Los Angeles is one of the most substantial economic engines within the United States, with a diverse economy in a broad range of professional and cultural fields. Los Angeles is also famous as the home of Hollywood, a major center of the world entertainment industry. A global city, it has been ranked 6th in the Global Cities Index and 9th in the Global Economic Power Index. The Los Angeles combined statistical area also has a gross metropolitan product of $831 billion (as of 2008), making it the third-largest in the world, after the Tokyo and New York metropolitan areas. Los Angeles hosted the 1932 and 1984 Summer Olympics and will host the event for a third time in 2028. The city also hosted the Miss Universe pageant twice, in 1990 and 2006.
Historically home to the Chumash and Tongva, Los Angeles was claimed by Juan Rodríguez Cabrillo for Spain in 1542 along with the rest of what would become Alta California. The city was officially founded on September 4, 1781, by Spanish governor Felipe de Neve. It became a part of Mexico in 1821 following the Mexican War of Independence. In 1848, at the end of the Mexican–American War, Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo, becoming part of the United States. Los Angeles was incorporated as a municipality on April 4, 1850, five months before California achieved statehood. The discovery of oil in the 1890s brought rapid growth to the city.[21] The completion of the Los Angeles Aqueduct in 1913, delivering water from Eastern California, later assured the city’s continued rapid growth.