- published: 23 Aug 2010
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London is a major financial centre for international business and commerce and is one of three "command centres" for the global economy (along with New York City and Tokyo).
London has the sixth largest city economy in the world, after Tokyo, New York City, Los Angeles, Chicago and Paris with a GDP of $565 billion in 2008.
London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. London's success as a service industry and business centre can be attributed to a large array of factors:
Currently, over 85% (3.2 million) of the employed population of greater London works in the service industries. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.[citation needed]
London has five major business districts: the City, Westminster, Canary Wharf, Camden & Islington and Lambeth & Southwark. One way to get an idea of their relative importance is to look at relative amounts of office space: Greater London had 26,721,000 m2 of office space in 2001.
London i/ˈlʌndən/ is the capital city of England and the United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its founding by the Romans, who named it Londinium. London's ancient core, the City of London, largely retains its square-mile mediaeval boundaries. Since at least the 19th century, the name London has also referred to the metropolis developed around this core. The bulk of this conurbation forms the London region and the Greater London administrative area, governed by the elected Mayor of London and the London Assembly.
London is a leading global city, with strengths in the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism and transport all contributing to its prominence. It is the world's leading financial centre alongside New York City and has the fifth-largest city GDP in the world (and the largest in Europe). London has been described as a world cultural capital. It was the world's most visited city during 2011 and London Heathrow is the world's busiest airport by number of international passengers. London's 43 universities form the largest concentration of higher education in Europe. In 2012 London will become the first city to host the modern Summer Olympic Games three times.