São Paulo is considered the "financial capital of Brazil", as it is the location for the headquarters of many major corporations and the country's most renowned banks and financial institutions. São Paulo is Brazil's highest GDP city and the 10th largest in the world, using Purchasing power parity. According to data of IBGE, its gross domestic product (GDP) in 2010 was R$ 450 billion, approximately US$220 billion, 12.26% of Brazilian GDP and 36% of all production of goods and services of the State of São Paulo. According to PricewaterhouseCoopers average annual economic growth of the city is 4.2%. São Paulo also has a large "informal" economy. In 2005, the city of São Paulo collected R$ 90 billion in taxes and the city budget was R$ 15 billion. The city has 1,500 bank branches and 70 shopping malls.
The São Paulo Stock Exchange (BM&F Bovespa) is Brazil's official stock and bond exchange. It is the largest stock exchange in Latin America, trading about R$ 6 billion (US$ 3.5 billion) every day. São Paulo's economy is going through a deep transformation. Once a city with a strong industrial character, São Paulo's economy has followed the global trend of shifting to the tertiary sector of the economy, focusing on services. The city is unique among Brazilian cities for its large number of foreign corporations. 63% of all the international companies with business in Brazil have their head offices in São Paulo. São Paulo has the largest concentration of German businesses worldwide and is the largest Swedish industrial hub alongside Gothenburg. São Paulo ranked second after New York in FDi magazine's bi-annual ranking of Cities of the Future 2013/14 in the Americas, and was named the Latin American City of the Future 2013/14, overtaking Santiago de Chile, the first city in the previous ranking. Santiago now ranks second, followed by Rio de Janeiro.
The per capita income for the city was R$ 32,493 in 2008. According to Mercer's 2011 city rankings of cost of living for expatriate employees, São Paulo is now among the ten most expensive cities in the world, ranking 10th in 2011, up from 21st in 2010 and ahead of London, Paris, Milan and New York City.Companies in Financial Times Global 500 of São Paulo in 2012 SP Corporation BRA World 1 Ambev 1 43 2 Itau Unibanco 4 100 3 Bradesco 5 127 4 Banco Santander Brasil 6 260 5 Telefonica Brasil 8 282 6 Itausa 9 348 7 Cielo 10 423 Science and technology Main article: Brazilian science and technology
The city of São Paulo is home to several important research and development facilities and attracts companies due to the presence of several regionally renowned universities. Science, technology and innovation is leveraged by the allocation of funds from the state government, mainly carried out by means of the Foundation to Research Support in the State of São Paulo (Fundação de Amparo à Pesquisa do Estado de São Paulo – FAPESP), one of the main agencies promoting scientific and technological research.Luxury goods Rua Oscar Freire in the Jardins neighbourhood, voted the eighth most luxurious street in the world. Unique Hotel, designed by Brazilian architect Ruy Ohtake is located in the elegant Jardins neighbourhood.
Luxury brands yet do not extend their business beyond three main cities: São Paulo, Rio de Janeiro and Brasília. São Paulo, the most important city in the country is the main place for them to start opening their business. Because of the lack of department stores and multi-brand boutiques, shopping malls as well as the Jardins district, which is more or less the Brazilian's Rodeo Drive version, attract most of the world's luxurious brands. Whether in the Iguatemi, Cidade Jardim or JK shopping malls or on the streets of Oscar Freire, Lorena or Haddock Lobo in the Jardins district, is where people can shop most of the international luxury brands available in the country, home of brands such as Cartier, Chanel, Dior, Giorgio Armani, Gucci, Louis Vuitton, Marc Jacobs, Tiffany & Co. Cidade Jardim was opened in São Paulo in 2008, it is a 45,000 square meters mall, landscaped with trees and greenery scenario, with even the main focus is on Brazilian brands the mall still is home of international luxury brands such as Hermès, Jimmy Choo, Pucci and Carolina Herrera. Recently opened in 2012, JK shopping mall has brought to Brazil new brands that weren't present in the country before such as, Goyard, Tory Burch, Llc., Prada, Miu Miu and among others. All these facts point out the astonishing growth of luxury goods' consumption in Brazil.
The Iguatemi Faria Lima, in Faria Lima Avenue, is the Brazil's oldest mall, opened in 1966. The Jardins neighborhood is regarded among the most sophisticated places in town, with upscale restaurants and hotels. The New York Times once compared Oscar Freire Street to Rodeo Drive. In Jardins there are many luxury car dealers. One of the world's best restaurants as elected by The World's 50 Best Restaurants Award, D.O.M., is located there.Panorama of Paulista Avenue.