Which city accounts for the greatest share of the global economy?
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Jeremy Hobson: It’s quiz time here at the Marketplace Morning Report. And we’re going to talk global metro economies with Stephan Richter, who is editor in chief at TheGlobalist.com and my quizmaster this morning. Morning, Stephan.
Stephan Richter: Good morning Jeremy. Are you ready for today’s quiz?
Hobson: I am ready.
Richter: So here’s my question: Which metro area around the world accounts for the greatest share of the global economy? Is it A) New York; B) London; C) Tokyo; or D) Shanghai?
Hobson: I’ve got to go with New York, as a former New Yorker, I have to say it’s got to be New York.
Richter: I know that you would have a home bias, and you’re of course wrong. This was especially designed for you to let you fall into that trap. But at least on the good news front, I can tell you that New York is close. It is number two; in the world, it accounts for about 1/40th of global GDP. So $1 of every $40 earned around the world come from the New York metro area. So that’s pretty impressive.
Hobson: OK. I guess I’ll go with then with Shanghai.
Richter: You’re a futurist. Shanghai may well get there. Based on data from the Brookings Institution from 2007, when they last did this, Shanghai ranked number 33. Of course with Chinese growth, they are going to rise up the global league table fast, but here’s one area where the Chinese at long last are not number one yet.
Hobson: All right, well I know Tokyo has the biggest population, I think, of all those cities, so maybe is it Toyko?
Ding, ding, ding, ding, ding
Richter: Of course it is. Bingo. You’re a brilliant man in the current news flow. It shows how important the events are, with all the earthquakes and tsunamis and so on. Tokyo, indeed, accounts for almost 3.5 percent of global GDP. That’s one out of every $30 and a little bit more earned around the world. And Japan is very metro area strong. Osaka, the second largest economic center in Japan, is fourth worldwide — and far ahead of Seoul, for example, which is the only other Asian city in the global top 10, the Korean capital.
Hobson: Wow. Well there you go. Stephan Richter, editor-in-chief of TheGlobalist.com. Thanks so much.
Richter: You’re welcome.
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