63. New York - The Financial Capital of World

Updated: Jun 6, 2020

Why New York is Financial Capital of the World ?


New York City (NYC), often called The City or simply New York (NY), is the most populous city in the United States. With an estimated 2018 population of 8,398,748 distributed over about 302.6 square miles (784 km2), New York is also the most densely populated major city in the United States. Located at the southern tip of the U.S. state of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban landmass. With almost 20 million people in its metropolitan statistical area and approximately 23 million in its combined statistical area, it is one of the world's most populous megacities.


New York City has been described as the cultural, financial, and media capital of the world, significantly influencing commerce, entertainment, research, technology, education, politics, tourism, art, fashion, and sports. Home to the headquarters of the United Nations, New York is an important center for international diplomacy.


Pic : New York City


Situated on one of the world's largest natural harbors, New York City is composed of five boroughs, each of which is a county of the State of New York. The five boroughs—Brooklyn, Queens, Manhattan, the Bronx, and Staten Islandwere consolidated into a single city in 1898. The city and its metropolitan area constitute the premier gateway for legal immigration to the United States. As many as 800 languages are spoken in New York,[18] making it the most linguistically diverse city in the world. New York is home to more than 3.2 million residents born outside the United States, the largest foreign-born population of any city in the world as of 2016.


As of 2019, the New York metropolitan area is estimated to produce a gross metropolitan product (GMP) of $2.0 trillion. If the New York metropolitan area were a sovereign state, it would have the 8th largest economy in the world. New York is home to the highest number of billionaires of any city in the world. New York City traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan; the post was named New Amsterdam in 1626.


The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York.


1911 - A Trip Through New York City (speed corrected and added sound)


Please watch below video


https://www.youtube.com/watch?v=aohXOpKtns0


New York was the capital of the United States from 1785 until 1790,and has been the largest U.S. city since 1790. The Statue of Liberty greeted millions of immigrants as they came to the U.S. by ship in the late 19th and early 20th centuries and is a symbol of the U.S. and its ideals of liberty and peace. In the 21st century, New York has emerged as a global node of creativity and entrepreneurship and environmental sustainability, and as a symbol of freedom and cultural diversity. In 2019, New York was voted the greatest city in the world per a survey of over 30,000 people from 48 cities worldwide, citing its cultural diversity.


Many districts and landmarks in New York City are well known, including three of the world's ten most visited tourist attractions in 2013. A record 62.8 million tourists visited New York City in 2017. Times Square is the brightly illuminated hub of the Broadway Theater District, one of the world's busiest pedestrian intersections, and a major center of the world's entertainment industry.

Pic : Wall Street - New York Stock Exchange


Many of the city's landmarks, skyscrapers, and parks are known around the world. Manhattan's real estate market is among the most expensive in the world. New York is home to the largest ethnic Chinese population outside of Asia, with multiple distinct Chinatowns across the city. Providing continuous 24/7 service and contributing to the nickname The City that Never Sleeps, the New York City Subway is the largest single-operator rapid transit system worldwide, with 472 rail stations.


The city has over 120 colleges and universities, including Columbia University, New York University, Rockefeller University, and the City University of New York system, which is the largest urban public university system in the United States.Manhattan is home to the world's two largest stock exchanges by total market capitalization, namely the New York Stock Exchange, located on Wall Street in the Financial District of Lower Manhattan, and NASDAQ, headquartered in Midtown Manhattan.


Pic : Inside New York Stock Exchange - Trading in Progress


I. Etymology


In 1664, the city was named in honor of the Duke of York, who would become King James II of England. James's older brother, King Charles II, had appointed the Duke proprietor of the former territory of New Netherland, including the city of New Amsterdam, which England had recently seized from the Dutch.


II. Early history


In the precolonial era, the area of present-day New York City was inhabited by Algonquian Native Americans, including the Lenape. Their homeland, known as Lenapehoking, included Staten Island, Manhattan, the Bronx, the western portion of Long Island (including the areas that would later become the boroughs of Brooklyn and Queens), and the Lower Hudson Valley.



Pic : Goldman Sachs Head Quarters, New York


The first documented visit into New York Harbor by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown. He claimed the area for France and named it Nouvelle Angoulême (New Angoulême). A Spanish expedition, led by the Portuguese captain Estêvão Gomes sailing for Emperor Charles V, arrived in New York Harbor in January 1525 and charted the mouth of the Hudson River, which he named Río de San Antonio (Saint Anthony's River). The Padrón Real of 1527, the first scientific map to show the East Coast of North America continuously, was informed by Gomes' expedition and labeled the northeastern United States as Tierra de Esteban Gómez in his honor.


In 1609, the English explorer Henry Hudson rediscovered New York Harbor while searching for the Northwest Passage to the Orient for the Dutch East India Company. He proceeded to sail up what the Dutch would name the North River (now the Hudson River), named first by Hudson as the Mauritius after Maurice, Prince of Orange. Hudson's first mate described the harbor as "a very good Harbour for all windes" and the river as "a mile broad" and "full of fish". Hudson sailed roughly 150 miles (240 km) north, past the site of the present-day New York State capital city of Albany, in the belief that it might be an oceanic tributary before the river became too shallow to continue.


He made a ten-day exploration of the area and claimed the region for the Dutch East India Company. In 1614, the area between Cape Cod and Delaware Bay was claimed by the Netherlands and called Nieuw-Nederland (New Netherland).


Pic : On the Banks of Hudson River, New Jersey ( New York City on Other side )

The first non-Native American inhabitant of what would eventually become New York City was Juan Rodriguez (transliterated to Dutch as Jan Rodrigues), a merchant from Santo Domingo. Born in Santo Domingo of Portuguese and African descent, he arrived in Manhattan during the winter of 1613–14, trapping for pelts and trading with the local population as a representative of the Dutch. Broadway, from 159th Street to 218th Street in Upper Manhattan, is named Juan Rodriguez Way in his honor.


III. What Makes a City a Global Financial Hub ?


A financial center, or a financial hub, refers to a city with a strategic location, leading financial institutions, reputed stock exchanges, a dense concentration of public and private banks and trading and insurance companies.


In addition, these hubs are equipped with first-class infrastructure, communications

, and commercial systems, and there is a transparent and sound legal and regulatory regime backed by a stable political system. Such cities are favorable destinations for professionals because of the high living standards they offer along with immense growth opportunities.