- New York is one of the most powerful states in the United States, and has a GDP 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 the economy of New York, 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 boroughs: an ultra-urban landscape where about half the state’s population lives on a couple of small islands.
Then there’s Upstate New York, much of which is rural, agricultural, and less densely populated.
New York City is the richest city in the world (although 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 — the city and the state.
New York’s economy is almost the same size as Canada’s
The State of New York shares a long border and the Niagara Falls with Canada. (Canadians got the better side of the falls — sorry New York.) But the state and its neighboring country have more in common than geography.
New York State’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 in the world, falling between Canada and South Korea.
New York City’s GDP is expected to surpass Tokyo’s by 2035
According to 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 New York City ahead of Tokyo, which is currently the richest city in the world.
New York has more billionaires than any other city in the world
Jason McCawley/Getty Images
By one measure, New York City is already the richest in the world. It has more billionaires (103) than Hong Kong (93), San Francisco (74), Moscow (69), or London (62).
- More than 6,100 stores are closing in 2019 as the retail apocalypse drags on — here’s the full list
- The 50 best-selling albums of all time
- 7 mistakes you make after you wake up that ruin your day