@@briangasser973 the uk is also much poorer than america - bankers like me earning c.£80k pre bonus should pay more in tax, at least until our country stops falling apart.
The US took over the UK as the largest economy by 1890, but London was definitely still ahead in finance. WW1 was the first big hit and so much wealth was transferred from Western Europe, but mainly the UK to the US. Then ww2 hurt the UK even more.
But didnt overtake the British empire till WW1, London still recovered despite taking a hit in WW2, Brexit might have hurt it 2018 not WW2, its still NO 2in Finance though
@@ryandanngetich2524London has population which is why, however in per capita London has taken a drastic fall. Even in Europe, Cities like Munich, Zurich, Oslo etc easily beat ANY Uk city to exist in economy.
@@aimxdy8680 Oslo beats any american city as well in terms of GDP per capita lmao, I don't see your point Plus NYC has a much higher population then London (london isn't even a mega city)
@BobBrown. Except London and NY benefit from young adults who move in, while not having to pay for their education and upbringing. They benefit from others who serve in the military to protect them and send food and fuel in.
Thumbnail is inaccurate In 1900, London’s Borders was a lot smaller and it looked a bit like an elephant. The London borders you used is from 1965. Hope this helps you out
The capital/ largest city of the most powerful country on earth is always the global financial capital. In 1900, that country was the UK. In 2024, that country is the US.
I don't actually think that's always been the case. Spain was at one point the most powerful empire yet cities like Amsterdam or Antwerp would be considered more dominant than cities like Toledo or Madrid. In the 1800s Napoleonic France was clearly more powerful but London remained financially dominant. During the Cold War there's a good argument that the USSR was militarily more powerful than the US most of the time, as well as being larger geographically, yet Moscow was non-existent from a perspective of international finance.
@Carthodon Power is more than just millitary might. My understanding is that the Netherlands, England, and the US were all arguably the dominant economic power of the time periods you mentioned, even if they weren't militarily.
@@jimbo1637That’s true for the US and the UK but not for Spain. The thing is that specifically el Virreinato de Nueva España (todays United States and México) was actually the most economically powerful part of the Spanish Empire, more so than Madrid or Toledo. Also other parts of todays South America, so Spain’s model was much more decentralized as opposed to one big powerhouse city.
It’s the only important part of the city when talking about banking. Manhattan has more economic value than all the other boroughs combined and doubled. What a useless complaint.
the stock video in 10:54 is from istanbul (near karaköy from haliç river). and also the one in 10:45 looks really like ai made, the letters don’t make any sense. there may be more btw i just noticed. interesting easter eggs maybe for an interesting video 🧐good job!
I think he should have included the word “modern” Because yes, Rome, Constantinople and probably the most relative Venice were more than just geographic hubs but “Global”.
Except NY is losing a lot of finance jobs and companies that can now use the internet and conduct operations outside the city. Vanguard, Fidelity, and Schwab are not based in NYC. Renisance and Citadel are not headquartered in NYC. BofA and Wells Fargo are also not based in NYC. The Nasdaq is an internet based exchange, so its headquarters location is irrelevant. A lot of options and derivatives are done in Chicago.
th-cam.com/video/VgEDsrpNFOY/w-d-xo.htmlsi=OnZOAXc37bdoELBq&t=121 It was actually called the Dutch West India Company. Perhaps a small detail, but with significantly different contexts and history for Netherlands and global colonialism.
Maybe if you count wealth managers and accountants, but Wall Street still has a chokehold on high finance. The Northeast just has too many strong schools. Texas has Rice and maybe UT Austin. I have also seen it attract some people from Duke and UC Berkeley.
@@righteousmammon9011 A stock exchange? Say it ain't so! Unfortunately, here in the land of reality, most finance deals happen behind closed doors in private transactions. Nothing in a leveraged buyout will ever touch an exchange. It's called _private_ equity.
Left out is that Brexit has so damaged London's standing as a financial capital it's cannot stem the ongoing loss of financial firms to the EU. Without the barrier free "passporting" being in the EU afforded London and other EU firms, they won't come back. It's now a question if London will slip to 3rd place behind Singapore.
Really? Half of commercial contracts (including ISDA agreements) are made subject to English law because nobody wants to be subject to Chinese judges (lol). Regulation, espionage and related risks in China make any business in China or HK highly suspect. It is very much between NY and LDN. Stock market capitalisation alone is not what determines whether a financial centre is well-structured and thriving.
This is a great video. However, it’s important to note that astonishingly London trades more US dollars than New York, and even more than the entire United States economy! For instance, London is home to 38% of total global foreign exchange trading, the majority reinforcing the Dollar reserve status for the USA. In addition, London also hosts the world's largest insurance, gold and energy markets(Brent crude is the global benchmark), and all markets are priced in American Dollars! Moreover, London exports more financial services than any other city globally. Therefore, does that not suggest that London actually holds a significant advantage in finance compared to New York?❤🎉😂 Bearing in mind also, that as of 2024 the USA is now the largest nominal debtor nation and the UK funnily enough is the largest holder of american debt in 2024(vis-a-vis London and several overseas British terrirories such as Bermuda and the Cayman islands)!!!😮😂🎉❤
NYC is itself losing ground rapidly to Dallas. Many of the Top investment banks are moving groups down to Dallas. The COL and taxes are simply lower and the public schools are better. With IB and other front office bankings roless leaving NYC will be hollowed out.
I think saying NYC will be “hallowed out” is overly pessimistic. The city has a diverse set of industries and a very severe housing shortage. An exodus of some jobs out of the city would probably be a good thing for the city.
@@darthbumblebee7310 IB and PE do not employ a ton of people BUT they do bring in a truly insane amount of money. They are the ones that pay the NYC tax bill. With them gone an under funded high tax city has a very difficult choice to make. Also note I was specifically addressing NYC losing the finance crown to Dallas. Which losing your IB and PE firms definitely would count.
... and the most productive agriculture in the world (2nd largest by volume). And for ASML, which makes chip printers for Taiwan. And Plillips. And Europe's largest port. And over 9000 other chemical, engineering and financial companies. All in an area the size of Maryland - but don't worry, they're pulling more land out of the sea as you read this. Other than that - totally insignificant country, yep.
@ryandanngetich2524 India has a bigger economy than the UK, so India is richer than the UK? Median wealth is tied to mostly house prices, so that just means their houses are overpriced. You know there's a housing crisis there yeah? Lots of old people with overpriced houses is not a wealthy country. What else you got there europoor?
@Waferwafermagiccracker Doesn't change the narrative, median wealth is still wealth, COPE, lemme change that, top 20 GdP Per Capita, a poor country?. Don't be daft, the UK is not a poor country and there us NOTHING YOU'LL SAY will change my mind
the uk doesnt have a lot of natural resources to rely on (it has only a bit of oil) compared to larger countries (e.g the states). i'd argue that their decline is as much as a geographic issue. e.g, if the uk had more oil reserves, it could mean that they could lower taxes, encourage investment from other companies, and boost its economy. however, the uk (and western europe in general) don't, and with their ageing population beginning to demand more pensions, taxes are forced to increase which decourages investment and lowers consumer spending. america just has it lucky.
@@internet_userr Switzerland does not have much resources too. Germany is the same. Japan the same. The advantage the UK had by first to industrialize and the stolen wealth from their colonies should have set them up to overcome this disadvantage. While I agree with all the problems the UK faces right now, those are not above the main issue with the UK because those are not uniue to the UK, which is just plain old stupid government policies and the general population being not competetive. While it is also true the US is lucky when it comes to geography, it's what they do with is what keeps them on top. And lastly, Im not arguing how the US is richer than the UK, Im just stating the fact that the UK is poor and people can't seem to understand this simple fact. Stop comparing the UK to truly rich countries like the US because the UK is poor.
Uhm, yes we do? It’s called Zelle and is built into banking apps. There’s also Venmo if you want to have a 3rd party app. Venmo is instant send and 1 day clearing to your bank account or instant withdraw for 25 cents. Zelle is free and instant. It’s a consortium between all of the banks. I use it all the time.
What do you mean by world financial capital? I think that'll be Dubai or Singapore right now. London is more diverse than New York. USA is wealthier but it's largely domestic.
Britain without colonies is nothing , while is USA is one of the most resource rich nations in the world. USA since the founding was a rich nation , never been poor.
If Britain without colonies is nothing, how were they ever in a position to colonise so successfully in the first place lmao. You don’t get the largest empire in history with nothing 😂 Britain has long had advanced political, economic, legal and educational institutions that allowed it to punch well above its weight all throughout its long history
Britain invented modern economy. They weren't the first to have colonies : the Spanish, the Portugese, the Dutch had empires as well, and earlier than Britain. But it was in Britain that the industrial revolution started off, and at the begining, imperial goods mattered little in it. Britain changed forever the way we produce, we work, we sell and we consume things. The truth is, Britain was the first country in human history that one could genuinly call "rich". I'm not Brit, by the way. Just stating facts.
This is the real answer. London used to be the world financial capital because it was the capital of the most powerful country on earth. NYC simply inherited that roll from London just as the US inherited the roll of global superpower from the UK.
Not natives land, they hardly inhabited let allowed country the whole land mass that is the usa. Places like california, were almost completely uninhabited by any tribe. In what world are 2 million people in one of the biggest continents ever "natives".
the stock video in 10:54 is from istanbul (near karaköy from haliç river). and also the one in 10:45 looks really like ai made, the letters don’t make any sense. there may be more btw i just noticed. interesting easter eggs maybe for an interesting video 🧐good job!
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I’ve worked for JPMorgan in London and yeah, our American counterparts were making 1.5-2x more whilst paying less taxes
I saw Labour's proposed tax increases today. The take home pay gap with the US will only widen.
@@briangasser973 the uk is also much poorer than america - bankers like me earning c.£80k pre bonus should pay more in tax, at least until our country stops falling apart.
@jimbojimbo6873 yes they do - its well known
@@rhubarb2301so corruption may widen? 😂
Frankfurt has vacancies for you, take a "dive" there @@rhubarb2301
The US took over the UK as the largest economy by 1890, but London was definitely still ahead in finance. WW1 was the first big hit and so much wealth was transferred from Western Europe, but mainly the UK to the US. Then ww2 hurt the UK even more.
But didnt overtake the British empire till WW1, London still recovered despite taking a hit in WW2, Brexit might have hurt it 2018 not WW2, its still NO 2in Finance though
@@ryandanngetich2524London has population which is why, however in per capita London has taken a drastic fall. Even in Europe, Cities like Munich, Zurich, Oslo etc easily beat ANY Uk city to exist in economy.
@@aimxdy8680 According to what statistics? 😂
@aimxdy8680 Doesn't change the fact London is the most important financial centre if Europe
@@aimxdy8680 Oslo beats any american city as well in terms of GDP per capita lmao, I don't see your point
Plus NYC has a much higher population then London (london isn't even a mega city)
London as a city state would do better
It is… The city of London is an independent city state.
@@ClandestineChroniclesOfficialwhat he meant was if. London declared independence and is a city state like Singapore.
@BobBrown. Except London and NY benefit from young adults who move in, while not having to pay for their education and upbringing. They benefit from others who serve in the military to protect them and send food and fuel in.
Brexit
@redStream1237
What @@briangasser973 said - and much more.
New York is attached to a large first world country, London is attached to a smaller 3rd world country
the midwest is quite poor as well . and Canada is very dependent on the us
UK is a 3rd world country?! Say that to the children in Angola.
Wow, did your three brain cells come up with that, or are you paid to spread misinformation like stds
Average thug
Uk is not a third world country
Thumbnail is inaccurate
In 1900, London’s Borders was a lot smaller and it looked a bit like an elephant.
The London borders you used is from 1965.
Hope this helps you out
You aren't cool ashleyj
@@rohankanna1819 Ratio
Jay Foreman.
I can confirm that this helps me out
Congrats on the video, very well done.
It be pretty hard for London to be the bigger financial centre because of Americans size, wealth and population
It's the British fault for declaring war on Germany in WW2. Ever since then, their empire never recovered after that
@@vulcanraven9701 if we never did people would call us evil & horrible more than they do now, you cant win with people.
@@vulcanraven9701That's the stupidest thing I've ever heard
@@vulcanraven9701 easy to say if you disregard the explicit intentions of the Germans to destroy the British economic and geopolitical position
@@vulcanraven9701 The Nazis would've invaded eventually and destroyed the country.
The capital/ largest city of the most powerful country on earth is always the global financial capital. In 1900, that country was the UK. In 2024, that country is the US.
I don't actually think that's always been the case. Spain was at one point the most powerful empire yet cities like Amsterdam or Antwerp would be considered more dominant than cities like Toledo or Madrid. In the 1800s Napoleonic France was clearly more powerful but London remained financially dominant. During the Cold War there's a good argument that the USSR was militarily more powerful than the US most of the time, as well as being larger geographically, yet Moscow was non-existent from a perspective of international finance.
@Carthodon Power is more than just millitary might. My understanding is that the Netherlands, England, and the US were all arguably the dominant economic power of the time periods you mentioned, even if they weren't militarily.
@@jimbo1637That’s true for the US and the UK but not for Spain. The thing is that specifically el Virreinato de Nueva España (todays United States and México) was actually the most economically powerful part of the Spanish Empire, more so than Madrid or Toledo. Also other parts of todays South America, so Spain’s model was much more decentralized as opposed to one big powerhouse city.
@@Carthodon Madrid is not on or near the coast, so didn't become a trade hub like Amsterdam, Antwerp, London or New York.
@@mildlydispleased3221 So what.
A vid about New York City
Thumbnail shows New York County which is 1/5th of the city
I thought it only showed Manhattan.
It’s the only important part of the city when talking about banking. Manhattan has more economic value than all the other boroughs combined and doubled. What a useless complaint.
We New Yorkers refer to manhattan as “the city” as in I’m going into the city.
Very interesting and informative
the stock video in 10:54 is from istanbul (near karaköy from haliç river). and also the one in 10:45 looks really like ai made, the letters don’t make any sense. there may be more btw i just noticed. interesting easter eggs maybe for an interesting video 🧐good job!
2:26 What about Rome or Constantinople do they not count?
I think he should have included the word “modern”
Because yes, Rome, Constantinople and probably the most relative Venice were more than just geographic hubs but “Global”.
US economy is 28 trillions UK 3 trillions . I see a difference very big
Underground or airplane, doesn't matter in the end.
I’ll save you all times. Whatever country has the world’s reserve currency is where the financial capital of the world will be.
Based on the list, seems like Houston will be the next financial hub 😂
15:11 that's sydney dude
Why do we Americans pronounce it “a-gian” when it’s spelled like how British people pronounce it “a-gain”
We say "A-gain" and "A-gen" in the UK.
In summary, America is 45% of the global economy, and England's share of the global economy is shriveling more than my balls in a cold plunge.
Uk not England learn geography
@@Udhdhfufuf don't drag Scotland down with england
Amsterdam when London when New Amsterdam walks in. Btw the video is surprisingly good
So is this why New York is also know as new Amsterdam ?
It was known as New Amsterdam as New York was colonised originally by the Dutch and was not part of New England (the British colony north-east of NY).
england is my city
Something Unforeseen is about to upset the current Trajectory: The death of the dollar As the world reserve currency.
People have been saying it’s about to happen for decades
Except NY is losing a lot of finance jobs and companies that can now use the internet and conduct operations outside the city. Vanguard, Fidelity, and Schwab are not based in NYC. Renisance and Citadel are not headquartered in NYC. BofA and Wells Fargo are also not based in NYC. The Nasdaq is an internet based exchange, so its headquarters location is irrelevant. A lot of options and derivatives are done in Chicago.
th-cam.com/video/VgEDsrpNFOY/w-d-xo.htmlsi=OnZOAXc37bdoELBq&t=121
It was actually called the Dutch West India Company. Perhaps a small detail, but with significantly different contexts and history for Netherlands and global colonialism.
London is a joke these days
UK lost it's colonies, and thus lost all its imperial power.
Texas already has more financial jobs than New York and that gap is widening every day. The river of gold you speak of has already changed course
Maybe if you count wealth managers and accountants, but Wall Street still has a chokehold on high finance. The Northeast just has too many strong schools. Texas has Rice and maybe UT Austin. I have also seen it attract some people from Duke and UC Berkeley.
@@kagakai7729 Texas is creating their own stock exchange so the future will be interesting
@@righteousmammon9011 A stock exchange? Say it ain't so! Unfortunately, here in the land of reality, most finance deals happen behind closed doors in private transactions. Nothing in a leveraged buyout will ever touch an exchange. It's called _private_ equity.
Meh. NY has the NY Fed, which is really just the whole Fed. It will always be the center of the universe.
Left out is that Brexit has so damaged London's standing as a financial capital it's cannot stem the ongoing loss of financial firms to the EU. Without the barrier free "passporting" being in the EU afforded London and other EU firms, they won't come back. It's now a question if London will slip to 3rd place behind Singapore.
It damaged London but improved the rest of the uk
London can keep the city of the world, New York is the hub of the universe
New York has more jews so more good bankers
It should be NYC vs Shanghai, London is a has been.
Really? Half of commercial contracts (including ISDA agreements) are made subject to English law because nobody wants to be subject to Chinese judges (lol). Regulation, espionage and related risks in China make any business in China or HK highly suspect. It is very much between NY and LDN. Stock market capitalisation alone is not what determines whether a financial centre is well-structured and thriving.
a decent video, quite thoughtful
This is a great video. However, it’s important to note that astonishingly London trades more US dollars than New York, and even more than the entire United States economy! For instance, London is home to 38% of total global foreign exchange trading, the majority reinforcing the Dollar reserve status for the USA. In addition, London also hosts the world's largest insurance, gold and energy markets(Brent crude is the global benchmark), and all markets are priced in American Dollars! Moreover, London exports more financial services than any other city globally. Therefore, does that not suggest that London actually holds a significant advantage in finance compared to New York?❤🎉😂 Bearing in mind also, that as of 2024 the USA is now the largest nominal debtor nation and the UK funnily enough is the largest holder of american debt in 2024(vis-a-vis London and several overseas British terrirories such as Bermuda and the Cayman islands)!!!😮😂🎉❤
NYC > London
Nah
London will forever be the better and original megacity.
Fr
Cheap copy of London is new York nothing else
@@AT-vq6numaybe in the past, but these days, it's London who copies NYC. They don't call it "Manhattan on the Thames" for nothing.
NYC is itself losing ground rapidly to Dallas. Many of the Top investment banks are moving groups down to Dallas. The COL and taxes are simply lower and the public schools are better. With IB and other front office bankings roless leaving NYC will be hollowed out.
I think saying NYC will be “hallowed out” is overly pessimistic. The city has a diverse set of industries and a very severe housing shortage. An exodus of some jobs out of the city would probably be a good thing for the city.
@@darthbumblebee7310 IB and PE do not employ a ton of people BUT they do bring in a truly insane amount of money. They are the ones that pay the NYC tax bill. With them gone an under funded high tax city has a very difficult choice to make. Also note I was specifically addressing NYC losing the finance crown to Dallas. Which losing your IB and PE firms definitely would count.
how??….the empire went away. there, i answered the question.
13:40 worst take ever imf is just evil. Period.
The Dutch had it good for hundreds of years
And now they're known for tulip weed bikes
Shame
... and the most productive agriculture in the world (2nd largest by volume).
And for ASML, which makes chip printers for Taiwan.
And Plillips.
And Europe's largest port.
And over 9000 other chemical, engineering and financial companies.
All in an area the size of Maryland - but don't worry, they're pulling more land out of the sea as you read this.
Other than that - totally insignificant country, yep.
Ah yes how to spot an American in the wild. They know nothing about anything
They're known for that only to people who know nothing of the world. Same type of people who can't point russia or china on the map.
@@redhidinghood9337 bro probably can’t even point to his own state
Also, carrots. And cheese.
You sound South African. Great video btw.
wait only 5 years because " real Winter " is coming in US.
Why? Because the UK is poor. Jesus. It doesnt need this long of a video.
Oh, the 6th largest economy with a higher medium wealth per adult than the US poor??
@ryandanngetich2524 India has a bigger economy than the UK, so India is richer than the UK?
Median wealth is tied to mostly house prices, so that just means their houses are overpriced. You know there's a housing crisis there yeah? Lots of old people with overpriced houses is not a wealthy country.
What else you got there europoor?
@Waferwafermagiccracker Doesn't change the narrative, median wealth is still wealth, COPE, lemme change that, top 20 GdP Per Capita, a poor country?. Don't be daft, the UK is not a poor country and there us NOTHING YOU'LL SAY will change my mind
the uk doesnt have a lot of natural resources to rely on (it has only a bit of oil) compared to larger countries (e.g the states). i'd argue that their decline is as much as a geographic issue. e.g, if the uk had more oil reserves, it could mean that they could lower taxes, encourage investment from other companies, and boost its economy. however, the uk (and western europe in general) don't, and with their ageing population beginning to demand more pensions, taxes are forced to increase which decourages investment and lowers consumer spending.
america just has it lucky.
@@internet_userr Switzerland does not have much resources too. Germany is the same. Japan the same. The advantage the UK had by first to industrialize and the stolen wealth from their colonies should have set them up to overcome this disadvantage.
While I agree with all the problems the UK faces right now, those are not above the main issue with the UK because those are not uniue to the UK, which is just plain old stupid government policies and the general population being not competetive.
While it is also true the US is lucky when it comes to geography, it's what they do with is what keeps them on top.
And lastly, Im not arguing how the US is richer than the UK, Im just stating the fact that the UK is poor and people can't seem to understand this simple fact. Stop comparing the UK to truly rich countries like the US because the UK is poor.
Shanghai soon....
China won’t let their currency appreciate as it will drag in exports. You need a free currency in order to be a financial capital.
@marshallstewart9467 that won't last forever.
HK and SK already
No.
Hong Kong has better chance
The thumbnail is the weirdest way to do it
Frankfurt is best
Yet americans still don't have simple peer to peer bank transfer LOL
We do you clown
Uhm, yes we do? It’s called Zelle and is built into banking apps. There’s also Venmo if you want to have a 3rd party app. Venmo is instant send and 1 day clearing to your bank account or instant withdraw for 25 cents. Zelle is free and instant. It’s a consortium between all of the banks. I use it all the time.
Yes we do, it’s called Zelle.
@@Kevbot6000 Zelle is an online third party payment processor. Just accept America doesn't have bank transfer and move on.
@@lancervp Zelle was built by a consortium of major US banks and is literally built into your banking app
I thought Antwerp had the oldest stock exchange.
London should separate from UK for it's better future.
BS. Mind your business weirdo
It's because of conservatives in UK.
I am sorry but the world moves towards SK and HK, they are the new economic tigers
South korea
What do you mean by world financial capital? I think that'll be Dubai or Singapore right now. London is more diverse than New York. USA is wealthier but it's largely domestic.
Dubai?
@@fastcourse01 are you smoking crack dude?
erm what the sigma
Britain without colonies is nothing , while is USA is one of the most resource rich nations in the world. USA since the founding was a rich nation , never been poor.
If Britain without colonies is nothing, how were they ever in a position to colonise so successfully in the first place lmao. You don’t get the largest empire in history with nothing 😂
Britain has long had advanced political, economic, legal and educational institutions that allowed it to punch well above its weight all throughout its long history
War of 1812
Britain invented modern economy. They weren't the first to have colonies : the Spanish, the Portugese, the Dutch had empires as well, and earlier than Britain. But it was in Britain that the industrial revolution started off, and at the begining, imperial goods mattered little in it. Britain changed forever the way we produce, we work, we sell and we consume things.
The truth is, Britain was the first country in human history that one could genuinly call "rich".
I'm not Brit, by the way. Just stating facts.
But London is the fastest growing finance city in the world
It was the place for Russian oligarchs to was their money.
I like the way China handles it - Shanghai, Hong Kong and Beijing.
All of them have been pathetic and anemic in the last few years
Factually incorrect video and anti uk propaganda
simple uk lost its colonies . without colonies to loot uk is nothing . usa has vast land and other resources it captured from natives .
This is the real answer. London used to be the world financial capital because it was the capital of the most powerful country on earth. NYC simply inherited that roll from London just as the US inherited the roll of global superpower from the UK.
Desi bhasha mein Britain berozgar ho gya hai🤣
Not natives land, they hardly inhabited let allowed country the whole land mass that is the usa. Places like california, were almost completely uninhabited by any tribe. In what world are 2 million people in one of the biggest continents ever "natives".
@@jimbo1637 same as Mongolia use to be richest place on planet when genghis khan was ruling
@@Ne0dymm term almost 😅
the stock video in 10:54 is from istanbul (near karaköy from haliç river). and also the one in 10:45 looks really like ai made, the letters don’t make any sense. there may be more btw i just noticed. interesting easter eggs maybe for an interesting video 🧐good job!
London>NYC
hell no