For years, New York City has topped many ‘great cities in the world’ lists, as it was once the international hub of wealth, power, education, and culture. But, however slowly, London has now taken that banner — and the effects ripple through the education world starting at the earliest ages.
“The city has replaced New York as world number one in the eighth annual Wealth Report published by global property consultants Knight Frank. ‘London is a much more international city than New York,’ Liam Bailey, the consultancy’s head of research, told The Daily Beast. ‘It is the capital city of Europe when it comes to finance, politics, advertising and media whereas New York shares some of those functions with other cities in America. Its dominance isn’t as clear cut.’”
Millionaires and billionaires from the Middle East, Russia, China, and other international states have started pouring their money into London and its real estate, suggests Nico Hines of The Daily Beast. Arab investors have added billions of dollars into central London districts like Mayfair and Russians are grouped in West London along the shores of the Thames. Asian property developers, like the Malaysian SP Setia group, have poured billions into grand new project developments all over London. One of these is the reconstruction of the Battersea power station which was turned into luxury condos and sold to customers back in their home country.
The sales of luxury real estate, defined as worth more than three million, grew thirty four percent in London last year. For one million, you can purchase two hundred and seventy square feet of premium London real estate. Monaco and Hong Kong are more pricey, but New York falls into the sixth place slot.
Because of its high class millionaires and billionaires investing in and moving to London, private, top rate education is getting harder and harder to come by. Even nursery schools are becoming ultra-competitive. Some parents apply for a nursery school place for their child as young as two, while some even apply when the child is born to help ensure that their child gets into a top rate nursery school as soon as they are old enough.
In other big cities around the world, parents are facing the same problem. In New York City, which has a very high density of private schools, parents are having a hard time getting their child into prestigious private nursery schools that can carry a staggering $26,000 dollar a year tuition fee.
In Tokyo, the focus is predominately on the student, write Tomasz Augustyniak & Alisa Schubert Yuasa of The Times of India. Nursery school is not necessary and is not as hard to get in to London’s and New York’s nurseries. However, once a student is placed into elementary school the educational rigors put upon on them rivals any in the world.