Word: riches
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...Britain's wealth has moved the government to change the rules. In October, Chancellor of the Exchequer Alistair Darling announced a proposal to charge foreign residents an annual $60,000 fee beginning in the eighth year of their stay in Britain. The question is, if London's foreign rich follow the money right out of town as a result, can London afford to lose them? Scorpio Partnership's Dovey fears the worst. "They don't have any deep ingrained ties to Britain," he says. "If the economic climate changes, they'll go somewhere else. I say let them do what...
...Class Divisions While upscale businesses have unquestionably benefited from the influx of rich foreigners, it's less clear that their money trickles into the larger economy, helping lift living standards for less-wealthy Londoners. Paul Knox, head of U.K. wealth advisory services at JP Morgan, says rich expats "have tremendous spending power. Interior designers, domestic staff, schooling for their children, bars, restaurants, taxis, and more." On the other hand, "If a rich person brings $1 million into the economy, not all of that $1 million is going to filter into the wider economy," says Jonathan Said, senior economist...
...with the world's rich come their kids, future soft diplomats who either grow up to study, live and work in London or go back home with lifelong links to the city. "You go to Hong Kong now, and half the top businessmen you talk to were educated in Britain," says Barnaby Lenon, headmaster of Harrow, a top boarding school for boys where 10% of the students are foreigners. "Even if our students don't stay in London, if they're involved in the world of finance, it's going to be indirectly a great help to British business...
...enormous amount of money, but the numbers who put anything back into this country are trivial," says economist Will Hutton, CEO of consultancy the Work Foundation. There are a handful of foreigners at the top of the Sunday Times Giving List, a record of charitable donations by the rich and powerful, but Hutton wants to see more. "I would like to see people endowing universities, backing social entrepreneurs, helping to restore our galleries and our museums. To the question 'What is a life well-lived?' I don't think 'To be as greedy as possible' is the right answer...
...same time made the familiar strange, and turned the known world upside down. As they see London property prices bid to the skies by an influx of foreigners, native Cockneys may one day wonder what the new world has to offer them. Hong Kong, for its part, has gotten rich on the back of China. But it is a city of just 6.9 million people. China's largest metropolis, Shanghai, holds 18 million, and the mainland has scores of other rising cities, all ambitious for their moment on the world stage. Hong Kong must continually raise its game to maintain...