London to 'lose out' to Shanghai

[ccharles000]

London could be pushed into third place as a global financial centre by Shanghai in the next decade, according to a report.

The survey, carried out by law firm Eversheds, suggests business leaders think the West is facing accelerated competition from the East.

More than 90% of bosses in Shanghai and Mumbai are confident in their economic outlook for 2010.

This compares with 22% of business leaders in London and 35% in New York.

Across the United Arab Emirates, 69% said they were confident of their economic prospects over the coming year.

In Evershed's Boom or Gloom report, New York will still be seen as the most significant financial centre with London and Shanghai vying for second place.

A total of 600 senior executives across London, Mumbai, New York, Shanghai and the UAE were canvassed for the survey.

http://news.bbc.co.uk/2/hi/business/8410722.stm

[onehandle]

1. New York will be fifth or worse within a few decades.

Asian cities will take all the top spots as we fade away.

[Zynx]

2. Predictions that Tokyo would eclipse London and New York never materialized.

I am extremely leery of projections utilizing current conditions and growth rates to predict the future. Of course the financial world will continue to decentralize, but it won't be that any one region crashes and burns. The center of gravity will remain around the New York - London axis for a long time to come, still.