In New York City, the only constant is change. In its over 400-year history, the city has been an epicenter for everything from fur and garment trade to business and finance. As the pace of change accelerates, sustaining that leadership requires forward-thinking strategies. The city has both vast opportunities and pressing challenges as it seeks to remain at the forefront of the global economy.
The Future of New York Summit, held at the Morgan Library & Museum, drew leaders from the public, private, and nonprofit sectors. Yael Taqqu, McKinsey senior partner and managing partner for New York, introduced this year’s theme, the art of reinvention. She reflected on pivotal moments in New York City’s history, such as J.P. Morgan stabilizing the financial system in 1907 by locking bankers in a room to negotiate—steps from where she stood.
Highlights from the 2025 Future of New York Summit
“Great cities, great leaders don’t just outperform; they have moments of great reckoning,” she told the crowd. “The shocks to the system—these moments of reckoning are what make space for the remarkable to emerge.”
I look to McKinsey and the people in this room to take the long view and bring solutions for the challenges we face.
McKinsey is looking ahead and planning for those moments with our latest research, New York 2040: Time to reinvent. Again. It serves as a blueprint for New York’s next 15 years.
“I am so optimistic about the Future of New York—it’s the most fascinating place in the world, and it’s just getting better,” said New York Governor Kathy Hochul. “I look to McKinsey and the people in this room to take the long view and bring solutions for the challenges we face.”
Hochul discussed building on the initiative she unveiled at last year’s summit, Empire AI—a program to advance the use of AI in the public good and democratize access to it. In partnership with city and state universities, the program has engaged over 200 participants to date. At this year’s event, she discussed a $90 million expansion.
But AI was just one focus of the night. Native New Yorker Brooke Daniels, a partner in McKinsey’s Advanced Industries and Operations Practices, took the crowd through the 12 arenas of competition identified in the new research report. These NY-specific arenas are part of a broader 18 identified by McKinsey that could generate $48 trillion in global revenue over the next 15 years.
Defined as industries within broader sectors, these high-growth arenas include payments within finance and cloud sales for e-commerce. Daniels presented them in three groups: where New York companies are already poised to compete and lead, those that may unlock significant growth, and arenas that could improve the daily lives of New Yorkers. She also addressed key challenges, such as a shortage of skilled talent, citing 20,000 unfilled cybersecurity jobs in 2024.
“My one question to you today is, ‘How will you shape New York’s next chapter?’” she asked the crowd. “We don’t adapt—we create. And we will make the next era of growth ours.”
While reinvention and staying competitive are in New York’s blood, it isn’t easy. Gayle King, Emmy award-winning co-host of CBS Mornings, led a panel discussion with GRAMMY award-winning singer, songwriter, musician, entrepreneur, producer, and activist Alicia Keys, and 23-time Grand Slam champion and entrepreneur Serena Williams. Both have built successful careers as entrepreneurs beyond their respective achievements in music and sports. They discussed the tenacity and motivation needed to be the best in multiple arenas.
“Today, a lot of athletes are entrepreneurs, but when I started investing 15 years ago, people asked me, ‘Why are you doing this?’” said Williams, whose passion for women’s sports led to her recent investment in the WNBA’s Toronto Tempo, in addition to her companies WYN BEAUTY and Serena Ventures. “Investing is something that I love, so I faced all the challenges head-on, which made me resilient.”
Keys emphasized the business mindset necessary for longevity in the arts and embracing a mentality that she called “owning my own universe.”
“It’s never easy to do what’s beyond the norm or create something that lasts,” she said of her many ventures, such as her Broadway show Hell’s Kitchen and lifestyle and beauty brand Keys Soulcare. “But I want to create the shift and change I want to see in the world.”
The personal stories and messages of inspiration resonated with many in attendance, including Dr. Tarika Barrett, CEO of Girls Who Code.
“The event sparked inquiry and rich conversation about the future opportunities for New York in a rapidly shifting ecosystem,” she said. “It was a truly inspiring evening.”