This article point out St. John’s Is Richer Than Toronto because the GDP in St. John’s is higher than Toronto. The reason is the rich resource wealth and a low unemployment rate in St. John’s. However, I can totally agree with higher GDP means the city is richer.
GDP is the aggregate production, which measure the economic performance of a whole region. High GDP in St. John’s can prove that the production in St. John’s is high; people can buy more goods and receive high income in St. John’s. But is that means people in St. John’s is richer than others? I search “List of Canadians by net worth” in Google, but to my surprise, no one on the list is from St. John’s. What’s more, GDP is measured by the aggregate income or production, it can’t represent everyone.
St. John’s is rich in oil and gas industry, it means more people work in primary industry as labour, but Toronto is more urbanized, most of people work in tertiary industry, which provide service to customer, like entertainment, tourism and financial services, I think those service increase the living standard of people, so I Toronto is richer.
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