We recently compiled a report on the 30 Best Cities to Live in the World in 2024 and in this article we will discuss the best place.
Urban Centres and Livability
The World Bank reports that 56% of the world’s population currently resides in cities. The world’s urban population will be rising by 1.5 times to 6 billion by 2045. By 2050, nearly 7 in 10 people across the globe will be living in cities. The rapid rate of urbanization is important to consider since 80% of the global GDP is generated in these urban centres. Additionally, the expansion of urban development also requires planning for infrastructure, housing, and basic services.
As reported by The World Economic Forum, a liveable city is generally safe, environmentally sustainable, and inclusive of its residents. Such a city allows access to diverse housing, employment opportunities, health, and community services, as well as leisure. In short, a liveable city is one which promotes individual and community wellbeing thereby making it a place where people want to live. It has social, economic, and environmental advantages which assist it in being resilient.
Analysts polled by Yahoo Finance expect JPMorgan Chase & Co.’s (NYSE:JPM) earnings to grow by 11.2% this year and 10.7% by 2025.
New York’s Bustling Economy: A Prime Business Destination
The popular New York City, one of the most sought-after destinations globally, has long been regarded as a dominant business and economic hub. One of the largest companies in New York that also drives its economy is JPMorgan Chase & Co. (NYSE:JPM). As of March 31, the company has $4.1 trillion in assets and $337 billion in stockholders’ equity. Currently, the company is one of the largest employers in New York and contributes $29.8 billion annually to the city’s economy while creating an additional 40,000 jobs across local industries. As of August 2023, JPMorgan Chase & Co. (NYSE:JPM) has more than 23,000 employees, over 290 branches, and over 417,000 business clients across NYC. JPMorgan Chase & Co. (NYSE:JPM) is currently building its global headquarters at 270 Park Avenue which is expected to be completed by the end of 2025. The project solely will drive additional economic activity of $2.6 billion for New York City and $3.6 billion for New York State. The project will result in over 8,000 construction jobs from across 40 local unions. The company also launched its new state-of-the-art office in Glasgow’s International Finance District while Glasgow serves as one of its 23 Global Technology Centers.
JPMorgan Chase & Co. (NYSE:JPM) ended the first quarter of 2024 with strong earnings. The company reported earnings per share of $4.44 beating EPS estimate by $0.31. The company’s revenue for the quarter amounted to $41.93 billion, up 9.35% year-over-year and ahead of revenue consensus by $243.15 million. The company is pioneering the use of blockchain and AI in financial services. In October 2023, the company executed its first collateral settlement using blockchain through its Tokenized Collateral Network (TCN) and helped BlackRock convert shares from a money market fund into digital tokens which were transferred to Barclays as collateral for an over-the-counter derivatives deal. Moreover, this May, the banking group launched IndexGPT, its AI-powered tool that develops thematic indices based on keywords.
JPMorgan Chase & Co. (NYSE:JPM) has a strong track record of growth and profitability. Over the past 5 years, the company has grown its revenue by 7% and net income by about 9%. Currently, the stock is trading at 12 times its forward earnings, in-line with its 5-year historical average of 12x. JPMorgan Chase & Co. (NYSE:JPM) may not have significant near-term upside to it considering analysts’ median price target points to an 11% upside from current levels, but it is a long term portfolio pick. We’re not as bullish on financials as we are on AI and the ability of AI stocks to deliver higher returns within a shorter timeframe. If you are looking for a promising AI stock that is trading at less than 5 times its earnings, check out our report about the cheapest AI stock.
Without further ado, let’s look at the best city to live in the world in 2024.
The skyline of New York City, USA with a LEED certified office building of the company in focus at sunset.
Our Methodology
In order to compile a list of the 30 best cities to live in the world in 2024, we did a sentiment analysis on Reddit. First, we aggregated the list of best places by sifting through 5 online rankings. Next, we used Reddit to find 15 threads that asked people about the best cities to live in the world. We read and analyzed all the comments and added the upvotes for each city on our list. Lastly, we shortlisted places that had at least a total of 200 upvotes and ranked the best places on our list in ascending order of the total upvotes on Reddit.
Note: This list is not exhaustive and does not reflect our opinion. The ranking is solely based on the opinions of Reddit users.
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The Best City to Live in the World in 2024
1. New York City, USA
Upvotes: 879
New York City tops the list of the best cities to live in the world in 2024. The global hub of business boasts a multitude of economic opportunities, a vibrant social scene, and cultural diversity thereby presenting something to everybody. As of April, the city stands at an all-time high for total employment, private sector employment, and labor force participation. A survey conducted by Timeout revealed that some of the greatest cities to live in and visit ranked New York City at the top based on its food, culture, nightlife, and the sense of feeling about the city. Furthermore, 15% of survey takers belonging to other cities wished to move to NYC. The city offers many historical things to witness such as the American Museum of Natural History and The Metropolitan Museum of Art. The city never sleeps in the true sense since restaurants and bars remain open throughout the day. People who moved to NYC have also cited it as a city where ‘people come to make it’, a place where they can strive for something they aim for.
If you are interested in learning about other places that are among the best cities to live, check out our free report on the 30 Best Cities to Live in the World in 2024.
If you are looking for an AI stock that is more promising than Micron but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published on Insider Monkey.