How the Crash Will Reshape the World's Cities

An ebbing tide lowers all ships, but which leading world cities will sink in the Great Recession? Atlantic correspondent Richard Florida points me to this excellent report on how the global financial centers are weathering the financial storm. The biggest loser in the world is:

It's Tokyo. The report in short goes like this: The mighty survive. Japan is crushed. And the leading global financial centers moving up in the world are concentrated in the southeastern Asian corner: Taipei, Kuala Lumpur and Bangkok.

The creme de la financial creme remains in tact. The top six ranked global financial centers from last year are the top six this year. In order, they are: London, New York City, Singapore, Hong Kong, Zurich and Geneva. The biggest loser in the top 50 cities was Tokyo, which fell a world-leading eight spots and now clocks in at 15th, behind Jersey and Guernsey, which have, somewhat surprisingly, emerged as self-styled financial service juggernauts of the United Kingdom.

The report is full of interesting tidbits (download the pdf here if you'd like) but one I really like is the graph, which ranks the financial centers with the greatest prospects for growth according to interviews and assessments. Most of these seem predictable, but I'm interested in Qatar (ranked 46 overall, between Kuala Lumpur and Madrid) zooming onto the scene. The report doesn't delve too much into explanations except to say that it is apparently becoming less corrupt.

citiesleading.png

Also, on the subject of flat worlds, it deserves a mention that Australia/New Zealand has more top-60 financial centers than the continents of Africa and South America combined.

Presented by

Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

How to Cook Spaghetti Squash (and Why)

Cooking for yourself is one of the surest ways to eat well. Bestselling author Mark Bittman teaches James Hamblin the recipe that everyone is Googling.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

How to Cook Spaghetti Squash (and Why)

Cooking for yourself is one of the surest ways to eat well.

Video

Before Tinder, a Tree

Looking for your soulmate? Write a letter to the "Bridegroom's Oak" in Germany.

Video

The Health Benefits of Going Outside

People spend too much time indoors. One solution: ecotherapy.

Video

Where High Tech Meets the 1950s

Why did Green Bank, West Virginia, ban wireless signals? For science.

Video

Yes, Quidditch Is Real

How J.K. Rowling's magical sport spread from Hogwarts to college campuses

Video

Would You Live in a Treehouse?

A treehouse can be an ideal office space, vacation rental, and way of reconnecting with your youth.

More in Business

Just In