In the list of Forbes' Philippines' 50 Richest 2020, the Sy siblings remain at the number one spot of Philippines' Rich List for this year with a net worth of $13.9 Billion despite losing $3.3 Billion due to the pandemic. The Chinese capitals tally of ten-figure-fortunes rose by six since last year to reach 67 billionaires. The number of millionaires has been growing steadily over the last 10 years, and if the trends of recent years hold, San Francisco could become the number one millionaire hub by 2040. Europe comes in third with five cities, though only London makes into the top 10 portion of the ranking. Chicago, which serves as the home base for 35 Fortune 500 companies, is home to 160,100 millionaires, 340 centimillionaires and 28 . 1. Ian Lurie on Quora calls Seattle "one of the most beautiful U.S. cities you'll find, with lots of lakes, the bay, mountains and green stuff.". Moreover, when it comes to its residents, there are about 9,210 multi-millionaires calling London home, as well as 38 billionaires. London is ranked second with $2.7 billion in private wealth. A paid subscription is required for full access. As a SEZ, businesses in the area receive special treatment in the form of tax benefits, which helps increase the GDP bottom line immensely. Los Angeles is not California's only wealthy city! Being a prominent city in Asia, Shanghai is home to over 24 million people, there are about6,180 multi-millionaires and 42 billionaires living in Shanghai. 2. She finds almost all topics she writes about interesting, but her favorite subjects are travel and food. Values soared as interest rates on loans went down in a sellers market, which made it tougher to find affordable properties. Rounding out the top three cities is Tokyo, with $2.5 trillion in private wealth. E-commerce has seen a boom in China since millions of citizens were locked down in an effort to slow the spread of the coronavirus in January, boosting the fortunes of online retail titans like Colin Huang. Fortune 500 companies located in the Rhine-Ruhr metropolitan area include: ThyssenKrupp AG, RWE AG, Bayer AG, Evonik Industries, among others. Meanwhile, seven cities in Asia with the common denominator of high-income inequality and low wages dominate the list of the worlds cheapest cities. Singapore is home to 249,800 millionaires making it the second richest city in Asia after Tokyo. Additionally, the citys real estate market is known for being expensive, with sky-high property values and rents. Currently, 43 Fortune 500 companies that call New York City home include: Verizon, JP Morgan, Pfizer, Citigroup, MetLife, Goldman Sachs, Morgan Stanley, and more. Fortune Global 500 companies in Tokyo include: Honda Motors, Hitachi, Sony, Mitsubishi and more. [Online]. - Full Size", "Gross domestic product (GDP) at basic prices, by census metropolitan area (CMA)", "Population estimates, July 1, by census metropolitan area and census agglomeration, 2016 boundaries", "Population on 1 January by age groups and sex - functional urban areas", "President: Almaty turns into large regional investment attractive centre", "Posio ocupada pelos maiores municpios brasileiros em relao ao Produto Interno Bruto, Est. This statistic is not included in your account. Photo: @Kim Kardashian West. In fact, the average annualy income in these neighborhoods is typically over 100,000. The international city of romance boasts an economically wealthy status. The manufacturing and export hub across from Hong Kong added five members to the three-comma-club in the last year, all of them self-made. Los Angeles, Chicago and Houston round out the top five. The manufacturing and export hub across from Hong Kong added five members to the three-comma-club in the last year, all of them self-made. Other companies crucial to Seouls economic health include: Kia, Daewoo and Hyundai. The headquarters of several cities are also found in Tokyo, which include Honda, Sony, Hitachi, and Mitsubishi. Visualizing the Global Share of U.S. Stock Markets. But if this inflation is compounded with a strong national currency, you may live in one of the worlds most expensive cities. Monaco - 29.21% Millionaires. Rankings of Cities and Municipalities are based on the sum of their scores on 4 Pillars: Economic Dynamism, Government Efficiency, Infrastructure, Resiliency, and Innovation.Provincial rankings are based on population and income weighted average of the Overall scores of cities and municipalities under a province. This is a list of cities in the world by gross domestic product (GDP).The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. Newcomers to the billionaire ranks who live in San Francisco include private equity dealmaker. 2013", "Bevolkingsontwikkeling; Regionale kerncijfers Nederland", "Bevolkingsontwikkeling; regio per maand", "Regional gross domestic product: Year ended March 2020", "2016 Census Community Profiles: Ballarat", "2016 Census Community Profiles: Bendigo", "The top 15 Indian cities by GDP | India's top 15 cities with the highest GDP - Yahoo India Finance", "Estimates of District Domestic Product Madhya Pradesh", "Federal Statistical Office Germany - GENESIS-Online", "Dossier on the Metropolitan City of Bologna", "Regionales Energiekonzept fr den Groraum Braunschweig", "Regional GDP per capita ranged from 31% to 626% of the EU average in 2017", "1.1 Valoarea produsului intern brut pe judee i regiuni", "Regional Population: Population estimates by Significant Urban Area, 2009 to 2019", "The Online Journal of McKinsey & Company", "Statistical Communiqu of Changsha City on the 2020 National Economic and Social Development", "Regional GDP per capita in the EU in 2010", "Regional economic activity by gross value added (balanced), UK: 1998 to 2017", "Yearly Average Currency Exchange Rates | Internal Revenue Service", "Population on 1 January by age groups and sex functional urban areas", "Tanzania: GDP at current prices, by region", "Dhaka, Bangladesh GDP and Income Distribution", "China: Shndng (Prefectures, Cities, Districts and Counties) - Population Statistics, Charts and Map", "Gross Domestic Product (GDP) of the Emirate of Dubai 20062008", "Bilancio demografico anno 2015 e popolazione residente al 31 dicembre; Comune: Firenze", "Posio ocupada pelos 100 maiores municpios, em relao ao Produto Interno Bruto", "Department of Statistics Malaysia Official Portal", "Gross domestic product (GDP) at current market prices by metropolitan regions", "Significant Urban Area (SUA) ASGS Edition 2016 in .csv Format", "Bilan dmographique selon le niveau gographique institutionnel", "US Dollar to British Pound Spot Exchange Rates for 2022", "2016 Census Community Profiles: Gladstone Tannum Sands", "OECD - Metropolitan areas - Population, all ages", "3218.0 Regional Population Growth, Australia, 2017-18: Population Estimates by Significant Urban Area, 2008 to 2018", "Metropolitan Employment Area (MEA) Data", "Regional GDP per capita ranged from 30% to 263% of the EU average in 2018", "Hanoi's economic growth hits 4-year high of 7.62% in 2019", "3218.0 Regional Population Growth, Australia, 2017-18: Main Features", "Report for Selected Countries and Subjects", "DocSend - Simple, intelligent, modern content sending", "Estimates of District Domestic Product of Rajasthan for 2020-21", 2015 Census Final Data " 27 | | ", "Karachi Mega-Cities Preparation Project", "Bevlkerung nach Nationalitt und Bundeslndern", "Rodikli duomen baz - Oficialiosios statistikos portalas", https://worldpopulationreview.com/countries/cities/australia%7Caccess-date=2021-05-02%7Cwebsite=worldpopulationreview.com}}, "District Domestic Product Estimates Uttar Pradesh Year 2019-20", "World Economic Outlook Database, October 2019", "Bevlkerung der Gemeinden am 31.12.2010", "Population and employment / IMSEE - Monaco IMSEE", "Mumbai 17th in global GDP list, says survey", "Mumbai and Delhi rank as 5th and 6th largest cities in Asia with a GDP of over $400 bn: JLL 'Global 300' Rankings", "District Domestic Product of Maharashtra 2011-12 to 2019-20", "Bruttoinlandsprodukt in den Metropolregionen in Deutschland 2014 | Statistik", https://web.archive.org/web/20150924002318/http://www.espon.eu/export/sites/default/Documents/Projects/ESPON2006Projects/StudiesScientificSupportProjects/UrbanFunctions/fr-1.4.3_April2007-final.pdf, "Directorate of Economics and Statistics", https://ec.europa.eu/eurostat/documents/2995521/10474907/1-05032020-AP-EN.pdf/81807e19-e4c8-2e53-c98a-933f5bf30f58&ved=2ahUKEwi-u5GHnujpAhUOuIsKHaOlDG0QFjACegQIBRAJ&usg=AOvVaw0NnWnyaFRad5NgG3NGcbJP&cshid=1591276979492, "City of Tshwane, Metropolitan Municipality 799 from Census 2011", "PIB por Entidad Federativa (PIBE) en 2019, Base 2013", European Spatial Planning Observation Network, "Gross domestic product in regions | Oficils statistikas portls", "METRO - "The role and future perspectives of Cohesion Policy in the planning of Metropolitan Areas and Cities", "IBGE: SALVADOR ocupa 22 lugar no ranking per capita do PIB/2011", "Shanghai first Chinese city to top 3 trillion yuan GDP", "3218.0 Regional Population Growth, Australia, 201718: Population Estimates by Significant Urban Area, 2008 to 2018", "Aire d'attraction des villes 2020 de Strasbourg (partie franaise) (010)", "Population, 1 January by Year, County, Sex and Age group", " ", "Tel Aviv 2022 Global Business Cities Report", "Tokelau's Gross Domestic Product determined for first time this century", Final population counts: 2016 Tokelau Census, "Popolazione Residente al 1 Gennaio 2020", "Demo-Geodemo. New York City notched the top spot for the sixth year running, growing its count of billionaire city dwellers by eight compared to 2019. At its peak, General Motors enjoyed a 50% market share in the United States. This includes the burgeoning FinTech, or financial technology industries. For instance, Osaka is home to major electronics corporations like Sharp and Panasonic as well as pharmaceutical companies, food, retail and trading companies. London has been the worlds wealthiest city for years, but over the past decade there has been an outflow of millionaires. (March 17, 2022). Using data from Wealth-X, here's a look at the top 10 cities with the highest UHNW populations: It's worth noting that six of the top 10 UHNW cities are in America. All maps, graphics, flags, photos and original descriptions 2023 worldatlas.com, The World's Most Populated Capital Cities. Follow Us. A home stands in Atherton, California, U.S., on Tuesday, Feb. 18, 2020. Furthermore, 121. Rising development costs and foreign competition had already felled the fortunes of South Koreas pharmaceuticals sector, before coronavirus concerns hit the countrys economy in late February in total, thirteen Seoul-based billionaires dropped off the list. However, invading a sovereign nation had its consequences, and Russias entire economy is in a state of disrepair. Ahmedabad - Textile Hub Of India. Reportedly, the top 20% earners in the city have an average salary of over $280,000 USD, with the top 5% earning over $530,000 USD. This year 92 billionaires live in the Big Apple as their primary residence 8 more than a year ago. The 10 Best Places to Live in Mexico for Americans, The 20 Cheapest Places to Buy Land in the U.S. 2022, 20 Cities with The Worst Weather in Europe, How Zac Stacy Achieved a Net Worth of $6 Million. Principal industries which were the engine behind Moscows economy are textile, metallurgy, energy, and chemical. It goes without saying that due to its history tourism is a huge draw when it comes to obtaining revenue. Most such agglomerations are economically, socially and culturally dominated by one city at their centre. Refer to sources for more information. A little known fact is that L.A. is the manufacturing center of the country. Let's consider New York City. The methodology of calculating GDP may differ between the studies and are widely based . 1. GM was the best-performing automobile company in the 20th century but has still maintained a top position among the wealthiest car manufacturers. Ever since, San Francisco has remained a strong financial stronghold for the state of California. Trip Ideas; Atherton, CA (income: $525,324/ bailout: $3.8 million) - With a median home price of. Major sectors there include: real estate and fund management. New York City. RANKED: These Are The 50 Richest Towns To Live In The United States, 2020 Sophie Ireland C-Suite Lifestyle February 21, 2020 With an average household income of more than $525,000, Atherton, California is the richest town in the United States, that's according to a Bloomberg report. In fact, Delhi's population can beat Tokyo by 2028. Home to both invention and innovation, animes, mangas and of course, robots, Tokyo is known as the financial center of the world. Among the top 10 richest economies, Ireland has the fastest-growing economy with 13.04%. Five are new billionaires from the finance industry, including private equity wizards Tony Tamer and Steven Klinsky. This video will compare the top 50 richest people in the world by net worth in 2020. Mumbai gained one billionaire resident since 2019, losing five billionaires but adding six newcomers. In other words, the city produces poor copies of everything from designer fashions to scooters. In the U.S., a few tax-friendly states like Texas and Florida became home to American companies moving their head offices there. Beijing also has a sizeable billionaire population of 100 people, compared to any other international city. 6 and No. ed from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. When determining the GDP, the UN classifies 3 methods to determine it: City proper, urban area and metropolitan regions.. Our numbers for the richest cities in the world are based on the metropolitan statistical region. 12. If youre looking, Read More The 20 Cheapest Places to Buy Land in the U.S. 2022Continue. Other industries which influence the economy of Boston include the biotech industry, tourism, finance services and several Fortune 500 companies. Liz loves the process of researching information, learning new things, and putting into words what others who share her interests might like to read. Foreign corporations such as IBM, Nestle, Hewlett-Packard and more flooded Beijing, causing a rapid economic expansion. Learn more about how Statista can support your business. The San Francisco Bay Area boasts 276,400 millionaires. Alongside its growing wealth, San Francisco is also one of the fastest growing cities in the country. Loudoun County is the richest county in the USA, with an estimated average household income of $ 117,876. The billionaire's rank, nationality, and source of his or her wealth is listed. 20 Cities with the Worst Weather in the U.S. How Eiza Gonzalez Achieved a Net Worth of $5 Million. Fortune Global 500 companies housed in Moscow include Gazprom, Rosneft Oil and Sistema among others. This northern Chinese city is not only a hub for luxury brands, it headquarters China's largest companies, many of which are considered in the Fortune Global 500. In 2019, the Northern California city attracted 26.2 million visitors who spent around $10.3 billion USD in the city. Mumbai - City Of Dreams. We added hundreds of new lists - see our top 101 city lists. While Shenzhens export-led manufacturers have struggled from the effects of the trade war with the U.S., the citys billionaires added $29.7 billion to their collective net worth since 2019. Companies that have offices in Boston include BNY Mellon, Goldman Sachs and Microsoft. Its known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. Los Angeles, USA The city of Los Angeles makes significant efforts to foster economic growth in the local community. American retail corporation Walmart has been the world's largest company by revenue since 2014. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. The top 10 riches cities in the world behind New York City were Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing, and Shanghai. Los Angeles is a city that takes great strides to encourage economic growth. ", Hurun Research Institute, Leading cities with the most billionaires in 2022 Statista, https://www.statista.com/statistics/299494/billionaires-top-cities/ (last visited March 04, 2023), Leading cities with the most billionaires in 2022 [Graph], Hurun Research Institute, March 17, 2022. In, Hurun Research Institute. After all, its Philadelphias rich history that fuels the tourist trade that brings over 2 million visitors from both the U.S. and foreign countries every year. Makati City: $4.48 billion. New York's richest resident, 476 Washington Avenue, former mayor Michael Bloomberg, has a net worth of $45 billion, making him one . $516.5. Property prices, across the board in Hong Kong in late 2019, damaging the real estate industry that is the source of wealth for many of the citys richest, including Hong Kongs sole, Moscow is the only other city among the top 10, besides Shenzhen, where every single billionaire is self-made (as opposed to inheriting a fortune); many have close ties to Russian President Vladimir Putin. These initiatives include the Small Business Improvement Fund, the Chicago Recovery Grant, Special Service Area Program, Tax Increment Financing and more. Compared to many other states, Kentucky has low, Read More The 20 Safest Places to Live in KentuckyContinue, The price of land jumped dramatically from 2020 to the present. As of March 2023, MacKenzie Scott's net worth is estimated to be $33.3billion. Home to the New York Stock Exchange (NYSE) and the famous American street of Wall Street, New York is regarded as one of the world's wealthiest cities. China retains its title as the country with the most cities in the top 10, with Shenzhen moving up one spot to No. [3] The methodology of calculating GDP may differ between the studies and are widely based on projections and sometimes approximate estimations, notably for cities that are not within the Organisation for Economic Co-operation and Development. Its also host to the headquarters of around 75 percent of the worlds Fortune 500 companies. A huge part of this development was the influx of multi-national corporations. In 2022, the combined wealth of India's 100 richest increased by $25 billion to touch $800 billion. 27. from people staying indoors and spending more time online. Mapped: Europes Biggest Sources of Electricity by Country, Visualizing the Scale of Global Fossil Fuel Production, Visualizing U.S. Hong Kong is once again the city with the second most billionaires in the world. March 17, 2022. The top 10. UAE in Top 20. Asia continues to dominate the list of the worlds least expensive cities, followed by parts of North Africa and the Middle East. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. The Southeast Asian city-state gained nine new billionaires since 2019, while the South Korean capital recorded a net loss of ten members of the three-comma-club. Top Cities in the World to Visit. The Private Industry Council works to promote the local economy via job training programs. In fact, according to this chart, you can see that manufacturing takes the lead with 16.6 percent followed by retail at 16.6 percent and real estate at 11.4 percent. Accessed March 04, 2023. https://www.statista.com/statistics/299494/billionaires-top-cities/, Hurun Research Institute. The Richest Cities are shown below, based on GDP (Gross Domestic Product) data from 2011. She was the wife of Jeff Bezos, founder of Amazon. According to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a countrys borders in a specific time period. In this case, we are looking at the GDP of metropolitan statistical areas, and not countries. London and the rest of the United Kingdom finally left the European Union on January 31st, 2020. You can only download this statistic as a Premium user. India is the second largest country in the world after China. Home to about 393,000 millionaires, Seoul's economy is rooted in manufacturing, financial services, and transportation. Being a world-class city that attracts prominent figures in the tech industry, San Francisco is one of California's most popular (and richest) cities. These cities have a combined GDP of $2.4st trillion, equating to more than double that of second-place San Francisco. Dallas Number of individuals with a net worth of $5 million or more: 36,515 Percentage of global population: 1.2% 9. Our ranking shows the 50 wealthiest countries, measured by gross domestic product per capita and adjusted by the purchasing in the respective country. The richest person in New York City is Bloomberg LP founder and former Mayor Michael Bloomberg, who spent nearly $1 billion of his $48 billion fortune on a failed presidential campaign before dropping out in March to endorse Joe Biden. Other Shanghai entrepreneurs are newcomers to the list, including Wang Jilei, who draws his wealth from express delivery firm ZTO Express, and Chen Rui, whose anime and entertainment site Bilibili saw an uptick in demand after it gave residents of locked down areas free access to premium content. Most of the cities in our list have a similar history in terms of long-standing economical power (Tokyo, Paris, London), while others seem to have gained most of their wealth in the past 2 to 3 decades (San Francisco.). Finally, Oceania has two cities on the list, both located in Australia. StartupTalky has compiled an exhaustive list of the top richest people in India for the year 2022. Beijing also has the dubious distinction of being the knock-off capital of the world. L.A. makes good use of both job training programs and development projects. New York's richest person and former mayor, Michael Bloomberg, is worth $59 billion. Its wealthiest resident, Ma Huateng, chairman and CEO of Internet media behemoth Tencent Holdings, is the second-richest person in China, after Alibaba cofounder Jack Ma. In Hong Kong, 9,530 ultra wealthy individuals resided, followed by Tokyo with 8,345 lived. Adding to the diversity are biotech companies and information technologies. According to the Greater Houston Project, As retailers work to rebuild their inventories, as factories struggle to resolve supply chain issues, as the global economy continues to grow, so will the demand for Houstons exports, and so will Houston employment,. Standing as one of Russia's largest industrial and financial centre, much of the country's wealth is still tied to this capital city. From Singapore To New York City, more than 26% of the worlds 2,095 billionaires live in just 10 cities on three continents. This is a list of cities in the world by gross domestic product (GDP). Top 10 Poorest Countries In The World 1. The Big Apple has historically been a hub for trade and investment, due to a buzzing port and its very well connected location, with rivers and canal systems reaching out to the midwest. Here are the 10 cities in the world with the most billionaires: New York City notched the top spot for the sixth year running, growing its count of billionaire city dwellers by eight compared to 2019. Shibuya Crossing, one of the busiest crosswalks in the world, in Tokyo, Japan Tokyo's wealth is also tied to the Tokyo Stock Exchange (TYO), regarded as one of the largest stock exchanges in the world. It has more sunshine than Florida, Read More The 20 Safest Places to Live in ArizonaContinue, Generally speaking, when people set out to buy a property, they are recommended to check out the property in person before making the purchase. Montgomery Street is considered the Wests Wall Street and is located in San Francisco. After all, Paris is one of the hotbeds of world tourism, its the city of love and art. Home to thousands of millionaires, wealthy Parisian neighborhoods include the 7th Arrondissement, the Boulogne-Billancourt, Saint-Cloud, and Neuilly-sur-Seine. Standing as Russia's capital for centuries, the country's national wealth has been building in Moscow since the 1990s after the fall of the Soviet Union. 29. Shipping isnt the only industry which brings revenue into SEZ, its also the sizable industrial parks, high-tech industries and of course, trade. This international city has over 192,000 resident millionaires with 34 billionaires. The Shenzhen Special Economic Zone was created in May of 1980 and is based on Irelands Shannon Free Zone. Kolkata is the financial, commercial and industrial hub of the North East region. Known as a center of learning due to the many high caliber universities in the city such as Osaka and Kansai universities, Osaka attracts creative and innovative industries. Chart. Liz Flynn has worked as a full-time writer since 2010 after leaving a career in education. The four cities that made the top 50 in 2019 but did not make . The city of rich historical, cultural, political and social significance, New Delhi, ranks second on this list with a GDP of $293.6 billion. In some U.S. cities, however, more than half of all households earn $70,000-plus. Get full access to all features within our Business Solutions. Indian richest cities 2021. Washington, D.C.. However, Shanghai is one of Asia's most expensive cities to live in, due to its high cost of living, from real estate to daily transportation. 7 and Shanghai and Beijing staying flat at No. According to various estimates, the Japanese capital is home to 13.1 to 13.7 million people. He is worth $1 billion, becoming the richest actor in the world. Seoul is a gorgeous city and the economic hub of South Korea. 9 last year. London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury. New York. Apart from the cost of a home, examining how, Read More What is the Cost of Living in New Hampshire?Continue, Mexicos proximity to the US makes it a hugely popular option for American expats and retirees. Though residents are keen on investing in the real estate market, younger generations are finding it difficult to afford a home in Seoul due to the rising cost of real estate property and rising economic insecurity. For instance, billionaires like Zhang Yiming, founder of TikTok, calls the capital city home (with a net worth of about $35.6 billion USD)! Click on the headers to reorganize columns. For the first time, revenues from Global 500 companies in Greater China (including Taiwan). Although she spends most of her time writing, she also enjoys spending time with her husband and four children, watching films, cooking, dining out, reading, motorsports, gaming, and walking along the beach next to her house with her dog. Let me take you through the updated list of the World's richest cities as of 2022. 13. Fortune 500 companies include Comcast, Colonial Penn, Sunoco, Aramark, CIGNA, Lincoln Financial Group, and more. Delhi city is the second most populated city in the world with a 30,291,000 million population. Macao SAR will climb from 17th in 2020 to 9th in 2021. Various lists of the richest families in the world (excluding royal families or autocratic ruling dynasties) are published internationally, by Forbes as well as other business magazines.. The richest city in the world is Tokyo. Barcelona, Spain Rome, Italy Madrid, Spain Singapore, Singapore Amsterdam, Netherlands Prague, Czech Los Angeles, USA Chicago, USA San Francisco, USA Berlin, Germany Hong Kong, China Washington, USA Beijing, China Dublin, Ireland Istanbul, Trkiye Las Vegas, USA Milan, Italy Budapest, Hungary Toronto, Canada Sydney, Australia Seoul, South Korea The PPP value of a city (or country) is commonly used by macroeconomic analysts and economists, as its a popular metric to determine a city's standard of living and economic prosperity. Fortune 500 companies include Discovery Communications, Fannie Mae, Walmart and CACI International among others. 2 on the list, but the city recorded a net loss of eight billionaire residents. This city's success is due to its industrial and manufacturing activity, made up of a technology-savvy and highly skilled work force.