Destination: London
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Until the recent credit crisis, London was nudging past New York as the world’s financial capital, and the ripple effects were being felt all over town. Last year investment bankers in the City received record bonuses of nearly $18 billion, with one banker getting $98 million. From Russian patriarchs to hedge fund managers, London’s new elite spent unprecedented earnings and pushed up the prices of luxury goods, from fancy flats to contemporary art to expensive wines and fast cars (the $1.5 million Bugatti Veyron is the current favorite). Housing prices were doubling and tripling in a few months’ time. An apartment in the Belgravia neighborhood sold for $5,900 a square foot, making it the most expensive apartment in the city, until four enormous penthouses at a new development, One Hyde Park, went for $8,200 a square foot soon after—and they weren’t even built yet. The nightclub set thought nothing of spending $1,000 on a group cocktail. Sotheby’s saw record-breaking sales in modern and Impressionist art. In short, London has been sizzling hot. Undoubtedly, the market turmoil will bring things down to earth a bit. However, now that London will be host to the next Olympics in 2012, the city has plenty of reason to continue to add shine to its offerings and to take pride in its place on the world’s stage.
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