I bet there is no person that would be reluctant to live in one of the top 20 richest cities in the world in 2018 by GDP per capita. Those who already live in these cities can consider themselves pretty lucky.
If you are up to date on the life of any celebrity, chances are you have found yourself turning into a green-eyed monster called Jealousy while going through their social media profiles. You just wish you too had the opportunity to visit Dubai and enjoy its skyline. Ever since you were little you wanted to visit New York City, and there they are, taking a selfie in front of the world-famous Empire State Building. All of us wish for the best quality of life, which often time means, having enough money in your bank account to be able to keep up with everything the world has to offer. It is just the way world functions these days. I doubt anyone would gladly choose to live in the poorest country in the world, knowing about the struggles many have to endure to provide for basic necessities. So there is no shame in saying that you would want to live in one of the richest cities in the world, as these cities have a lot to offer in terms of what you need for leading a good life. Their health system is guaranteed to be better than in poorer cities. Chances are that they also provide a lot of opportunities for a quality education. Sending your kid to school is not that stressful when you know you have a lot of good schools to choose from. Because of the booming economies in these cities, selling yourself in the job market is much easier. These cities provide for a sense of safety, and I do not just mean in terms of getting your life sorted out, but also in terms of low crime rates which characterize them.
However, much like with anything else, there are two sides to the medal. While the richest cities in the world have a lot to offer, living in these cities has its disadvantages, too. As I have already written above, everyone wants to have the best life possible, which is why people have always flocked to these cities. If you are someone who likes crowded places and an upbeat life, then these places have been built up to suit you. However, if this is not who you are, then the things these cities have to offer will simply not be enough for you. Seeing how crowded and dynamic they are, it becomes difficult to find your oasis of peace. However, this is not the only disadvantage of living in a rich city. The high-quality life comes at a rather high price, which is why these cities are among the most expensive in the world. However, these cities would not be as rich as they are, if the countries they are located in did not create circumstances where they can flourish.
Looking at the data provided by the International Monetary Fund, we get an insight into the list of richest countries in the world in 2017. Some of the countries which made it into the top 20 richest countries in the world in 2017 were Iceland, Saudi Arabia, United States, United Arab Emirates, and Ireland. Qatar is first on IMF’s list as the richest country in the world, with an estimated GDP of $124,930 per person. Experts predicted that its GDP will continue to rise, which proved to be true as the latest data on GDP per capita per country suggests that Qatar is the richest country in the world in 2018. The second richest country in the world is Luxembourg, while Singapore comes third. As IMF notes, Singapore’s real GDP grew 2.7 % year-on-year in the first quarter of 2017. All of the countries on the list have long been grouped among top 50 richest countries in the world.
This is not the first time that we have decided to do our research on the richest cities in the world. If you are a US citizen, an article on America’s 25 richest cities might be an interesting read for you. It appears that most of the money in the United States flows into the streets of San Francisco. In another article, we have covered the given topic but from a somewhat different perspective, providing a list of 25 richest cities in the world with most billionaires per capita. Our research showed that Palo Alto is the city with the highest number of billionaires per capita, where 195.07 out of 1,000,000 people are billionaires. Geneva came second, while San Francisco was ranked third on the list. Wondering where the richest man in the world, Jeff Bezos lives? The answer is the tiny city of Medina close to the Seattle in Washington. Our article on 20 richest cities in the world by 2016 GDP per capita shows that the richest city in the world in 2016 was Macau (People’s Republic of China), with a projected GDP per capita of $109,466. What is the richest city in the world per capita in 2018?
Well, we are about to find out. Unfortunately, while there are plenty of relevant sources which provide the most recent data on GDP per capita per country, there is no reliable source which would analyze the same indicator for cities. That is why I had to make the best of what I had at my disposal. I used the data on GDP per capita values in the cities worldwide provided by Brookings. However, given that these are not the most recent data, I had to situate them within the context of GDP per capita growth provided by the same source. This allowed me to rank top 20 richest cities in the world in 2018 by GDP per capita. While this is not the most accurate way to calculate GDP per capita in cities in 2018, it was the only way for me to create the list given the lack of resources. For this reason, I ask you to take this list with a pinch of salt.