![]() The ratio for the top 10 global cities tend to be much higher, often upward of 10 times incomes. Home prices in affordable markets tend to average three times household incomes. The property market has a distorting effect. This is clearly true in the United States, where its premier global city, New York, as well as its prime competitors for international standing, Chicago, Los Angeles and the San Francisco Bay Area, rank among the 10 most unequal cities in the nation. ![]() The ability to rise in cities from North America and Europe to Asia - through what historian Peter Hall calls “this unique creativity of great cities” - stands as one of the great social achievements of modern times.īut in this era of powerful oligarchs and growing inequality, these planetary centers are less places for upward mobility than most other cities. Since the late Enlightenment, great cities, often built around markets, were typically places for the aspirational middle and lower classes. Higher prices and greater labor force competition seem to be the natural result of global city status, posing enormous challenges to local populations and those that govern them. This phenomena is common for virtually all the leading lights on our list of The Most Influential Global Cities. Forced to compete with foreign capital and immigrant workers, native-born residents of cities from Los Angeles and London to Singapore often feel displaced, becoming strangers in what they thought was their own place. ![]() The globalization of cities and their elites often comes at the expense of many of the people who live there.
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