The Global Guru: The World’s 10 Most Economically Powerful Cities

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February 21, 2012 Vol. 7, No.8 The World’s 10 Most Economically Powerful Cities If you’ve ever visited friends in New York City, you’ve probably wondered why so many people are willing to put up with such lousy living conditions for so much money. But New York is not alone. I spent last Friday in the company of a group of newly arrived Eastern European diplomats who were appalled by the living conditions they’ve had to put up with in London compared with the creature comforts available to them in global hot spots such as Belgrade, Serbia, or Bucharest, Romania. This morning, I went to see an apartment in a building where a 19-year-old Lady Diana, the future Princess of Wales, lived when she was a kindergarten teacher before meeting Prince Charles. You can move in tomorrow for a mere $2,050 per week. No wonder London has become home to the “global 1%,” consisting of an endless supply of Russian oligarchs and Saudi princes. Sponsored Content Hide This From Your Broker There’s a very lucrative investment which your broker might not let you trade. And it might be costing you a lot of money… In recent years, this investment produced many of the biggest winners – some as large as 10-fold in a single year. Several of the wealthiest people I know have made a killing trading in this market. But for reasons I explain in my new report, it’s most likely hands off to the regular investor. To get around these restrictions and to find out the whole situation, just click here. Despite this high cost, more people than not choose to congregate in the cramped confines of large cities. Last year marked the first time in human history that more people lived in cities than in the countryside. Whether it’s economists like Paul Romer or public intellectuals like Richard Florida, City Gurus agree that the concentration of land, labor and capital play a key role in shaping economic growth. Cities and their surrounding metropolitan regions are the economic engines of the global economy. They bring together talented, ambitious people and help stimulate the innovation and enterprise that spur long-term economic growth and prosperity. Globally, cities with over one million people account for more than half of the world’s economic output and nine of every 10 innovations. As Richard Florida has pointed out, even in a large, spread out country like the United States, cities account for nearly 90% of total economic output, and generate 85% of U.S. jobs. That’s why you can’t throw a rock in Silicon Valley without hitting a delegation of foreign visitors trying to discover the secrets that produced an endless stream of high- tech successes including Google, Apple, eBay, Yahoo and HP. To measure the impact of the world’s leading cities, Florida developed The Global Economic Power Index, which reflects three key three dimensions of economic power –economic, financial and innovative. Economic power is measured as economic output or gross regional product. Financial power is based on the Global Financial Centers Index, which ranks the banking and financial power of cities across the world. Innovation is based on patenting activity. With that, here are, according to The Global Economic Power Index, the world’s 10 most economically powerful cities, based on data in 2005, the latest available. Sponsored Content “Secret” Gold Strategy Revealed Specifically designed to take advantage of one of the most dramatic bull markets in history, this unique strategy gives you the opportunity to rake in double- and triple-digit profits… while at the same time avoiding potential losses. Put this “secret” gold strategy to work for you. Click here for your special report. #1 – Tokyo Economic Output: $1.2 trillion Global Economic Power Score: .992 Financial Center Score: 697 Innovation Rank: No. 1