Crazy Rich Londoners

Leaders with Francine Lacqua

Bloomberg

Management, Business, Careers, Entrepreneurship

4.6 • 64 Ratings

🗓️ 30 June 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Easy access to financial markets has made London a prime spot to wash dirty money, with Britain’s National Crime Agency estimating annual figures run into the hundreds of billions. But the war in Ukraine is forcing the government to rethink its accommodation of the world's richest. However, even with additional powers imposed by the Economic Crime Act, loopholes mean some can circumvent sanctions. Calling into question: is dirty money too ingrained into the City to clean out?

David Merritt speaks to Stephanie Baker, senior writer at Bloomberg, and Caroline Knowles, professor of sociology at Goldsmiths, University of London, and author of Serious Money: Walking Plutocratic London about the City's super rich and how they're shaping London in their own image.

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Transcript

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0:54.9	now on Apple, Spotify, or anywhere you listen. It's Catalina. I'm a cleaner. Well, this area
1:02.7	is really nice. I know the ridge because you get their houses. You can see the differences,
1:06.7	you know. But to live in the Halegate area, it's a ridge. It's a push area, actually. Do you know how much live in not in Hillgate area it's a ridge it's a push area actually
1:13.6	do you know how much houses are right there could be a lot but it's a lovely place
1:19.9	lovely place expensive but lovely yeah yeah Yeah. I'm David Merritt here in the London studio.
1:37.9	This is in the city, Bloomberg's podcast connecting you to the stories at the heart of
1:42.4	the city of London.
1:44.3	With surging inflation and bad economic news dominating the news agenda, this week we decided
1:49.5	to take a look at the extreme wealth that lives in London.
1:53.8	There are more billionaires here than New York, Moscow or even Hong Kong.
	...

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