As Canada's economic capital and one of the top financial centres in the world, Toronto is considered an alpha world city by the Globalization and World Cities (GaWC) study group. It is home to the Toronto Stock Exchange, the world's seventh largest in terms of market value. Toronto contains more corporate headquarters than any other Canadian city, including those of Canada's five largest banks.Toronto's leading economic sectors include finance, business services, telecommunications, aerospace, transportation, media, arts, film, music, television production, publishing, software production, medical research, education, tourism, engineering, and sports industries.
A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from the Mississaugas of the New Credit. The settlement was later established as the Town of York and proclaimed as the new capital of Upper Canada by its lieutenant-governor, John Graves Simcoe. In 1834, York was incorporated as a city and renamed to its present name. The city was ransacked in the Battle of York during the War of 1812, and damaged in two great fires: in 1849 and in 1904. Since its incorporation, Toronto has repeatedly expanded its borders through amalgamation with surrounding municipalities, most recently in 1998. Toronto's population is cosmopolitan and international, reflecting its role as an important destination for immigrants to Canada. Toronto is one of the world's most diverse cities by percentage of non-native-born residents, with about 49% of the population born outside Canada.
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