Take a look at the world’s largest cities by the size of their economies. Detroit was at #22 in 2005 but is projected to be the 26th largest economy in 2020. That can mainly be attributed to the rise of massive metropolises in developing countries like BRIC nations.
But there will be some shifting around even in the US. San Francisco will drop several places, but Atlanta will rise above it. Phoenix, Minneapolis, and San Diego will drop off the list altogether.
With the current debt ceiling crisis, loss of confidence in the world’s largest economy, and the weakening of the dollar (which is otherwise good for American exports but would reduce the size of cities on this list), what does the future hold for American city economies?
Metro Detroit must stay competitive and be aware of the world economy. We must stop thinking Oakland County versus City of Detroit.
economic outlook - Largest city economies in the world in 2005 and 2020
Rank | Cities ranked by estimated 2005 GDP at PPPs | Est. GDP in 2005 ($bn at PPPs) | Cities ranked by projected 2020 GDP at PPPs | Est. GDP in 2020 ($bn at 2005 PPPs) | Real GDP growth rate(% pa: 2006-20) | |
---|---|---|---|---|---|---|
1 | Tokyo | 1191 | Tokyo | 1602 | 2.0% | |
2 | New York | 1133 | New York | 1561 | 2.2% | |
3 | Los Angeles | 639 | Los Angeles | 886 | 2.2% | |
4 | Chicago | 460 | London | 708 | 3.0% | |
5 | Paris | 460 | Chicago | 645 | 2.3% | |
6 | London | 452 | Paris | 611 | 1.9% | |
7 | Osaka/Kobe | 341 | Mexico City | 608 | 4.5% | |
8 | Mexico City | 315 | Philadelphia | 440 | 2.3% | |
9 | Philadelphia | 312 | Osaka/Kobe | 430 | 1.6% | |
10 | Washington DC | 299 | Washington DC | 426 | 2.4% | |
11 | Boston | 290 | Buenos Aires | 416 | 3.6% | |
12 | Dallas/Fort Worth | 268 | Boston | 413 | 2.4% | |
13 | Buenos Aires | 245 | Sao Paulo | 411 | 4.1% | |
14 | Hong Kong | 244 | Hong Kong | 407 | 3.5% | |
15 | San Francisco/ Oakland | 242 | Dallas/Fort Worth | 384 | 2.4% | |
16 | Atlanta | 236 | Shanghai | 360 | 6.5% | |
17 | Houston | 235 | Seoul | 349 | 3.2% | |
18 | Miami | 231 | Atlanta | 347 | 2.6% | |
19 | Sao Paulo | 225 | San Francisco/ Oakland | 346 | 2.4% | |
20 | Seoul | 218 | Houston | 339 | 2.5% | |
21 | Toronto | 209 | Miami | 331 | 2.4% | |
22 | Detroit | 203 | Toronto | 327 | 3.0% | |
23 | Madrid | 188 | Moscow | 325 | 4.0% | |
24 | Seattle | 186 | Mumbai (Bombay) | 300 | 6.0% | |
25 | Moscow | 181 | Madrid | 299 | 3.2% | |
26 | Sydney | 172 | Detroit | 287 | 2.3% | |
27 | Pheonix | 156 | Istanbul | 287 | 5.2% | |
28 | Minneapolis | 155 | Seattle | 269 | 2.5% | |
29 | San Diego | 153 | Beijing | 259 | 6.6% | |
30 | Rio de Janiero | 141 | Metro Manila | 257 | 5.9% | |
Source: PwC estimates and projections using UN population data and definitions (see Section III of full report for further details of data sources and methodology used). |