What makes London the so-called capital of the 21st century?

1. Greater London Report
“If Paris was the capital of the nineteenth century and New York of the
twentieth, London is shaping up to be the capital of the 21st,” proclaimed
New York magazine in 2007.
A big part of London’s epicentral status can be found at what some would
argue is London’s heart: the compact, cultivated, commercial crucible
known as ‘The City’. But there are other major requirements for any
location that aspires to remain in the pantheon of world financial centres:
© Copyright 2012 London Business School

2. 1.1 Billion tube passengers annually
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3. World-class transportation
The Tube carried a record numbers of passengers in 2010
— exceeding 1.1 billion for the first time. The 2012 Summer
Olympics brought some £6.5 billion of necessary new
investments to the transportation system.
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4. 400,000 University students living in London
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5. A large pool of professional talent
In this, London is almost unparalleled. It offers a highly educated professional
workforce, educational institutions with experts available for advice, and
opportunities for growth for employees. London is home to more than 400,000
university students, some 100,000 of whom are from over 200 different nations —
more international students than in any other city in the world.
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6. Technological expertise and
institutions
This is a necessity if financial organisations are to
keep up with developments affecting flows of
information and finance. When it comes to leading-
edge efforts in technology, experts such as Bruce
Weber, Professor of Information Management at
London Business School, are at the forefront. Their
work will ensure that rogue traders, such as Nick Leeson, who brought about the
collapse of Britain’s Barings Bank (Britain’s oldest merchant bank, the source of
funds for Napoleon's wars and the Louisiana purchase) are unable to do such
damage in the future.
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7. Multicultural and multiethnic
population
A total of 604 foreign companies are listed on the London Stock Exchange,
including the AIM market. It is also the leading Western centre for Islamic
finance, with 22 banks supplying Islamic financial services, five fully Sharia
compliant. It is easier to draw foreign companies to an area in which there are
people who understand their language and culture
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8. 300
Three hundred foreign languages are spoken in London; and the city has at least
50 nonindigenous communities with populations of 10,000 or more.
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9. 30%
The latest census reports that 30 per cent of the residents of London were born
outside the UK (some 2.2 million people).
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10. Aside from bringing new languages
and traditions, the immigrants to
London offer culinary experiences
unmatched by most other cities,
with restaurants featuring the
cuisines of 70 different countries.
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11. Cultural institutions
London is home to some 240 museums. Among
them are some of the world’s finest, from the
Tate to the British Museum, the Victoria and
Albert and the National Gallery.
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12. Health care
In addition to the quality medical care available
through the National Health Service, London has Harley
Street, the home of private medicine. The Harley Street
area boasts some 1,500 medical practitioners.
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13. Entertainment
From the Royal Opera House to the West End theatre
district, London provides world-class entertainment. The
theatres alone bring in more than £500 million every
year to the UK economy. Part of the West End’s success
is due to the fact that it mounts numerous short-run
productions each year, often featuring stars of film, such
as Ralph Fiennes. Moreover, thanks to Gordon Ramsay et
al, London has now gained a reputation for haute
cuisine, with many new upscale restaurants opening
despite the slowdown in the world economy.
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14. Shopping and fashion
Think Fortnum & Mason, Harrods, Harvey Nichols, Selfridges.
London is retailing nirvana. To this can be added the fact that
three of the world’s most prestigious auction houses —
Christie’s, Bonham’s and Sotheby’s — hold regular sales in
London, where serious buyers of luxury goods can purchase fine
art, antiques, jewellery, wine and even classic cars.
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15. Sports
From Arsenal’s Emirates Stadium to cricket at
the Oval, participating in sports, or losing your
voice cheering for your favourites, is easy in
London. All of this was enhanced by the venues
constructed for the 2012 Summer Olympics,
which marked a unique first — London is the
only city to host three Olympics.
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16. This report was part of Business Strategy Review,
Volume 23 Issue 2 - 2012
Visit the website www.london.edu/bsr
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