São Paulo is the 10th richest city in the world, and is expected to be the 6th richest in 2025. According to data of IBGE

IBGE

The Brazilian Institute of Geography and Statistics or IBGE , is the agency responsible for statistical, geographic, cartographic, geodetic and environmental information in Brazil...

, its gross domestic product

Gross domestic product

Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....

 (GDP) in 2006 was R$ 282,852,338,000, equivalent to approximately 12.26% of the Brazilian GDP and 36% of all production of goods and services

Goods and services

In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility. It is often used when referring to a Goods and Services Tax....

 of the State of São Paulo.

The biggest financial center in Brazil

Brazil

Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...

 and one of the biggest financial centers in the world, São Paulo's economy is going through a deep transformation. Once a city with a strong industrial character, São Paulo's economy has become increasingly based on the tertiary sector, focusing on services and businesses for the country. The city is also unique among Brazilian cities for its large number of foreign corporations. Many analysts point to São Paulo as an important global city

Global city

A global city is a city that is deemed to be an important node in the global economic system...

, even though this assignment can be criticized considering its serious problems of social exclusion

Social exclusion

Social exclusion is a concept used in many parts of the world to characterise contemporary forms of social disadvantage. Dr. Lynn Todman, director of the Institute on Social Exclusion at the Adler School of Professional Psychology, suggests that social exclusion refers to processes in which...

 and spacial segregation. Although being the most important financial centre of the country, São Paulo also presents a high degree of informality in its economy.

São Paulo is the business center of the Mercosur

Mercosur

Mercosur or Mercosul is an economic and political agreement among Argentina, Brazil, Paraguay and Uruguay. Founded in 1991 by the Treaty of Asunción, which was later amended and updated by the 1994 Treaty of Ouro Preto. Its purpose is to promote free trade and the fluid movement of goods, people,...

 economy. Acclaimed as a city of business tourism

Convention (meeting)

A convention, in the sense of a meeting, is a gathering of individuals who meet at an arranged place and time in order to discuss or engage in some common interest. The most common conventions are based upon industry, profession, and fandom...

, attracting today's biggest and most important international events, be they in the economic, cultural, scientific or sporting area. It holds more than 200 events per day, offering more than 250 thousand square meters of space in pavilions

Pavilion (structure)

In architecture a pavilion has two main meanings.-Free-standing structure:Pavilion may refer to a free-standing structure sited a short distance from a main residence, whose architecture makes it an object of pleasure. Large or small, there is usually a connection with relaxation and pleasure in...

 and areas for congresses and fairs. This is without taking into account the supply of spaces within hotels, which adds another 70 thousand square meters, suitable for holding events. According to the International Congress and Convention Association

International Congress and Convention Association

The International Congress and Convention Association was founded in 1963 by a group of travel agents to exchange information on international congresses and conventions....

 (ICCA) that ranks the greatest event centers in the world, São Paulo is the most important destination for international events in the Americas

Americas

The Americas, or America , are lands in the Western hemisphere, also known as the New World. In English, the plural form the Americas is often used to refer to the landmasses of North America and South America with their associated islands and regions, while the singular form America is primarily...

. São Paulo is also among Top 20 destinations for events in the world and left behind destinations like Madrid

Madrid

Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...

, Sydney

Sydney

Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...

, Athens

Athens

Athens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...

 and Vancouver

Vancouver

Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...

. Adding space in nightclub

Nightclub

A nightclub is an entertainment venue which usually operates late into the night...

s, cultural and business areas, clubs and other alternatives to these numbers, São Paulo boasts approximately 430,000 square meters for the holding of any type of event.

There is still the supply of approximately 30,000 apartments of various categories, a number which is to grow significantly in the next two years, predicted to reach 50,000 apartments in 2003, catering for those seeking the more luxurious options of the large chains, to simpler and more economical options. It is worth pointing out that from the tourist attractions the following stand out: gastronomy

Gastronomy

Gastronomy is the art or science of food eating. Also, it can be defined as the study of food and culture, with a particular focus on gourmet cuisine...

 and culture. With more than 12,000 restaurants of more than 40 different world cuisines, besides the 70 museums, more than 200 cinemas, around 50 theaters, art galleries

Art gallery

An art gallery or art museum is a building or space for the exhibition of art, usually visual art.Museums can be public or private, but what distinguishes a museum is the ownership of a collection...

 and cultural centers, São Paulo has one of the liveliest night-lifes in the world.

If the city of São Paulo were a country, its economy would be the 47th in the world, bigger than Egypt

Egypt

Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...

 and Kuwait

Kuwait

The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...

, for example, about the same size as Hungary

Hungary

Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...

, New Zealand

New Zealand

New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...

 or Israel

Israel

The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...

. The economy of the city of São Paulo would also be bigger than 22 U.S. states, such as Hawaii

Hawaii

Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...

 and New Hampshire

New Hampshire

New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...

.

In 2005, the city of São Paulo collected R$ 90 billion in taxes, and the city budget was R$ 15 billion; these figures show that São Paulo contributes to redistribution of wealth. The city has 1,500 bank branches. There are 70 shopping malls. Of all the international companies with business in Brazil, 63% have their head offices in São Paulo. According to Mystery Shopping International, the Oscar Freire Street

Rua Oscar Freire

Rua Oscar Freire is a tree-lined street stretching from Alameda Casa Branca to Avenida Doutor Arnaldo in the Jardins district of São Paulo. It was named after Oscar Freire de Carvalho, a physician and forensic medicine professor from Bahia, who helped develop the city's first morgue .According to...

 is the eighth most luxurious in the world.

A connected city, always in the vanguard of the greatest cultural movements that changed Brazilian behavior and habits. In higher education

Higher education

Higher, post-secondary, tertiary, or third level education refers to the stage of learning that occurs at universities, academies, colleges, seminaries, and institutes of technology...

, the University of São Paulo

University of São Paulo

Universidade de São Paulo is a public university in the Brazilian state of São Paulo. It is the largest Brazilian university and one of the country's most prestigious...

 (USP) is in the top 100 public universities in the world and, recently, in the annual raking of the British

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 newspaper The Times

The Times

The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...

, as the first university in South America

South America

South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...

. There is also a wide range of short courses, lectures, seminars, literary discussions and a several universities and cultural centers teaching from handicraft to technology.

The São Paulo Stock Exchange (BM&F Bovespa) is Brazil's official stock and bonds exchange. The BM&F Bovespa is the largest stock exchange

Stock exchange

A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...

 in Latin America and third largest in the world. In the Stock Exchange, R$ 6 billion (US$ 3.5 billion) change hands every day. If the Greater São Paulo

Greater São Paulo

The Greater São Paulo is a nonspecific term for one of the multiple definitions the large metropolitan area located in the São Paulo state in Brazil.-Definitions:-Metropolitan Area:...

 were a country would be the thirty-third richest nation in the world (in nominal GDP), ahead of the United Arab Emirates

United Arab Emirates

The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...

 and Hong Kong

Hong Kong

Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...

 for example and twenty-eighth richest nation ahead of Belgium

Belgium

Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...

 and Venezuela

Venezuela

Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...

 (in GDP PPP). São Paulo is the best city to do business in Latin America

Latin America

Latin America is a region of the Americas where Romance languages  – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...

. The large growth of São Paulo GDP is due to the great economic potential of the city and the appreciation of the Brazilian real

Brazilian real

The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL. It is subdivided into 100 centavos ....

 to the U.S. dollar

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

. The per capita income

Per capita income

Per capita income or income per person is a measure of mean income within an economic aggregate, such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate and dividing it by the total population...

 for the city was R$ 25,675 (2006).
According to PricewaterhouseCoopers

PricewaterhouseCoopers

PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....

 annual economic growth of the city is 4.2%.

Manufacturing

Industrial development, beginning in the late 19th century but intensifying after World War II

World War II

World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...

, has transformed metropolitan São Paulo into the foremost industrial centre in Latin America

Latin America

Latin America is a region of the Americas where Romance languages  – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...

. The city has outgrown its status as the "Chicago of South America

São Paulo

São Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...

," because it actually plays a greater role in Brazilian commerce and industry than any one city in the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. The value of its industrial production is by far the largest of any Brazilian city. Its leading industries produce textiles, mechanical and electrical appliances, furniture, foodstuffs, and chemical and pharmaceutical products. Heavy metallurgical plants located in nearby Taubaté

Taubaté

Taubaté is a city in the State of São Paulo, in southeastern Brazil. Its strategic geographical location, between the two most important Brazilian cities , being crossed by Presidente Dutra Highway which connects the two megacities, and between high, cold mountains and the Atlantic Ocean has...

, oil refineries and chemical plants in Cubatão, and plants manufacturing motor vehicle

Motor vehicle

A motor vehicle or road vehicle is a self-propelled wheeled vehicle that does not operate on rails, such as trains or trolleys. The vehicle propulsion is provided by an engine or motor, usually by an internal combustion engine, or an electric motor, or some combination of the two, such as hybrid...

s, transportation equipment, and farm machinery in Santo André, São Bernardo do Campo

São Bernardo do Campo

São Bernardo do Campo is a municipality in the state of São Paulo, in southern Metropolitan São Paulo and São Paulo microregion. The municipality's total area is 408.45 km ² and a population estimated at 1 July 2009, according to the IBGE, was 810,979 inhabitants, which results in a population...

, São Caetano do Sul

São Caetano do Sul

São Caetano do Sul is a city in São Paulo state in Brazil, located in the Greater São Paulo Metropolitan Area. It is the city with the highest per capita income in Brazil and it also has the highest Human Development Index .-Geography:São Caetano do Sul is located on a plateau that is part of the...

, and Diadema

Diadema

Diadema* Diadema, São Paulo, a city in São Paulo* Diadema , a genus of sea urchin belonging to the family Diadematidae* Damon diadema, a species of arachnid, sometimes known as the tailless whip scorpion...

 make large contributions to production. Computer industries and the manufacturing of electrical appliances are on the rise, as are automobile components. The several thousand manufacturing establishments in São Paulo provide employment for more than one-tenth of the population.

Finance and other services

Commerce, both wholesale and retail, is well developed and spread over the city by zones according to specialty, for example, the wholesale garment district in Bom Retiro and Brás. Banks are concentrated in the central Triângulo, as well as along Paulista Avenue, but maintain branches in almost every district. All but the smallest Brazilian banks also represent interests from North America and South America, Europe, Asia, and Africa. São Paulo Stock Exchange has taken on global significance, and diversified financial services rival those of other world centres. No less important in terms of employment are street vending, peddling, and neighbourhood stores. Yet huge shopping malls have sprung up near residential neighbourhoods, and new service industries spawned by the computer age provide increasing employment opportunities for the great number of graduates produced by São Paulo's many universities and technical

Vocational education

Vocational education or vocational education and training is an education that prepares trainees for jobs that are based on manual or practical activities, traditionally non-academic, and totally related to a specific trade, occupation, or vocation...

institutes.