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View Poll Results: Which city is more powerful?
New York City 103 56.91%
London 78 43.09%
Voters: 181. You may not vote on this poll

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Old 11-23-2014, 05:31 PM
 
Location: Great Lakes Region
5,693 posts, read 7,304,075 times
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The two largest heavy weights in the world in terms of world prominence and power, at least according to GaWC. Both are listed as Alpha ++. Having never been to either city my knowledge is limited on both of them.

Basically I'm asking, which city is overall more powerful and influential? I think NYC is quite a bit bigger in terms of population, but is it as much of an economic powerhouse as London? I'm really not sure, I would think the presence of the NYSE would have a huge impact, I do believe it's the largest publicly traded Stock Exchange in the world. So share your ideas on which city is more powerful, especially economically.
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Old 11-23-2014, 06:09 PM
 
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Stock exchanges and the open outcry system are relics of the twentieth century. They're a thing of the past. The most liquid markets today are in foreign exchange, interest rate derivatives and the bond/insurance markets.

As far as finance is concerned, NYC has bigger banks that do more business and earn more revenue, but London has more international reach and is more influential globally, enjoying far more volume and foreign investment than its sister city.

For culture, I would say NYC is more important in terms of literature and post war contemporary art. I think London has the edge in terms of the music industry and for the old masters. Opera, ballet and theater are about par, though I don't know as much about this. Fashion-wise New York is much more important.
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Old 11-23-2014, 06:12 PM
 
Location: Montréal & New York area
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New York City because the United Nations headquarter is located, also because it is the largest city in the most powerful and wealthiest nation in the world. New York is called the capital city of the world. The world's largest finance and stock market is also here.

London is very powerful as well, but second to New York (pretty close though!)
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Old 11-23-2014, 06:30 PM
 
Location: Great Lakes Region
5,693 posts, read 7,304,075 times
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Quote:
Originally Posted by Vacationmacation View Post
New York City because the United Nations headquarter is located, also because it is the largest city in the most powerful and wealthiest nation in the world. New York is called the capital city of the world. The world's largest finance and stock market is also here.

London is very powerful as well, but second to New York (pretty close though!)
Have to agree.

Quote:
Originally Posted by Hightower72 View Post
Stock exchanges and the open outcry system are relics of the twentieth century. They're a thing of the past. The most liquid markets today are in foreign exchange, interest rate derivatives and the bond/insurance markets.

As far as finance is concerned, NYC has bigger banks that do more business and earn more revenue, but London has more international reach and is more influential globally, enjoying far more volume and foreign investment than its sister city.

For culture, I would say NYC is more important in terms of literature and post war contemporary art. I think London has the edge in terms of the music industry and for the old masters. Opera, ballet and theater are about par, though I don't know as much about this. Fashion-wise New York is much more important.
Excellent reply.
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Old 11-23-2014, 07:55 PM
 
66 posts, read 59,863 times
Reputation: 96
Quote:
Originally Posted by ColdAilment View Post
The two largest heavy weights in the world in terms of world prominence and power, at least according to GaWC. Both are listed as Alpha ++. Having never been to either city my knowledge is limited on both of them.

Basically I'm asking, which city is overall more powerful and influential? I think NYC is quite a bit bigger in terms of population, but is it as much of an economic powerhouse as London? I'm really not sure, I would think the presence of the NYSE would have a huge impact, I do believe it's the largest publicly traded Stock Exchange in the world. So share your ideas on which city is more powerful, especially economically.
New York trounces London as far as economic powerhouses are concerned. It remains the world's capital of wealth, and by a large margin. Many thanks to being the dominant city of the world's superpower nation (and yes, the U.S. is still the world's undisputed superpower). London has received loads of positive press as of late which makes it seem closer to New York, but I believe New York has actually widened the gulf between itself and London, as far as economy is concerned. It's wealth and economy has grown even faster than London in the past 5 years, but you would never know since NY and London seemed to have swapped attitudes - formerly sour London boasts now and former chest-thumping New York and America in general are more self-depreciating lately... quite funny.

New York has an economy 2x the size of London's economy.

2012 GDP
New York City: $1.559 Trillion
Greater London & SE England $829.336 Billion

NYC has a far bigger economy and the largest corporate market capitalization and assets under management on earth.

New York, USA: 9 companies, $1.805 Trillion Market Cap
Johnson & Johnson $277.0 Billion
GE $259.6 Billion
JPMorgan Chase $229.7 Billion
Pfizer $203.9 Billion
IBM $202.5 Billion
Verizon $197.7 Billion
Merck $165.8 Billion
Citigroup $145.1 Billion
PepsiCo $126.2 Billion

London, UK: 6 companies, $802.8 Billion Market Cap
HSBC $192.6 Billion
BP $148.8 Billion
GlaxoSmithKline $128.8 Billion
Unilever $124.5 Billion
British American Tobacco $104.3 Billion
Rio Tinto $103.8 Billion

New York is currently the world's financial capital.

World's Absolute Financial Centers, GAWC 2014
1 New York
2 London

GaWC Research Bulletin 432

GaWCs breakdown by Finance sub sector:

Financial Services
1 New York
2 London
3 Chicago
4 San Francisco

Banking
1 New York
2 Chicago
3 Boston
4 Washington DC
5 London
6 San Francisco

Investment Banking
1 New York
2 London
3 San Francisco

Investment Management
1 New York
2 London
3 San Francisco

Capital Markets
1 New York
2 London
3 Chicago

Venture Capital & Private Equity
1 San Francisco
2 New York
3 London

In terms of influential individuals, New York still wins -- and by a large margin.

Billionaires, 2014
New York: 103
London: 72

Billionaire boom: Where the money is now - Sep. 16, 2014

Individuals who earn > $/£1MM, 2012.
New York City: 39,290
United Kingdom: 18,000 (approx. 50% of UK's millionaires live in London & Southeast England according to UK's Institute for Fiscal Studies, so there are approximately 9,000 million £ earners in London & Southeast England)

Wealthy taxpayers in New York state | rocdocs
Number of UK million-pound earners has grown to nearly 18,000

And as far as culture is concerned, NYC wins when it comes to literature, fashion, contemporary arts, popular culture.. it's a capital of true celebrities, unlike London (loads of the UK's top celebrities live in NYC, but not the other way around). London does win when it comes to overall history, as London was an established city when New York was a backwater nothing.

But to answer the question: New York is the superpower city of the world and it's not up for dispute. At all.

Last edited by London Lawyer; 11-23-2014 at 09:04 PM..
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Old 11-23-2014, 08:10 PM
 
833 posts, read 485,105 times
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I would add: As far as global influence is concerned, New York is hampered by factors outside of its control. Namely its timezone and the geographic distribution of financial centers among other countries, emerging and developed.

In the day when the vast majority of financial activity took place transatlantically, this wasn't a problem, but now that finance is polycentric and global, timezone differences are much more important.
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Old 11-23-2014, 10:17 PM
 
Location: Massachusetts
264 posts, read 217,041 times
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NYC. The city just needs to be seen and experienced to know. It's....unreal.
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Old 11-24-2014, 12:18 AM
 
Location: United Kingdom
969 posts, read 498,024 times
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Quote:
Originally Posted by ColdAilment View Post
The two largest heavy weights in the world in terms of world prominence and power, at least according to GaWC. Both are listed as Alpha ++. Having never been to either city my knowledge is limited on both of them.

Basically I'm asking, which city is overall more powerful and influential? I think NYC is quite a bit bigger in terms of population, but is it as much of an economic powerhouse as London? I'm really not sure, I would think the presence of the NYSE would have a huge impact, I do believe it's the largest publicly traded Stock Exchange in the world. So share your ideas on which city is more powerful, especially economically.
The NY metro area is the bigger economic power house (owing to its larger population - but this is as much to do with where one decides to draw the line in terms of the metro boundary).
London is the bigger financial powerhouse.
Culturally they're about the same.

Overall I would say London is more influential. Owing to its finances.
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Old 11-24-2014, 12:48 AM
 
66 posts, read 59,863 times
Reputation: 96
Quote:
Originally Posted by CTDominion View Post
The NY metro area is the bigger economic power house (owing to its larger population - but this is as much to do with where one decides to draw the line in terms of the metro boundary).
London is the bigger financial powerhouse.
Culturally they're about the same.

Overall I would say London is more influential. Owing to its finances.
Nope. London does have a comparable area... Greater London & SE England. And the two regions have roughly the same population. Even if Greater London (with or without SE England) surpassed New York's population, it wouldn't have a GDP anywhere near NYC's GDP. NYC is a much wealthier place, despite population, which is why it has a much higher GDP per capita.

Population
New York City 19,069,796
Greater London & SE England 17,033,069
Greater London 8,308,000

GDP
New York City $1.559 Trillion
Greater London & SE England $829.336 Billion
Greater London $501.134 Billion

GDP Per Capita
New York City: $81,578
Greater London & SE England $48,689
Greater London: $60,319

Even if Greater London (without the help of SE England) doubled itself in population to match NYC, its GDP would be a bit over $1 Trillion, which is still much behind NYC's $1.559 trillion.

Last edited by London Lawyer; 11-24-2014 at 01:01 AM..
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Old 11-24-2014, 12:55 AM
 
Location: United Kingdom
969 posts, read 498,024 times
Reputation: 671
Quote:
Originally Posted by London Lawyer View Post
Greater London & SE England and New York City's metropolitan area have roughly the same population. Even if Greater London (without SE England) surpassed New York's population, it wouldn't have a GDP anywhere near NYC's GDP. NYC is a much wealthier place, despite population which is why it has a much higher GDP per capita.

Population
New York: 19,069,796
Greater London 8,308,000
Greater London & SE England 17,033,069

GDP
New York $1.559 Trillion
Greater London $501.134 Billion
Greater London & SE England $829.336 Billion

GDP Per Capita
New York: $81,578
Greater London: $60,319
Greater London & SE England $48,689
Again, completely dependent on where you draw your boundaries.

List of OECD regions by GDP (PPP)per capita[1]

1. United Kingdom UKI11 Inner London - West 152,116
2. United States US11 District of Columbia 131,343
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