New York City
The most populous city in the United States, a global center of finance, culture, and diplomacy.
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New York, often called New York City (NYC), is the most populous city in the United States. It is located at the southern tip of New York State on New York Harbor, one of the world's largest natural harbors. The city comprises five boroughs—Manhattan, Brooklyn, Queens, the Bronx, and Staten Island—each being coextensive with its respective county. It is the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the United States by both population and urban area. New York is a global center of technology, finance and commerce, culture, entertainment and media, academics and scientific output, the arts and fashion, and, as home to the headquarters of the United Nations, international diplomacy. New York City is known for its fast pace and continuous urban energy.
Lore & Background
Manhattan Island was inhabited by Munsee-speaking Lenape. By 1624, Dutch colonists had established Fort Amsterdam as a center of trade on the island. This was the first European settlement in what would become New York City. The settlement was named New Amsterdam in 1626 and was chartered as a city in 1653. The city came under English control in 1664 and was temporarily renamed New York after Charles II granted the lands to his brother, the Duke of York, before this name was permanently adopted in 1674. Following independence from the Kingdom of Great Britain, the city was the national capital of the United States from 1785 until 1790. The modern city was formed by the 1898 consolidation of its five boroughs.
Reader's Guide
Anchored by Wall Street in Manhattan's Financial District, New York City has been called both the world's premier financial and fintech center and the most economically powerful city in the world. The New York metropolitan area is the largest metropolitan economy in the world, with a gross metropolitan product of over US$2.44 trillion. The New York metropolitan area's economy is larger than all but nine countries. Despite having a 24/7 rapid transit system, New York also leads the world in urban automobile traffic congestion.
The city is home to the world's two largest stock exchanges by market capitalization of their listed companies: the New York Stock Exchange and Nasdaq. New York City is an established haven for global investors. New York City is the most expensive city in the world for expatriates and has the highest residential rent costs of any American city; New York County (Manhattan) is by a significant margin the most expensive U.S. county in terms of average home price per square foot and produces the highest U.S. county GDP by both absolute and per capita measures.
Fifth Avenue is an ultra-luxury international shopping corridor that is undergoing additional infrastructure investment. Amidst escalating affordability concerns, New York City is home to the highest number of billionaires, individuals of ultra-high net worth (greater than US$30 million), and millionaires of any city in the world by a significant margin.
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