section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Tokyo's gross regional product was 113.7 trillion yen or US$1.04 trillion in FY2021 and accounted for 20.7% of the country's total economic output, which converts to 8.07 million yen or US$73,820 per capita. By sector, Wholesale and Retail was the largest contributor, accounting for 21.5% of the total output. This was followed by Real Estate (13.5%), Professional, Scientific and Technical (12.2%), Information and Communications (11.7%), Finance and Insurance (7.6%), Manufacturing (7.0%), and Healthcare (6.7%). Agriculture, Forestry and Fishery, and Mining combined accounted for less than 0.1% of the economic output. As these numbers suggest, Tokyo's economy is heavily dependent on the tertiary sector. As the Greater Tokyo Area, it has the second-largest metropolitan economy in the world, after Greater New York, with a gross metropolitan product estimated at US$2 trillion. The area's economy is slightly smaller than Canada's economy while being slightly larger than Mexico's, according to IMF estimates from the same year.
  
  Tokyo's business districts are concentrated in four central wards: Chiyoda (Marunouchi, Otemachi, Kasumigaseki), Chuo (Nihombashi, Kyobashi, Yaesu), Minato (Shimbashi, Shiodome, Toranomon), and Shinjuku (West Shinjuku). The 23 Special Wards of Tokyo had 73.5 million m of office space as of January 2022.
  
  In 2023, 29 of the Fortune Global 500 companies were headquartered in Tokyo, which was the second highest concentration in the world after Beijing. Notably, around 20 of them are based in Marunouchi, such as MUFG, Mitsubish Corp. and Hitachi. Tokyo was rated by the Economist Intelligence Unit as the most expensive (highest cost-of-living) city in the world for 14 years in a row ending in 2006, when it was replaced by Oslo, and later Paris. However, years of deflation and an extremely weak yen starting in 2022 due to Japan's low interest rates made the cost of living in Tokyo 31% cheaper than in New York City in 2023, which is roughly the same as in Beijing and Manchester according to the 2023 EIU rankings. Henley & Partners estimated that there were 298,300 individuals with a net worth of more than US$1 million living in Tokyo in 2024, the third highest number in the world.