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New York, belonging to the state of New York, ranks first on the list of the wealthiest cities in the world and is the largest city in the United States. It is located at the mouth of the Hudson River on the northeast coast of the United States, bordering the Atlantic Ocean, and has a temperate continental humid climate. In 1789, New York became the temporary capital of the United States, and the first President Washington took office here. In the early 1920s, New York surpassed London as the most populous urban area in the world at that time. After World War II, New York City once again flourished and became a world-class metropolis.
New York City is the economic, financial, commercial, trade, cultural, and media center of the United States and even the world. It is one of the three major financial centers in the world, and Wall Street is known as the barometer of the American economy. New York has 120 higher education institutions such as Columbia University and New York University, as well as 2000 art and cultural institutions. It is the global center of television, advertising, music, newspapers, and book publishing industries, and also the largest media market in North America. New York has convenient transportation, a dense road network, and developed public transportation. With three international airports including Kennedy International Airport, New York Port is the busiest port in North America. There are attractions such as Times Square, Statue of Liberty, Central Park, and the Metropolitan Museum.
In 2021, the Gross Domestic Product of New York City was 1598.39 billion US dollars, ranking first in the world, with a per capita Gross Regional Product of 181200 US dollars.
New York City is the economic, financial, and commercial center of the United States, and one of the three major financial centers in the world. The main industries in New York City are finance, high-tech, real estate, insurance, healthcare, etc. The service industry in New York City accounts for 89.9% of the regional economy, with main service categories including law, accounting, finance, management consulting, etc.
New York holds a pivotal position in the US economy, with a relatively complete cluster of manufacturing and service industries, mainly including computer hardware and electronics, industrial machinery and systems, transportation equipment, biopharmaceuticals, material processing, optics and imaging, software, food processing, communication and media, finance and insurance services, etc. High tech industries such as life sciences, nanotechnology, semiconductors, and clean energy are developing rapidly.
New York is not only the financial center of the United States, but also one of the world’s financial centers. For over a century, New York has played a significant global influence in both business and finance. Manhattan Island is the core of New York, with the smallest area among the five districts, only 57.91 square kilometers. But this small island, narrow from east to west and long from north to south, is the financial center of the United States, with over one-third of the top 500 companies headquartered in Manhattan. Six of the seven major banks and the headquarters of major monopolistic organizations have established central strongholds here. It also gathers the essence of the world’s finance, securities, futures and insurance industries.
Wall Street, located in the southern part of Manhattan Island, is a symbol of American wealth and economic strength, as well as a stronghold of American monopoly capital and a synonym for financial oligarchs. There are over 2900 financial and foreign trade institutions on both sides of this narrow street, which is only 540 meters long. The famous New York Stock Exchange and the American Stock Exchange are both located here. In the 17th Global Financial Center Index (GFCI17) ranking, New York again topped the list with the highest score. As one of the eight leaders of global financial centers, the New York Financial Center not only performs well in various financial sub industries such as banking, securities, insurance, and financial management, but also has great influence and radiation internationally.
According to the data from the Bureau of Economic Analysis of the United States Department of Commerce, in 2019, the regional GDP of New York City was 1065.149 billion US dollars, an increase of 1.2% year on year, and the per capita regional GDP was 127700 US dollars. In 2021, the Gross Domestic Product of New York City was 1598.39 billion US dollars, with a per capita Gross Regional Product of 181200 US dollars.