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Old 02-23-2010, 12:50 PM
 
11,017 posts, read 21,594,719 times
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Quote:
Oh please. Chicago is an economic dump compared to NYC.
I'm glad New Yorkers aren't normally in person how many act on this site.

Always self-pumping up the ego beyond any level of necessity, and then randomly kicking everyone else on the ground at the same time. I don't understand if people can't comprehend how they come off to everyone when they make comments, or if they really just don't care.
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Old 02-23-2010, 01:24 PM
 
Location: Denver
6,628 posts, read 12,126,541 times
Reputation: 4051
Quote:
Originally Posted by gulfstreamliberal View Post
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.
First off, will be does not equal is. Second, what you showed is purely a poll. I would consider the GFCI much more reliable since it not only polls roughly the same amount of people (1,452 for the Bloomberg vs 1,200+ for the GFCI), it also uses several quantitative factors which I explained in my previous post.

Quote:
Not to mention the financial pay and personal wealth on Wall Street trounces London,
Wall Street does get paid more than London thanks to a combination of bonus cuts and the depreciation of the pound. However the two seem to trade back and forth when it comes to highest paid. As of Apr 8, 2009 a Quantitative Analyst Managing Director in Interest-Rate Derivatives averaged £530,000 in NY, and £380,000 in London. I don't think either of them are going to go hungry.

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especially with the new 40% (?) bonus tax taking effect in the UK.
Yea, and there has been talk of the same (if not more) happening in the United States.

Quote:
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.
True...for awhile there the prices in London absolutely destroyed anything in Manhattan. In fact, premium office space in London was almost double the cost of premium office space in Manhattan. I believe Knightsbridge is still the wealthiest neighborhood on the planet though.

Quote:
Things are looking pretty grim for banks over there now and the bonus tax just makes things worse.
If you haven't noticed, our banks aren't doing too hot either. The UK/Europe's tax structure was more favorable for businesses in past years according to experts (which helped London eclipse New York).

Regardless, I guess you can make the case for either city. But we're getting wayyyy off-topic. My original protest was that you can't say definitively that New York is the most important city in the world. It's constant battle with London for World Financial Capital is proof of that.
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Old 02-23-2010, 02:16 PM
 
Location: Tribeca
172 posts, read 202,221 times
Reputation: 95
Quote:
Originally Posted by tmac9wr View Post
True...for awhile there the prices in London absolutely destroyed anything in Manhattan. In fact, premium office space in London was almost double the cost of premium office space in Manhattan. I believe Knightsbridge is still the wealthiest neighborhood on the planet though.
Manhattan is far wealthier than Central London.

When it comes to residential neighborhoods - as of 2009, 5th Avenue is the 3rd most expensive residential district in the world. Kensington Palace Gardens is at #4.

http://www.wealth-bulletin.com/home/content/2451423982/

As far as personal wealth; there are only a bit over 100,000 millionaires in greater London, compared to over 550,000 in greater New York City.

There are 55 billionaires in Manhattan - the most in the world, (not counting CT, NJ, LI, Westchester - and the one in Brooklyn which puts it at about 88) and only 28 in the entire London.

Last edited by gulfstreamliberal; 02-23-2010 at 02:34 PM..
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Old 02-23-2010, 02:37 PM
 
Location: NC/IL/MI
3,625 posts, read 6,953,367 times
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Quote:
Originally Posted by Chicago60614 View Post
I'm glad New Yorkers aren't normally in person how many act on this site.

Always self-pumping up the ego beyond any level of necessity, and then randomly kicking everyone else on the ground at the same time. I don't understand if people can't comprehend how they come off to everyone when they make comments, or if they really just don't care.
Agree honestly it makes them ignorant. Most nycers ive met are the opposite. Its not just that troll who comes making screennames either its alot of them on this forum. Then they wonder why chicagoans and other cities for that matter are defensive calling it "an inferiority complex" please,

Last edited by mas23; 02-23-2010 at 02:46 PM..
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Old 02-23-2010, 02:51 PM
 
Location: Upper East Side, NYC
404 posts, read 1,227,691 times
Reputation: 284
Quote:
Originally Posted by gulfstreamliberal View Post
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.

New York City Still Financial Capital - The Atlantic Business Channel

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.



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.

Top Ten US Cities for Private Equity
Thank you for this. In 2007-08 there was talk that London was replacing NY as the financial capital. The financial crisis has changed all of that. London was hit very , very hard. Much harder than NY, as NY's economy is much more diversified than London. In fact, only 7% of the work force in NYC works in finance, and by percentage breakdown, Ny is more a capital of art and media than financials. Interesting. The Atlantic has a fatastic article about how the crash will reshape everything. http://www.theatlantic.com/doc/20090...down-geography

Last edited by adambos; 02-23-2010 at 03:11 PM..
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Old 02-23-2010, 03:16 PM
 
Location: Denver
6,628 posts, read 12,126,541 times
Reputation: 4051
Quote:
Originally Posted by gulfstreamliberal View Post
Manhattan is far wealthier than Central London.

When it comes to residential neighborhoods - as of 2009, 5th Avenue is the 3rd most expensive residential district in the world. Kensington Palace Gardens is at #4.

Wealth Bulletin‚€™s Top 10 most expensive streets in the world
Damn, I didn't realize Kensington had been beaten down that far. I certainly wouldn't call Manhattan far wealthier than London by any stretch though. The difference in price between Kensigton & Fifth Avenue is 3.8%...especially when you consider there's a home on KPG that would be expected to fetch $396M. Before the recession there were offers of over $400 on a rowhouse in this complex (every 5 windows is a rowhouse). The offer was refused.


I suppose I didn't realize just how hard the recession hit London's wealthy. We'll see how quickly it bounces back though.

Quote:
As far as personal wealth; there are only a bit over 100,000 millionaires in greater London, compared to over 550,000 in greater New York City.
Where are you getting these statistics? This link says there are only 44,000 millionaires in New York City...but that can't be right...at the same time 550,000 millionaires in NYC would equate to nearly 7% of the population. That seems a little bit high.

Quote:
There are 55 billionaires in Manhattan - the most in the world, (not counting CT, NJ, LI, Westchester - and the one in Brooklyn which puts it at about 88) and only 28 in the entire London.
I'm pretty sure that figure is only for the London and not the metro...but I'm sure there are still much more billionaires in NYC.
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Old 02-23-2010, 03:27 PM
 
Location: Denver
6,628 posts, read 12,126,541 times
Reputation: 4051
Quote:
Originally Posted by adambos View Post
Thank you for this. In 2007-08 there was talk that London was replacing NY as the financial capital. The financial crisis has changed all of that. London was hit very , very hard. Much harder than NY, as NY's economy is much more diversified than London. In fact, only 7% of the work force in NYC works in finance, and by percentage breakdown, Ny is more a capital of art and media than financials. Interesting. The Atlantic has a fatastic article about how the crash will reshape everything. How the Crash Will Reshape America - The Atlantic (March 2009)
Apparently it was hit very, very hard...but according to the GFCI, which is considered to be a benchmark index for financial prowess, London is still #1, and has been since 2007. The last report was released in September of 2009, with the next being released next month. So we'll see if there has been any major changes since the fall.
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Old 02-23-2010, 07:56 PM
 
Location: Tribeca
172 posts, read 202,221 times
Reputation: 95
Quote:
Originally Posted by tmac9wr View Post
Damn, I didn't realize Kensington had been beaten down that far. I certainly wouldn't call Manhattan far wealthier than London by any stretch though. The difference in price between Kensigton & Fifth Avenue is 3.8%.
But those ultra expensive homes in Kensington are massive single family mansions. Nearly all of the sales on 5th avenue are much smaller apartments.

If a 55,000 square foot single family mansion could built on 5th Avenue, the cost would be a bit over $412,500,000 if we went by the median price per square ft.

Quote:
Where are you getting these statistics? This link says there are only 44,000 millionaires in New York City...but that can't be right...at the same time 550,000 millionaires in NYC would equate to nearly 7% of the population. That seems a little bit high.
I got the information from the IRS.

There are actually 561,800 millionaires in the New York City MSA. Of course, the New York City MSA does not include places like Connecticut, so that leaves out lots high net worth individuals.




New York City 3.6%
San Francisco 3.4%
Boston 2.9%
Washington 2.9%
Chicago 2.2%
Los Angeles 2.0%

By contrast, during the same period there were only 242,000 millionaires in the entire United Kingdom. 41% lived in the greater London region, 20% in Southeast England (I'll lump it in with London for a hypothetical London "CSA"). It's also the 2nd wealthiest region of the UK by a wide margin. Together, that's about 18-19M people.

London "CSA" = 142,000 millionaires
NYC CSA = 600,000+ millionaires

New York absolutely trumps London as far as wealth is concerned.

Quote:
I'm pretty sure that figure is only for the London and not the metro...but I'm sure there are still much more billionaires in NYC.
The number for London is even lower than that as of 2009 (NYC's remains unchanged), but I'll still use 28 for London.

London (28) + SE England (5) = 33 billionaires
NYC (56) + Suburbs (32) = 88 billionaires

But even that is false, because as of 2009 there are only 25 billionaires in the entire United Kingdrom.

So the tiny island of Manhattan alone has more than 2X more billionaires than the entire UK. Manhattan's population is only 2.5% of the UK.

http://www.telegraph.co.uk/finance/f...y-a-third.html

http://business.timesonline.co.uk/to...new=#searchtop
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Old 02-23-2010, 09:02 PM
 
2,045 posts, read 2,495,811 times
Reputation: 2416
Quote:
Originally Posted by MassVt View Post
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.
it's dementor. just ignore it. it may infect and ooze some pus for a while but with a little sterile apathy directed to it, it should clear up in a few days.
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Old 02-23-2010, 09:19 PM
 
Location: Denver
6,628 posts, read 12,126,541 times
Reputation: 4051
Quote:
Originally Posted by gulfstreamliberal View Post
But those ultra expensive homes in Kensington are massive single family mansions. Nearly all of the sales on 5th avenue are much smaller apartments.

If a 55,000 square foot single family mansion could built on 5th Avenue, the cost would be a bit over $412,500,000 if we went by the median price per square ft.
You're missing the point. There is no 55,000 sq ft single family mansion on 5th, is there? You can't possibly sit there and tell me that the person who paid $64,000,000 for an 8,000 sq ft home is wealthier than the person who paid $400,000,000 for a 55,000 sq ft home simply because it's $80k/sq ft vs $77k/sq ft.

Quote:
I got the information from the IRS.

There are actually 561,800 millionaires in the New York City MSA. Of course, the New York City MSA does not include places like Connecticut, so that leaves out lots high net worth individuals.




New York City 3.6%
San Francisco 3.4%
Boston 2.9%
Washington 2.9%
Chicago 2.2%
Los Angeles 2.0%

By contrast, during the same period there were only 242,000 millionaires in the entire United Kingdom. 41% lived in the greater London region, 20% in Southeast England (I'll lump it in with London for a hypothetical London "CSA"). It's also the 2nd wealthiest region of the UK by a wide margin. Together, that's about 18-19M people.

London "CSA" = 142,000 millionaires
NYC CSA = 600,000+ millionaires
I think you may be getting confused by what "Greater" London is. That's the city that we know as London. The City of London is a tiny square mile in the center of Greater London, which is nearly 100% commercial space.

I believe Southeast London is what we would consider to be "Metro" London. So out of the 147,260 millionaires in the area, about 100,000 live within London proper (99,220 to be exact). Still, I wouldn't be surprised if NYC had more at this point. Also, things like London's bonuses dropping 70% vs NYC's dropping 44% seem to have a lot to do with this...

Quote:
New York absolutely trumps London as far as wealth is concerned.

The number for London is even lower than that as of 2009 (NYC's remains unchanged), but I'll still use 28 for London.

London (28) + SE England (5) = 33 billionaires
NYC (56) + Suburbs (32) = 88 billionaires

But even that is false, because as of 2009 there are only 25 billionaires in the entire United Kingdrom.

So the tiny island of Manhattan alone has more than 2X more billionaires than the entire UK. Manhattan's population is only 2.5% of the UK.

Number of world billionaires slumps by a third - Telegraph

Search the Sunday Times Rich List 2009 | Times Online
I'll concede the billionaires point to you...though there are actually 43 billionaires in the UK...but in all honesty, I don't realize how this became so focused on wealth...

As far as Global Financial Centers go, you can easily make a point that London is the world leader...just as you have proven you can easily make the point that NYC is the world leader.

Which ultimately reverts back to my original protest against NYC Rican that you cannot indisputedly claim NYC to be indisputably the most important city on the planet!

Wow, we've really gone full circle on this one haha.

Last edited by tmac9wr; 02-23-2010 at 09:53 PM..
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