Top 5 Most Economically Powerful Cities in the world

Posted on Dec 21 2013 - 11:15pm by Admin

The following are the Top 5 Most Economically Powerful Cities in the world.

1.  New York City,  2.     London,  3.  Tokyo.  4.  Hong Kong,  5.  Frankfurt

1.  New York City

New york

During much of the 20th century, the United States and its financial capital, New York City, were the leaders. But over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism, numerous financial centres have challenged the predominance of Wall Street, particularly from Asia, which some analysts believe will be the focus of new worldwide growth. New York still has strengths in having a “concentration of finance professionals”—prime brokers, large banks, traders, lawyers, accountants, and private bankers. One analyst suggested three prime factors for success as a financial city:
1.    a pool of money to lend or invest
2.    a decent legal framework
3.    high-quality human resources
In early 2014, NYSE Euronext, the operator of the New York Stock Exchange and NYSE LIFFE, will take over the administration of the London interbank offered rate from the British Bankers Association. The new administrator is NYSE Euronext Rates Administration Limited, a London-based, UK-registered subsidiary of NYSE Euronext, regulated by the UK’s Financial Conduct Authority.

2.  London

uk
London continues to maintain a high financial profile. However, the City of London has confronted new opponents since fast rising eastern financial centres (namely Hong Kong, Tokyo and Singapore) arise taking in the facts that differing tax rules and regulatory environments and so forth into account. There is a perception that “regulatory scrutiny is more burdensome in the United States than in London”, which has a “transparent and reliable legal system.

3.  Tokyo

Tokyo

One report suggests that Japanese authorities are working on plans to transform Tokyo but have met with mixed success, noting that “initial drafts suggest that Japan’s economic specialists are having trouble figuring out the secret of the Western financial centers’ success.” Efforts include more English-speaking restaurants and services and the emergence of many brand new office buildings in Tokyo, but that have so far neglected more powerful stimuli such as lower taxes and a relative aversion to finance.

4.  Hong Kong

hong kong
In 2010, the Hong Kong Stock Exchange raised nearly $53 billion for initial public offerings, compared with only $42 billion for the U.S. and $16 billion (£10 billion) in London. Hong Kong was the site of the world’s largest I.P.O. in 2006 of the $19.1 billion Industrial and Commercial Bank of China.Hedge funds are doing well in Hong Kong with increased growth from 2006 to 2010.One estimate in 2009 was that the Hong Kong stock market was the world’s seventh largest and noted that 70 percent of the world’s 100 largest banks were based in the city.

5.  Frankfurt

frankford
The city is primarily seen as a competitor to London, given the location of both cities within the European Union. It is the seat of Deutsche Börse, one of the leading stock exchanges and derivatives markets operators in the world, and the European Central Bank, which sets the monetary policy for the single European currency, the euro; in addition, in 2014 the European Central Bank will take over responsibility for banking supervision in the eurozone, further increasing the importance of Frankfurt as the banking centre for the 18 countries which form the eurozone. It is also the seat of Deutsche Bundesbank, the German central bank responsible for the monetary policy of the Deutsche Mark before the introduction of the euro. Nonetheless, the city has so far not achieved to seriously threaten the dominance of London as a financial hub of Europe.

                          

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