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Rio de Janeiro had been a long time capital of Brazil and has therefore attracted a lot attention and investments from profitable companies. Till the end of the 19th century Rio was the richest state in Brazil before Sao Paulo took over. The economy of Rio can be categorized according its working sectors.
Rio has attracted many oil companies with the discovery of oil in the Campos basin. There are many international oil companies like Shell, EBX and Esso which have their branches in the city. Not just branches, but many companies have their headquarters situated in Rio. Some of them are telecom corporations like Oi and Embratel.
Rio comes second in the industrial sector and is a foremost financial and service centre. The service sector is dominated by the banking sector which is an active part of the economy. Rio’s stock exchange Bolsa da Valores is the second most dynamic stock market in Brazil.