one of the world’s most highly-developed and integrated economies. The New York metropolitan
area alone is home to 53 “Fortune 500” companies, more than any other metro region in the US.
New York is also a global hub of international business and commerce and is one of three command centers for the world economy along with
London and Tokyo. As a result, many international corporations are headquartered in Manhattan. One out of ten private-sector jobs in the city is with
a foreign company.
The city is a major center for finance, insurance, real estate, media and the arts in the United States. The New York City metro area accounts for
almost 10% of the entire GDP in the United States. While the economy is well-diversified, high-paying financial services jobs account for more than
35 percent of the city’s employment income.
New York City Will Be #1 in GDP in the World in 2025
Currently, New York is second to only Tokyo, Japan, when it comes to generating "Gross Domestic Product," or GDP. McKinsey Global Institute,
however, in their new report released in March of 2011, Urban World: Mapping the Economic Power of Cities, predicts that of the 600 urban
centers throughout the world which will generate 60% of the world’s GDP in 2025, New York City will rank #1 in GDP. The report goes on to rank New
York City in 2025 as follows:
#3 in GDP Growth
#6 in Total Households
#9 in Total Children
#10 in Total Population
#10 in Per Capita GDP
The McKinsey report is based on economic research surrounding the strength of cities. While we all know some of this intuitively, McKinsey
research has found three very powerful rules that follow large cities, and New York City, in particular:
1) Larger cities attract the most talent.
2) Large cities attract more investment.
3) City network effects stimulate growth (e.g., large cities are always at the center of a cluster of smaller cities; these economic network effects spur
New York City is the “World’s Leading City”
6 property and offers a perspective on the key luxury property markets around the globe. In their recent survey, respondents selected New York as
the World’s Leading City. The Wealth Report 2011 ranks New York City as:
# 1 in Economic Activity
# 1 in Knowledge and Influence
#2 in Political Power
# 9 in Quality of Life