Brisbane will host representatives of the world’s richest - and most powerful - nations, including the US and China, when it stages the G20 Summit in November, 2014.

The G20 convenes leaders and finance ministers from countries which account for more than 85 per cent of global economic output. Although it has no legislative power, it is regarded as the world’s premier forum for global economic co-operation and decision making.

Australian prime minister Julia Gillard said Brisbane was the ‘stand out city’ to host the event: "Brisbane is a snapshot of our economy and the city’s logistics are excellent," she said. The convention and exhibition centre (BCEC) was "a fantastic facility" and the airport well positioned to deal with the arrival of so many world leaders in a compressed time frame.

With trade and labour conferences preceding the conference, about 7,000 people are expected to attend, including 3,000 journalists. Joining the summit will be officials from the United Nations, the World Bank, the World Trade Organisation and the International Monetary Fund.

An independent study of the Seoul G20 in 2010 found South Korea garnered about US$20bn in ‘economic benefit’, including new infrastructure, accommodation, global tourism promotions and awareness, as well as additional conferences being booked before and after the Summit.

BCEC general manager, Bob O’Keeffe said: “This is a unique opportunity to showcase Brisbane’s credentials as an international business destination as well as the world class facilities of the Convention Centre and the city’s infrastructure.”

The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain, the United States and the European Union.

St Petersburg will host the G20 in 2013.

Pictured: Brisbane