What do you think America’s richest cities are? It is a very interesting issue and now Insider Monkey has published an article about it. What makes a city rich? Its economy, culture, infrastructure or all of them? As for me, I think the most important thing is economy then infrastructure comes to the second place.
There is a way to compare the wealth of nations is to take in consideration the PPP (purchasing power parity). GDP based on PPP is considered more useful for comparison since it takes more factors into consideration, including inflation rates and cost of local goods and services. China is the country that has the largest GDP based on PPP in the world. The current figure stands at $23.1 trillion, while the estimated figure in 2022 is $34.3 trillion.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked three of America’s richest cities.
The first one is Pittsburgh, PA. After the collapse of the steel industry in the ’70s and ’80 and following the economic crisis, Pittsburgh wasn’t exactly the best city to live in. Now, the city is recovered and although steel industry still plays a big part in the city’s economy, high technology and finance and healthcare industries also became valuable contributors. The second city is Miami-Fort Lauderdale-West Palm Beach, FL. Miami doesn’t need any special introduction. It’s the city of beautiful beaches and tremendous nightlife. While Miami metropolitan area’s GDP is among the largest in the United States, per capita personal income is the lowest on our list of America’s 25 richest cities. At the third place on our list is Hartford-West Hartford-East Hartford, CT. Speaking of per capita personal income, Connecticut’s capital has one of the highest on the list. Historically, Hartford has been known as the capital of the insurance industry, which still remains the largest contributor to the city’s economy. The fourth city we are mentioning you now is Austin-Round Rock, TX. The capital of Texas, Austin has a population close to 1 million, while its metropolitan area is home to more than 2 million residents. The area saw a steady growth in both per capita personal income and GDP in the last 5 years.
For any further useful information, read Insider Monkey’s article about America’s 25 richest cities.