Mexico City is the federal district capital of Mexico and seat of the federal powers of the union.It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole. Mexico City is the country's largest city as well as its most important political, cultural, educational and financial center. Mexico City is one of the most important financial centers in North America.It is located in the Valley of Mexico a large valley in the high plateaus at the center of Mexico, at an altitude of 2,240 metres. The city consists of sixteen boroughs.