São Paulo, the capital of the state of São Paulo, is the largest city in Brazil with over 18 million people in its metro area.Money from coffee exports, once the main activity of the State, boosted industrialization and attracted immigrants from many countries, especially Italy and Japan. Today it is the industrial and financial center of Brasil generating over 30% of the GNP.
São Paulo is the 19th richest city of the world and is expected to be the 13th richest in 2020.The São Paulo Stock Exchange (BM&F Bovespa) is Brazil's official stock and bonds Exchange. The BM&F Bovespa is the largest stock Exchange in Latin America and third largest in the world.One of the biggest financial centres of Brazil and the world, São Paulo's economy is going through a deep transformation. Once a city with a strong industrial character, São Paulo's economy has become increasingly based on the tertiary sector, focusing on services and businesses for the country.
Due to competition with many other Brazilian cities, which sometimes Offer Tax advantages for companies to build manufacturing plants in situ, São Paulo's main economic activities have gradually left its industrial profile in favour of the services industry in the late 20th century. The city is home to a large number of Local and international banking offices, law firms, multinational companies and consumer services.São Paulo remains the business hub of Latin America. Having prospered first with the coffee industry, and later with industrialisation, in the early 21st century it expanded into the tertiary, or services sector. Its huge market (nearly 20 million people in greater São Paulo) is a magnet for multinationals.
It is the biggest contributor to economic output in Brazil and has a huge labour market.Commercial activities, including banking, finance, and corporate headquarters functions, are clustered in the São Paulo urban area. Municipal funding comes from taxes on property and services, as well as revenue sharing from state and federal sources.São Paulo is the center of Brazil's automobile industry; other important manufactures are textiles, processed foods, metal products, electrical equipment, pharmaceuticals, chemicals, furniture, and computers. Printing and publishing are also important. Abundant hydroelectric power has spurred industrial growth.