New Delhi: London is moving up the league of the world's richest cities, although it remains way behind Tokyo and New York at the top of the wealth list, while Mumbai is projected to join the top-30 rich list in 2020, a new study said on Wednesday.
Fast-growing cities in emerging markets are also making their presence felt on the global wealth stage, according to the research paper on UK Economic Outlook by consultants PricewaterhouseCoopers (PCW).
One striking detail of the projected 2020 rich list is that none of the top 30 fastest-growing large cities will be from the major advanced economies, with emerging economy cities rising up the rankings.
Five emerging economy cities are currently in the top 30 - Mexico City, Buenos Aires, Sao Paolo, Moscow and Rio de Janeiro - and will be joined in 2020 by Shanghai, Mumbai, Istanbul and Beijing.
In 2005 London, where vast City bonuses are once again fueling property markets and other conspicuous spending, was sixth place in terms of Gross Domestic Product using purchasing power parities (PPP), according to the study.
But by 2020 it will be in fourth place, overtaking Paris and Chicago - and while Tokyo, New York and Los Angeles will remain above it, "London's economy is projected to grow faster than any of these cities, driven in particular by strong growth in business and financial services," said the research.
According to the study, Tokyo topped the list in 2005 with a GDP using PPP of 1.2 trillion US dollars, followed by New York on 1.1 trillion. Los Angeles was on 639 billion, Chicago and Paris 460 billion and London 452 billion.
With PTI inputs
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