To say that it's been a difficult decade for New York City, and the nation at large, would be an understatement. In New York, more than 100,000 lay-offs in the financial community stemming from the bursting of the leveraging bubble and closure of key financial institutions has led to the city's worst recession in more than two decades. However, the financial and economic crisis that has slowed New York's economy, surprisingly, has not resulted the loss of one city title -- that of financial capital of the world. 29% of respondents to a survey listed the city as the leading global financial center, with the city that never sleeps topping both Singapore, 17%, and London, 16%, according to a Bloomberg Global Poll. The poll of 1,452 Bloomberg subscribers was conducted October 23-27.
The same survey listed China, Brazil, and India as the markets that offer investors the best opportunities to make money, with the U.S., Europe, and Japan markets viewed as having less potential.
Market Analysis: Earlier this decade, increased IPO regulation drove a portion of the initial stage equity investment market out of New York, and globalization resulted in more diffusion of financial deals. However, look on New York's slump in 2007-2009 as just that -- one that's largely driven by the financial crisis and investment banking errors and excesses. Further, provided the United States retains its status as an attractive place to raise capital, invest, and earn a return on investment, and the U.S. economy returns to health -- and the view from here argues that all of the aforementioned will continue and New York will remain the world's financial capital.
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Reader Comments (Page 1 of 1)
11-11-2009 @ 10:28PM
Tom said...
I hardly think opinions in a poll determine what is and what isn't the financial capital of the world.
All studies that have researched the state of each financial centre in depth in the last 3 years has conclusively and resoundingly hailed London as the financial capital of the world. Despite the crisis London has not lost its crown - New York lost it years ago.
The fact that Singapore has been listed above London proves beyond doubt that this poll has no credibility whatsoever.