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New York City is still the financial capital of the world by most counts.
London is not and has never been the financial capital.
I agree that NYC by many counts is still the financial capital of the world. However, the world is big and NYC is the head of a fraction of what there is in the world (though it serves as a great bellwether). Also, if you're willing to say NYC is currently the financial capital of the world without that caveat, how could you possibly say London has never been? NYC's preeminence in the world is a fairly recent phenomenon--London's is not.
NYC is still the financial capital of the world. The recent crisis has ironically boosted NY's global position. Not so much from it's success, but from the larger fallout overseas. Saying Ny is tops by "not such a widemargin" is a highly uneducated statement. It is by a significant margin. Declinism is rampant right now, but mark my words, NY and america's global position arent going anywhere.
New York City is still the financial capital of the world by most counts.
London is not and has never been the financial capital.
The Global Financial Centres Index has ranked London ahead of New York since the Spring of 2007. The company who compiles information for the GFCI is headquartered in London, but it is considered to be the gold-standard for Finacial Center rankings. Here is an excerpt from a 2008 Business Week article describing some of the methodology of the ranking:
To figure out where each city ranked, Z/Yen Group surveyed more than 1,200 professionals in the financial-services industry and combined their responses with other metrics such as cities' average salaries and the amount in corporate taxes companies have to fork over...
Leading the pack are London and New York—the only truly global financial centers in the ranking—whose liquid financial markets, educated workforces, and business-friendly legal environments check all the boxes for what it means to be an economic hub.
The World Economic Forum (WEF) now ranks the United Kingdom ahead of the United States (http://www.tradingmarkets.com/.site/news/Stock%20News/2570530/ - broken link) in financial services.
The total points in the GFCI:
1. London: 790
2. New York City: 774
3. Hong Kong: 729
In sub-sector rankings, New York City ranks first in Banking. London ranks first in the rest of the sub-sectors, which includes Asset Management, Gov't & Regulatory, Insurance, Professional Services, People, Business Environment, Market Access, Infrastructure, and General Competitiveness.
So while it's close, London seems to be the king of Financial Services...though New York is not far behind.
P.S. Before you start trying to throw dirt on this ranking, open GFCI 6 and go to page 29 and see where they get their statistics from.
P.P.S.
Quote:
Originally Posted by adambos
NYC is still the financial capital of the world. The recent crisis has ironically boosted NY's global position. Not so much from it's success, but from the larger fallout overseas. Saying Ny is tops by "not such a widemargin" is a highly uneducated statement. It is by a significant margin. Declinism is rampant right now, but mark my words, NY and america's global position arent going anywhere.
New York is firmly atop the United States:
GFCI Score
2. NYC 774
8. Chicago 661
Asset Management: 2. NYC; 8. Chicago
Banking: 1. NYC; 9. Chicago
Gov't & Regulatory: 2. NYC; 8. Chicago
Insurance: 2. NYC; 10. Chicago
Prof Svcs: 2. NYC; 9. Chicago
People: 2. NYC; 10. Chicago
Business Env: 2. NYC; 5. Chicago
Mkt Access: 2. NYC; 5. Chicago
Infrastructure: 2. NYC; 7. Chicago
General Competitiveness: 2. NYC; 5. Chicago
So while Chicago is very powerful, it's just not on the same level as NYC.
"why do New York and L.A. always overshadow Chicago?"
Those shadows are cast by the incredible number of jet planes that cruise over Chicago from NYC to L.A. and vice versa. Remember, Chicago is best viewed from 32,000 feet with a 7&7 in one hand and a hot blonde stewardess on the other.
Sorry that you have such a "cloudy" outlook on Chicago; it's a great city;
Chicago is a legend in its own mind.
I do not see how a city/state that rates so poorly in so many ways can be considered "great".
But to each their own I guess. Have fun at the next Chicago booster meeting Mr. Mass and say hello to King Daley the 3rd while you are at it
The Global Financial Centres Index has ranked London ahead of New York since the Spring of 2007. The company who compiles information for the GFCI is headquartered in London, but it is considered to be the gold-standard for Finacial Center rankings. Here is an excerpt from a 2008 Business Week article describing some of the methodology of the ranking:
To figure out where each city ranked, Z/Yen Group surveyed more than 1,200 professionals in the financial-services industry and combined their responses with other metrics such as cities' average salaries and the amount in corporate taxes companies have to fork over...
Leading the pack are London and New York—the only truly global financial centers in the ranking—whose liquid financial markets, educated workforces, and business-friendly legal environments check all the boxes for what it means to be an economic hub.
The World Economic Forum (WEF) now ranks the United Kingdom ahead of the United States (http://www.tradingmarkets.com/.site/news/Stock%20News/2570530/ - broken link) in financial services.
The total points in the GFCI:
1. London: 790
2. New York City: 774
3. Hong Kong: 729
In sub-sector rankings, New York City ranks first in Banking. London ranks first in the rest of the sub-sectors, which includes Asset Management, Gov't & Regulatory, Insurance, Professional Services, People, Business Environment, Market Access, Infrastructure, and General Competitiveness.
So while it's close, London seems to be the king of Financial Services...though New York is not far behind.
P.S. Before you start trying to throw dirt on this ranking, open GFCI 6 and go to page 29 and see where they get their statistics from.
P.P.S.
New York is firmly atop the United States:
GFCI Score
2. NYC 774
8. Chicago 661
Asset Management: 2. NYC; 8. Chicago
Banking: 1. NYC; 9. Chicago
Gov't & Regulatory: 2. NYC; 8. Chicago
Insurance: 2. NYC; 10. Chicago
Prof Svcs: 2. NYC; 9. Chicago
People: 2. NYC; 10. Chicago
Business Env: 2. NYC; 5. Chicago
Mkt Access: 2. NYC; 5. Chicago
Infrastructure: 2. NYC; 7. Chicago
General Competitiveness: 2. NYC; 5. Chicago
So while Chicago is very powerful, it's just not on the same level as NYC.
Agreed. Which is why I said not by such a wide margin as most would like to believe.
Chicago's Aqua just became Emporis' "2009 building of the year." The Trump finished 2nd amongst North American cities.
Chicago architect Jeanne Gang's Aqua skyscraper continues to reap high praise.
Emporis, the global building database, on Tuesday will name the residential and hotel tower, located in the 200 block of North Columbus Drive and best known for its spectacularly undulating balconies, its 2009 skyscraper of the year.
"Members of the jury praised Aqua for its fascinating shape, whose appearance changes dramatically depending on the perspective. It was also cited as a brilliant technical achievement for the precision of its construction, and lauded as an application of green design innovations to an extremely large building project," Emporis said in a news release.
The honor, known as the Emporis Skyscraper Award, has been given since 2000 and recognizes excellence in aesthetic and functional design.
It has previously gone to such high-rises as Lord Norman Foster's Hearst Tower in New York City and Santiago Calatrava's Turning Torso Tower in Malmo, Sweden.
This marks the first time that the prize, which is given annually to a building at least 100 meters tall that was completed within the award year, has gone to a Chicago skyscraper.
Chicago's Trump International Hotel & Tower, designed by Chicago architects Skidmore, Owings & Merrill and former SOM partner Adrian Smith, finished fifth in the jury's voting, with 36 points compared to Aqua's 86.
The second prize winner was the O-14 high-rise in Dubai, whose perforated exterior provides a unique shield against the desert sun. (The building was not occupied when I attempted to see it in Dubai last month.)
Emporis editors from 67 countries make nominations for the prize and select the winners. Here are the jury's top results:
I do not see how a city/state that rates so poorly in so many ways can be considered great. But to each their own I guess. Have fun at the next booster meeting and say hi to King Daley the 3rd while you are at it
Apparently, you're a legend in your own mind, too.
If you don't wish to spend time in Chicago, that's OK. The natives and I,( a New Englander) , won't miss you.
The Global Financial Centres Index has ranked London ahead of New York since the Spring of 2007. The company who compiles information for the GFCI is headquartered in London, but it is considered to be the gold-standard for Finacial Center rankings. Here is an excerpt from a 2008 Business Week article describing some of the methodology of the ranking:
To figure out where each city ranked, Z/Yen Group surveyed more than 1,200 professionals in the financial-services industry and combined their responses with other metrics such as cities' average salaries and the amount in corporate taxes companies have to fork over...
Leading the pack are London and New York—the only truly global financial centers in the ranking—whose liquid financial markets, educated workforces, and business-friendly legal environments check all the boxes for what it means to be an economic hub.
The World Economic Forum (WEF) now ranks the United Kingdom ahead of the United States (http://www.tradingmarkets.com/.site/news/Stock%20News/2570530/ - broken link) in financial services.
The total points in the GFCI:
1. London: 790
2. New York City: 774
3. Hong Kong: 729
In sub-sector rankings, New York City ranks first in Banking. London ranks first in the rest of the sub-sectors, which includes Asset Management, Gov't & Regulatory, Insurance, Professional Services, People, Business Environment, Market Access, Infrastructure, and General Competitiveness.
So while it's close, London seems to be the king of Financial Services...though New York is not far behind.
P.S. Before you start trying to throw dirt on this ranking, open GFCI 6 and go to page 29 and see where they get their statistics from.
P.P.S.
New York is firmly atop the United States:
GFCI Score
2. NYC 774
8. Chicago 661
Asset Management: 2. NYC; 8. Chicago
Banking: 1. NYC; 9. Chicago
Gov't & Regulatory: 2. NYC; 8. Chicago
Insurance: 2. NYC; 10. Chicago
Prof Svcs: 2. NYC; 9. Chicago
People: 2. NYC; 10. Chicago
Business Env: 2. NYC; 5. Chicago
Mkt Access: 2. NYC; 5. Chicago
Infrastructure: 2. NYC; 7. Chicago
General Competitiveness: 2. NYC; 5. Chicago
So while Chicago is very powerful, it's just not on the same level as NYC.
Funny, another recent survey found something else.
Twenty-nine percent of respondents in the quarterly poll of investors, traders and analysts say New York will be the best place for financial services two years from now.
Singapore is chosen by 17 percent of respondents and London is the pick of 16 percent. Shanghai has 11 percent, while Tokyo, once considered a global hub, gets the nod from only 1 percent.
Not to mention the financial pay and personal wealth on Wall Street trounces London, especially with the new 40% (?) bonus tax taking effect in the UK.
I actually think London could have made a stronger case for center of the universe back before things hit the fan in 07-08. If you look at recent salaries, things got absolutely ridiculous. Things are looking pretty grim for banks over there now and the bonus tax just makes things worse.
Quote:
Originally Posted by Gtownoe
Agreed. Which is why I said not by such a wide margin as most would like to believe.
Oh please. Chicago is an economic dump compared to NYC. For instance, when it comes to private equity firms New York leads with 445 active firms, and $633 billion in private equity funds being raised over the past 10 years.
New York is followed by London, with the 279 firms based in the city having raised $337 billion in private equity funds during the last 10 years. When the $40b from Greenwich, CT is added in, the lead is even more stunning.
Chicago, has 110 firms having raised $75 billion over the past 10 years.
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Remember, Chicago is best viewed from 32,000 feet with a 7&7 in one hand and a hot blonde stewardess on the other.
