Despite Philadelphia’s first mover edge, however, New York has gradually reclaimed its title as the country s biggest financial center. New York City ranks fourth among all U.S. cities for Gross Domestic Product (GDP). The Empire State Building, which was completed in 1931, was the world’s tallest building at that time. Today it is the tallest manmade structure in New York. The New York Stock Exchange, Fifth Avenue, and the Empire State Building are also nationally recognized for their role in the economic well-being of New York City.
Among all large cities of the U.S., New York is the leading financial center with regard to both commerce and services. With approximately fourteen million people a day, it is the cultural, political, and recreational nerve-center of both North and South America. Although other U.S. cities such as Chicago, Houston, San Francisco, Los Angeles, Phoenix, San Diego, Seattle, Salt Lake City, and Denver have their own share of national importance, none rival New York in the economic, social, and cultural importance that it bestows upon its residents. New York is today the leading financial center in the world not only because of its stock exchange but also because of its numerous international airports, its business culture, its museums, its art galleries, its sports teams, its theater industry, its food and wine establishments, its fashion boutiques, its international charities and the like.
New York is today the leading financial center not only because of its stock exchange but also because of its commercial trade. With over three hundred and eight million people a day visiting New York City, many foreign visitors are attracted by this U.S. city a fine reputation for commercialism. Commercialism has been a crucial part of New York’s development through the years. In the early eighteen hundreds, there were a number of companies established in New York that were some of the first to use the New York Stock Exchange. Today, even hundreds if not thousands of companies set up shop in New York City calling it their home. The city has been able to attract such leading companies as Citibank, McDonald’s, Microsoft, Apple Computers, Time Warner, Reebok, VISA, Pfizer, Dell, Reebok, Alcoa, Boeing, Daimler-Chrysler, Philip Morris, Wal-Mart, among others.
The role of Wall Street in the development of New York can hardly be ignored. It was here, behind the scenes, that investors’ capital would be utilized. This would in turn result in creating new jobs, a growing economy, and eventually, a rising tide of wealth. Without the role of Wall Street, New York would most likely not be the financial center it is today.
Another crucial role of New York in the development of America lies in the fact that it is an international city. It houses twenty-two million people from various corners of the world. Some are from Europe, Asia, South America, and Africa, while others are immigrants who have found their way to the United States.
The foreign population in New York City makes up about fifteen percent of its total population. This amounts to a huge population of about three hundred and sixty-three million people. That’s also more than twice the combined populations of Los Angeles, Chicago, Houston, Dallas, Phoenix, Las Vegas, and New York City itself. To put things into perspective, if you took all the populations of these largest cities combined, you would have a population of nearly seven hundred and sixty-five million people.
New York City is also the financial center of the country. When you take the whole country into consideration, including all the counties and states, you get a total population of nearly nine hundred and sixty-seven million people. That also means that New York City is the financial center of the United States, which is why it is always a good place to be if you want to invest in stocks or other financial products.
New York is also the home of many prominent companies, both foreign and domestic. Among the most well-known among them is General Electric, Microsoft, McDonald’s, VISA, American Express, Unilever, Wal-Mart, Reebok, and Citibank. There are also many newer companies which have their headquarters in New York City. One of those is the hip hop producer Jay Z. who has his record label, Roc-a-France, based in New York City as well.