ACS Leadership Execution

London, United Kingdom

London generates approximately 20 per cent of the UK’s GDP (or $446 billion); while the economy of the London metropolitan area – the largest in Europe – generates approximately 30 per cent of the UK’s GDP (or an estimated $669 billion). London is one of the pre-eminent financial centres of the world and vies with New York City as the most important location for international finance. London’s largest industry is finance, and its financial exports make it a large contributor to the UK’s balance of payments. Around 325,000 people are employed in financial services in London. London has over 480 overseas banks, more than any other city in the world. Over 85% (3.2 million) of the employed population of greater London works in the services industries. The City of London is home to the Bank of England, London Stock Exchange, and Lloyd’s of London insurance market. Over half of the UK’s top 100 listed companies (the FTSE 100) and over 100 of Europe’s 500 largest companies have their headquarters in central London. Over 70 per cent of the FTSE 100 are within London’s metropolitan area, and 75 per cent of Fortune 500 companies have offices in London.

Los Angeles, CA

The economy of Los Angeles is driven by international trade, entertainment (television, motion pictures, video games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States. The contiguous ports of Los Angeles and Long Beach together comprise the fifth-busiest port in the world and the most significant port in the Western Hemisphere and is vital to trade within the Pacific Rim. Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation. The city is home to six Fortune 500 companies. They are energy company Occidental Petroleum, healthcare provider Health Net, metals distributor Reliance Steel & Aluminium, engineering firm AECOM, real estate group CBRE Group and builder Tutor Perini.

New York, NY

New York is a global hub of international business and commerce and is one of three “command centers” for the world economy (along with London and Tokyo). The city is a major center for banking and finance, retailing, world trade, transportation, tourism, real estate, new media as well as traditional media, advertising, legal services, accountancy, insurance, theatre, fashion, and the arts in the United States. New York City has been ranked first among 120 cities across the globe in attracting capital, business, and tourists. Many major corporations are headquartered in New York City, including 45 Fortune 500 companies. New York is also unique among American cities for its large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company.

Sydney, Australia

As the financial, manufacturing and economic hub of Australia, Sydney has grown to become a wealthy and prosperous city and its residents enjoy the world’s second highest earnings when measured using domestic purchasing power, among world cities. The largest economic sectors in Sydney, as measured by the number of people employed, include property and business services, retail, manufacturing, and health and community services. Sydney provides approximately 25 percent of the country’s total GDP. The Australian Securities Exchange and the Reserve Bank of Australia are located in Sydney, as are the headquarters of 90 banks and more than half of Australia’s top companies, and the regional headquarters for around 500 multinational corporations. Of the ten largest corporations in Australia by revenue, four have headquarters in Sydney: Caltex Australia, the Commonwealth Bank, Westpac, and Woolworths. Of the 54 authorised deposit-taking banks in Australia, 44 are based in Sydney including nine of the 11 foreign subsidiary banks in Australia and all of the 29 local branches of foreign banks. Major authorised foreign banks in Sydney include Citigroup, UBS Australia, Mizuho Corporate Bank, HSBC Bank Australia and Deutsche Bank.

Washington, DC

Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. The gross product of the Washington Metropolitan Area makes it the fourth-largest metropolitan economy in the United States. The federal government accounted for about 29% of the jobs in Washington, D.C. This is thought to immunize Washington to national economic downturns because the federal government continues operations even during recessions. Many organizations such as law firms, independent contractors (both defense and civilian), non-profit organizations, lobbying firms, trade unions, industry trade groups, and professional associations have their headquarters in or near D.C. to be close to the federal government. Tourism is Washington’s second largest industry. Approximately 18.9 million visitors contributes to the local economy every year. The District also hosts nearly 200 foreign embassies and international organizations such as the World Bank, the International Monetary Fund (IMF), the Organization of American States, the Inter-American Development Bank, and the Pan American Health Organization. The District has growing industries not directly related to government, especially in the areas of education, finance, public policy, and scientific research. Georgetown University, George Washington University, Washington Hospital Center, Children’s National Medical Center and Howard University are the top five non-government-related employers in the city. Four of the largest 500 companies in the country are also headquartered in the District.