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- New York is one of the most powerful states in the United States, with a gross domestic product comparable to Canada and South Korea.
- But there is a vast disparity between the economies of New York City and upstate New York.
- We compiled 11 incredible facts about New York’s economy, from its massive wealth to its surprising No. 1 export.
- Visit MarketsInsider.com for more stories.
New York is a state with two very different sides.
There’s New York City and its five boroughs: an ultra-urban landscape on a couple of small islands where about half the state’s population lives.
Then there’s upstate New York, much of which is rural, agricultural, and less densely populated.
New York City is one of the richest cities in the world (though it also contains the poorest county in the state, Bronx County). Meanwhile, upstate New York has a sluggish economy that has fallen ever further behind New York City’s.
Statistics about New York’s economy reflect this divide. Here are 11 mind-blowing facts about the economy of New York — both the city and the state.
New York’s economy is almost the same size as Canada’s.
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New York state shares a long border and Niagara Falls with Canada. (Sorry, New York, Canadians got the better side of the falls.) But the state and its neighboring country have more in common than geography.
New York’s economic output is almost as big as Canada’s. Canada also receives most of New York’s foreign exports. If New York were a country, it would have the 11th-biggest economy, falling between Canada and South Korea.
New York City’s gross domestic product is expected to surpass Tokyo’s by 2035.
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According to the Office of the New York State Comptroller, the state’s GDP in 2017 was over $1.5 trillion.
But by 2035, the GDP of New York City alone is expected to rise to $2.5 trillion, according to one estimate. The projection would place it ahead of Tokyo, the richest city in the world in 2015.
New York has more billionaires than any other city in the world.
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By one measure, New York City is the richest in the world: It has more billionaires (103) than Hong Kong (93), San Francisco (74), Moscow (69), or London (62).
See the rest of the story at Business Insider
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Source: Business Insider – feedback@businessinsider.com (Laura McCamy)