Jim O’Neill, chairman of Goldman Sachs Asset Management, argues that London is one of the biggest beneficiaries of growth in the BRICs (Brazil, Russia, India, and China).From O’Neill’s latest note:
I shall touch more on the forthcoming Olympics below, but just before I went away, a couple of London-based Chinese civil servants told me some remarkable statistics about their population’s habits and London. After informing me that on Boxing Day, December 26th 2011, Chinese tourists spent £100 million in London shops, one of them went on to say that they were expecting around 250,000 visitors from mainland China and Hong Kong between the start of the Olympics and the autumn. As I have occasionally said, and will be mentioning at a couple of events in upcoming weeks, London is the BRIC capital of the world, and this anecdote serves to demonstrate why. Many of us that live here might think that we are not able to get around the city and it is always raining but, of course, that isn’t always true. Indeed the clouds are about the lift according to the weather experts.