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What factors make london a global city8/25/2023 ![]() This means the prime property market is showing steady growth in London making it an attractive place for ultra-high-net-worth individuals to invest their money. Since the Conservative Election win in May 2015, it seems the dust is now settling again which means property in London is now perceived to be a more stable investment for the global market. But, a lot of it comes down to history as London has been a trading centre for a millennia and New York just doesn’t have that”. The Wealth Report Editor at Knight Frank said “English is the language of business which makes both New York and London have an edge. London has 4,900 ultra-rich residents, which is less than New York’s 5,600, but because the UK is closer to Europe and offers easy access to both Asia and North America, an estimated 16,000 super-rich people pass through London every year for use of its services. Wealthy people with assets of more than £21.4 million, excluding the value of their primary home, view London as more important than any other business hub across the globe. In short, these are the cities where the wealthy congregate, work, invest, are educated and spend their leisure time. The ranking looks at business links, economic activity, quality of life and the number of other super rich people who live there. The top spot on this UHNWI list for the most important global city has always been fought over between London and New York, but the UK capital has now beaten Americas Big Apple in the rankings. The Knight Frank Report has discovered that London is the best place for multi-millionaires to live, do business and educate their children. ![]() Part of the Knight Frank Report includes the ‘most important cities to ultra-high-net-worth-individuals’(UHNWI) list. This is according to a report by Knight Frank. London is considered to be the most important city in the world to the super-rich. Multifunctional infrastructure offering some of the best legal, medical and entertainment facilities in the country.High-quality educational institutions – including renowned universities, informational student attendance and research facilities.High percentage of residents employed in the services and information sectors.Centres of media and communications for global networks.Centres of new ideas and innovation in business, economics, culture and politics.Major manufacturing centres with port and container facilities.Domination of the trade and economy of a large surrounding area.The existence of financial headquarters, a stock exchange and major financial institutions.Headquarters of several multinational corporations.A variety of international financial services, notably in finance, insurance, real estate, banking, accountancy and marketing.Due to this, many groups have tried to rank which cities in the world can be seen as global cities.Īlthough what constitutes a global city is still subject to debate, standard characteristics are: World City status is considered to be desired and beneficial to a city’s profile. More recently, the term has been described as being synonymous with a city’s influence and ‘financial capital’, with other factors becoming less relevant. The use of the term ‘world city’ dates back to May 1886 when used to describe Liverpool in ‘The Illustrated London News’. The idea of globalisation can be understood as a city having a direct and tangible effect on global affairs through socio-economic means. The concept comes from geography and urban studies. A world city, also known as global city, is generally a city considered to be an important node in the global economic system.
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