section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  New York City is a global hub of business and commerce. Kenneth T. Jackson, a professor emeritus of history at Columbia University, describes its post-World War II status as capital of the world, rivaling cities such as London and later Tokyo and Shanghai. Greater New York is the world's largest metropolitan economy, with a gross metropolitan product estimated at US$2.16 trillion in 2022. New York is a center for worldwide banking and finance, health care, and life sciences, medical technology and research, retailing, world trade, transportation, tourism, real estate, new media, traditional media, advertising, legal services, accountancy, insurance, and the arts in the United States; while Silicon Alley, metonymous for New York's broad-spectrum high technology sphere, continues to expand. The Port of New York and New Jersey is a major economic engine, benefitting post-Panamax from the expansion of the Panama Canal.
  
  Many Fortune 500 corporations are headquartered in New York City, as are a large number of multinational corporations. New York City has been ranked first among cities across the globe in attracting capital, business, and tourists. New York City's role as the top global center for the advertising industry is metonymously reflected as Madison Avenue. The city's fashion industry provides approximately 180,000 employees with $11 billion in annual wages.
  
  Significant other economic sectors include universities and non-profit institutions. Manufacturing declined over the 20th century but still accounts for significant employment. The city's apparel and garment industry, historically centered on the Garment District in Manhattan, peaked in 1950, when more than 323,000 workers were employed in the industry in New York. In 2015, fewer than 23,000 New York City residents were employed in the industry, although revival efforts were underway, and the American fashion industry continues to be metonymized as Seventh Avenue. In 2017, the city had 205,592 employer firms, of which 22.0% were owned by women, 31.3% were minority-owned and 2.7% were owned by veterans.
  
  In 2022, the gross domestic product of New York City was $1.053 trillion, of which $781 billion (74%) was produced by Manhattan. Like other large cities, New York City has a degree of income disparity, as indicated by its Gini coefficient of 0.55 as of 2022. In November 2023, the city had total employment of over 4.75 million of which more than a quarter were in education and health services. Manhattan, which accounted for more than half of the city's jobs, had an average weekly wage of $2,590 in the second quarter of 2023, ranking fourth-highest among the nation's 360 largest counties. New York City is one of the relatively few American cities levying an income tax (about 3%) on its residents; despite this tax levy, New York City in 2024 was home by a significant margin to the highest number of billionaires of any city in the world, with a total of 110.