Day: May 22, 2024

These 6 US cities are the greatest ‘engines of the global economy’ beating financial hubs like London and Singapore, a study of 1,000 cities worldwide says

The Bay Bridge and the San Francisco skyline including the Salesforce Tower are seen in this view from the bay on Monday, March 9, 2020.
The Bay Bridge and the San Francisco skyline including the Salesforce Tower are seen in this view from the bay on Monday, March 9, 2020.

  • Cities remain at the forefront of economic growth. 
  • Six US cities have been ranked as having world-leading economic vitality by the Oxford Economics Global Cities Index.
  • But while they perform well on economic factors, the cities fall down on governance and quality of life. 

News of the housing crises, worker exoduses, and budget slashing tells a tale of the slow decline of US cities.

However, according to the latest Global Cities Index from research group Oxford Economics, six US cities are still the leading "engines of the global economy."

New York, Los Angeles, San Jose, Seattle, San Francisco, and Dallas topped the index's economics category.

The index, produced annually by the economic advisory firm Oxford Economics, ranks the largest 1,000 cities by five categories: economics, human capital, quality of life, environment, and governance.

The prosperity of cities is often viewed through the lens of their busy financial centers, with New York, London, Singapore, and Hong Kong typically leading global rankings.

However, Oxford Economics' index purposefully assesses cities by a range of factors contributing to overall economic vitality and the potential for sustained growth and development.

GDP growth, employment growth, economic stability, GDP per person, and economic diversity were all measured in addition to overall GDP size.

"The cities topping the Economics category are the engines of the global economy. In this category, American cities dominate," the report states.

New York excelled in the economics category with a perfect score of 100, followed closely by Los Angeles. San Jose, the largest city in Silicon Valley, came in third place and was highlighted as having the highest GDP per person globally.

downtown Dallas
Dallas is one of the world's leading "engines of the global economy."

A less expected entrant in the top 10 was Dallas, which ranked sixth globally for economic vitality.

The Texan city has experienced the largest numerical population increase of any US metro area in recent years, and more than 175 companies have moved their headquarters there since 2010, setting it up as one of the economic powerhouses of the South.

London, Paris, and Tokyo are the only three non-American cities to crack the top 10. They trail the US cities due to lower levels of GDP per person, according to the report.

Chicago also made it onto the list for its economic vitality, coming in eighth after London.

However, while the six US cities may score high in economics, they barely appear in the top rankings across the other four categories: human capital, quality of life, governance, and environment. 

Cities in Europe, New Zealand, and Brazil bettered them on factors like income equality, life expectancy, air quality, civil liberties, and business environment.

Nonetheless, the report noted that "cities in North America are all clumped at the higher end of the rankings."

New York, San Jose, Seattle, Los Angeles, and San Francisco ranked in the top 10 of Oxford Economics' overall list of top global cities, with New York coming out on top.

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7 quirky plans for Neom, from robot hotel clerks to swim lanes for commuters

A conceptual image of the planned design for The Line in Saudi Arabia's Neom, shows a large mirrored facade extending out into the water from the desert.
A rendering for The Line, a vast horizontal skyscraper in Neom.

  • Saudi Arabia's Neom project is one of the world's most ambitious ventures.
  • Designs for the megaproject include a city between twin mirrored skyscrapers and a desert ski resort.
  • Some experts have expressed doubts that Neom will live up to its promises.

Saudi Arabia has grand plans for its Neom megaproject.

It's been touted as one of the most ambitious in the world and is expected to cost the Kingdom at least $500 billion — with some estimates reaching up to $1.5 trillion.

The city is part of Saudi Crown Prince Mohammed bin Salman's Vision 2030 project, which plans to revolutionize the country's oil-dependent economy for a post-fossil fuel future. However, some critics have cast doubt on whether the project will be completed as planned.

Recent reports indicate Saudi Arabia may be facing difficult questions about the megaproject's financial, environmental, and humanitarian impacts.

From a year-round ski resort in the desert to a network of futuristic robots, here are the some of the most ambitious aspects of Neom.

1. A city inside twin mirrored skyscrapers

The Line, NEOM
The planned design for The Line.

The Line is perhaps the best-known element of Neom thus far.

Designs for the city include twin 1,640-foot-high mirrored skyscrapers positioned 656 feet apart.

According to Neom's website, the city will have no roads, cars, or emissions and run only on renewable energy.

The first stage of the project was due to be finished by 2030, but recent reports suggest developers may be facing financial difficulties.

Planners have also raised environmental and design concerns, including the risk the mirrored skyscrapers pose to migrating birds.

2. Swim lanes for commuters

The megacity is also considering including swim lanes for commuters, according to a Neom "style catalog" seen by Bloomberg.

Neom planners are reportedly considering including canals with swimmable water, which would allow residents to swim to work or school.

Jan Paterson, Neom's managing director for sport, described the idea to Bloomberg in 2022, claiming a sixth grader living in Neom could carry a waterproof backpack and swim all the way to school.

3. A year-round ski resort

Neom
An image showing a nighttime view of mountains in the region in northwest Saudi Arabia where planners say Neom will be built.

The desert city is also set to have a year-round ski and adventure resort called Trojena. Located in the mountains of the Tabuk region, it will host more than 100,00 feet of ski slopes, according to Neom's website.

Planners say they will use "a combination of real and artificial snow to create a truly magical place for alpine sports all year round."

4. A robot and AI network

Neom has grand plans to be the most high-tech city in the world.

CEO Nadhmi Al-Nasr claimed in 2017 that the project would host more robots than people.

High-tech plans for the megacity range from "digital twins" that will mirror residents' biometrics and health data, to humanoids at hotel check-in desks.

Neom will also feature an "immersive, mixed-reality metaverse," according to its website.

5. A suspended infinity pool

Infinity pool Neom
Plans for Neom's infinity pool.

Neom is planning to host the world's longest infinity pool.

Stretching some 1,500 feet, the pool would be suspended 220 feet above the sea on the southern end of the Gulf of Aqaba in Treyam — one of Neom's recently-announced regions.

Planners have described it as a "premier resort" designed for "adventure and endeavor." The region will also offer other activities such as sailing, diving, and other water sports.

6. Mixed-reality theme park

Neom also plans to build theme parks that integrate virtual and physical experiences.

The planned attractions are aimed at offering a personalized, immersive gaming experience that blends with real-world interactions.

Neom's managing director of media, entertainment, culture, and fashion, Wayne Borg, told Wired in April 2021: "For gamers, it's taking their online experience and extending seamlessly into a mixed-reality theme park experience. These will be hyper-personalized, transformative experiences that don't exist today."

7. Rewilding projects

Neom construction.
Construction of Neom.

Neom officials plan to protect 95% of the sites' land and sea as nature reserves.

This means embarking on an extensive rewilding program, including restoring natural water flows to the area.

Paul Marshall, Neom's chief environment officer, told Wired the land in question has a long history of use — and overuse.

"Large parts of the landscape are quite heavily over-grazed by camels and goats, and the marine waters are quite over-fished. And so we don't want to preserve — we want to actively restore," he said.

Saudi Arabia has been under further scrutiny after a BBC News investigation found that forces had been authorized to kill residents to clear the way for the megacity.

Read the original article on Business Insider

Turbulence killed a passenger on a flight from London to Singapore, but severe injuries due to turbulence are incredibly rare

A general view of the cabin of Singapore Airlines flight SQ321, which was hit by severe turbulence.
Severe turbulence dislodged oxygen masks and caused injuries to dozens of passengers on Singapore Airlines flight SQ321.

  • A Singapore Airlines passenger died Tuesday after a flight was hit by turbulence.
  • Serious injuries due to turbulence are extremely rare, per FAA data.
  • The incident also serves as a reminder for passengers to wear their seatbelts whenever possible.

The dangers of turbulence were made apparent on Tuesday when Singapore Airlines announced a passenger died on board a flight.

Geoff Kitchen, 73, had a heart condition, according to officials at Bangkok Airport, where the flight was diverted. 71 others were injured on the flight, six of whom are in critical condition.

It marks one of the worst turbulence incidents in recent years. It is also the first death on a Singapore Airlines flight since 2000. The carrier is regarded as one of the world's best, one of just 10 worldwide to be ranked five stars by Skytrax.

The National Transportation Safety Board announced it would send five people to support the Singaporean investigation. It has jurisdiction because an American plane, a Boeing 777, was involved.

"NTSB has long been concerned about turbulence-related accidents and incidents," it said in a post on X.

Serious injuries due to turbulence are very rare.

According to data from the Federal Aviation Administration, just 163 people were seriously injured by turbulence between 2009 and 2022 — an average of less than 12 people a year.

The majority, 129, were crew members. In 2022, only four passengers were seriously injured by turbulence.

For context, the FAA oversees more than 16 million flights in US airspace every year.

Not wearing a seatbelt is the biggest risk factor. That's why crew members are more susceptible because they could be in the middle of service when turbulence strikes. Alongside its data, the FAA pointed out that its regulations require passengers to fasten their seatbelts when the sign is illuminated.

However, sometimes, there isn't enough time between the sign turning on and the onset of turbulence.

Andrew, a passenger on the Singapore Airlines flight, told the BBC that the plane "suddenly dropped" just moments after the seatbelt sign came on. It's a reminder that passengers should wear a seatbelt whenever possible.

While severe injuries due to turbulence remain incredibly rare, the number of incidents involving turbulence has increased over the past several decades, largely due to alterations in wind dynamics linked to the climate crisis.

According to a 2023 study by researchers at the UK's University of Reading, there were around 17.7 hours of severe turbulence over an average point above the Atlantic Ocean in 1979. By 2020, this had jumped to 27.4 hours, an increase of 55%.

Read the original article on Business Insider

Massachusetts’ millionaire tax is earning more than expected and could help make up for the last few years of high earners fleeing the state

Martha's Vineyard Airport sign.
Martha's Vineyard Airport.

  • Massachusetts' new tax on the wealthy generated $1.8 billion, exceeding expectations.
  • Approved in 2022, the tax added 4% on incomes over $1 million.
  • The increased revenue comes amid high-income earners leaving the state.

Massachusetts' new tax on the wealthy has become a bigger boon for the state than expected. It could help make up for the loss of high-income earners in recent years.

The state announced on Monday that the tax brought in $1.8 billion in the first three quarters of the fiscal year, blowing away predictions for the entire year, according to the Boston Globe. The additional income for the state is already $800 million more than what lawmakers had budgeted to spend from the new tax.

The new tax on the wealthy, dubbed the "millionaires tax," was approved by voters in 2022 and added an additional 4% tax on those earning more than $1 million.

According to the Boston Globe, after the tax was approved, the state initially estimated it would generate $1.4 to $1.7 billion in the first year. However, the state budgeted just $1 billion for the first year out of concerns that the impact of the new tax could be unreliable in the first year.

This new windfall for the state comes despite concerns that high-income earners would leave the state, exacerbating a problem seen in Massachusetts even before the new tax.

A study by the Pioneer Institute published in 2023 showed that Massachusetts saw a net loss of 25,200 tax filers in 2021. Those who left the state had an adjusted gross income of $4.3 billion greater than those who moved in. The change in the number of tax filers increased from the net loss of 20,400 tax filers in 2020 and an adjusted gross income of $2.4 billion.

Those who left tended to be middle- to high-income earners, per a study by Boston Indicators published in April. Most were on the high end, defined "as a family of four with an income of at least $140,000 — five times the poverty level in 2022.

However, a closer look at the data shows Massachusetts' retention of millionaires is doing just fine. According to the IRS, Massachusetts tax filers with an adjusted gross income of at least $1,000,000 grew by nearly 10,000 in 2021, the year before the new tax was approved.

The real test for Massachusetts comes now as we wait and see if the highest earners start to dwindle moving forward and how much that might impact the revenue generated by the "millionaires tax."

Read the original article on Business Insider