98-522: Burgwallen Oude Zijde is a neighborhood of Amsterdam , Netherlands . 52°22′28″N 4°53′53″E / 52.37444°N 4.89806°E / 52.37444; 4.89806 This North Holland location article is a stub . You can help Misplaced Pages by expanding it . Amsterdam Amsterdam ( / ˈ æ m s t ər d æ m / AM -stər-dam , UK also / ˌ æ m s t ər ˈ d æ m / AM -stər- DAM , Dutch: [ˌɑmstərˈdɑm] ; lit. ' Dam in
196-469: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen
294-479: A city thought to be overwhelmed by the tourist influx. Construction of a new metro line connecting the part of the city north of the IJ to its southern part was started in 2003. The project was controversial because its cost had exceeded its budget by a factor of three by 2008, because of fears of damage to buildings in the centre, and because construction had to be halted and restarted multiple times. The new metro line
392-726: A defense of Catholicism during the Protestant Reformation. The main reasons for the uprising were the imposition of new taxes, the tenth penny, and the religious persecution of Protestants by the newly introduced Inquisition . The revolt escalated into the Eighty Years' War , which ultimately led to Dutch independence. Strongly pushed by Dutch Revolt leader William the Silent , the Dutch Republic became known for its relative religious tolerance. Jews from
490-538: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,
588-609: A flood in 1916, the depleted municipalities of Durgerdam, Holysloot, Zunderdorp and Schellingwoude , all lying north of Amsterdam, were, at their own request, annexed to the city. Between the wars, the city continued to expand, most notably to the west of the Jordaan district in the Frederik Hendrikbuurt and surrounding neighbourhoods. Nazi Germany invaded the Netherlands on 10 May 1940 and took control of
686-602: A full-service bank for Dutch merchant bankers and as a reserve bank. From the 17th century onwards, Amsterdam also became involved in the Atlantic slave trade . The city was a major destination port for Dutch slave ships participating in the triangular trade , which lasted until the United Netherlands abolished the Netherlands' involvement in the trade in 1814 at the request of the British government . Amsterdam
784-466: A junction of international waterways. A settlement was built here immediately after the landscape change of 1170. Right from the start of its foundation it focused on traffic, production and trade; not on farming, as opposed to how communities had lived further upstream for the past 200 years and northward for thousands of years. The construction of a dam at the mouth of the Amstel, eponymously named Dam ,
882-553: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During
980-538: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become
1078-488: A modest semi-permanent or seasonal settlement. Until water issues were controlled, a permanent settlement would not have been possible, since the river mouth and the banks of the Amstel in this period in time were too wet for permanent habitation. The origins of Amsterdam are linked to the development of a dam on the Amstel River called Amestelle , meaning 'watery area', from Aa(m) 'river' + stelle 'site at
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#17327880889011176-605: A number of hot and humid days with occasional rain every month. The average daily high in August is 22.1 °C (72 °F), and 30 °C (86 °F) or higher is only measured on average on 2.5 days, placing Amsterdam in AHS Heat Zone 2. The record extremes range from −19.7 °C (−3.5 °F) to 36.3 °C (97.3 °F). Days with more than 1 mm (0.04 in) of precipitation are common, on average 133 days per year. Amsterdam's average annual precipitation
1274-518: A shoreline', 'river bank'. In this area, land reclamation started as early as the late 10th century. Amestelle was located along a side arm of the IJ. This side arm took the name from the eponymous land: Amstel. Amestelle was inhabited by farmers, who lived more inland and more upstream, where the land was not as wet as at the banks of the downstream river mouth. These farmers were starting the reclamation around upstream Ouderkerk aan de Amstel , and later at
1372-667: A significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer
1470-556: A strong influence on the 'Amsterdam dialect' adding a large Yiddish local vocabulary. Despite an absence of an official Jewish ghetto , most Jews preferred to live in the eastern part, which used to be the centre of medieval Amsterdam. The main street of this Jewish neighbourhood was Jodenbreestraat. The neighbourhood comprised the Waterlooplein and the Nieuwmarkt . Buildings in this neighbourhood fell into disrepair after
1568-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of
1666-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what
1764-516: Is 838 mm (33 in). A large part of this precipitation falls as light rain or brief showers. Cloudy and damp days are common during the cooler months of October through March. In 1300, Amsterdam's population was around 1,000 people. While many towns in Holland experienced population decline during the 15th and 16th centuries, Amsterdam's population grew, mainly due to the rise of the profitable Baltic maritime trade especially in grain after
1862-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in
1960-649: Is considered its Golden Age , during which it became the wealthiest city in the Western world. Ships sailed from Amsterdam to the Baltic Sea , the Caribbean, North America, and Africa, as well as present-day Indonesia , India, Sri Lanka , and Brazil , forming the basis of a worldwide trading network. Amsterdam's merchants had the largest share in both the Dutch East India Company (VOC) and
2058-483: Is historically estimated to have occurred between 1264 and 1275. The settlement first appeared in a document from 1275, concerning a road toll granted by the count of Holland Floris V to the residents apud Amestelledamme 'at the dam in the Amstel' or 'at the dam of Amstelland'. This allowed the inhabitants of the village to travel freely through the County of Holland , paying no tolls at bridges, locks and dams. This
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#17327880889012156-642: Is in the southwest. Amsterdam is connected to the North Sea through the long North Sea Canal . Amsterdam is intensely urbanised, as is the Amsterdam metropolitan area surrounding the city. Comprising 219.4 km (84.7 sq mi) of land, the city proper has 4,457 inhabitants per km and 2,275 houses per km . Parks and nature reserves make up 12% of Amsterdam's land area. Amsterdam has more than 100 km (60 mi) of canals , most of which are navigable by boat. The city's three main canals are
2254-511: Is located in the Western Netherlands, in the province of North Holland , the capital of which is not Amsterdam, but rather Haarlem . The river Amstel ends in the city centre and connects to a large number of canals that eventually terminate in the IJ . Amsterdam's elevation is about −2 m (−6.6 ft) below sea level . The surrounding land is flat as it is formed of large polders . An artificial forest, Amsterdamse Bos ,
2352-688: The Concertgebouw were built; At the same time, the Industrial Revolution reached the city. The Amsterdam–Rhine Canal was dug to give Amsterdam a direct connection to the Rhine , and the North Sea Canal was dug to give the port a shorter connection to the North Sea . Both projects dramatically improved commerce with the rest of Europe and the world. In 1906, Joseph Conrad gave a brief description of Amsterdam as seen from
2450-633: The Amstel ' ) is the capital and most populated city of the Netherlands . It has a population of 921,402 within the city proper, 1,457,018 in the urban area and 2,480,394 in the metropolitan area . Located in the Dutch province of North Holland , Amsterdam is colloquially referred to as the " Venice of the North ", for its large number of canals , now a UNESCO World Heritage Site . Amsterdam
2548-829: The Dam Square , where the Royal Palace of Amsterdam and former city hall are located; the Amsterdam Museum ; Stedelijk Museum , with modern art; the Concertgebouw concert hall; the Anne Frank House ; the Scheepvaartmuseum , the Natura Artis Magistra ; Hortus Botanicus , NEMO , the red-light district and cannabis coffee shops . The city is known for its nightlife and festival activity, with several nightclubs among
2646-634: The Dutch East Indies in the 1940s and 1950s. In the 1960s guest workers from Turkey, Morocco, Italy, and Spain immigrated to Amsterdam. After the independence of Suriname in 1975, a large wave of Surinamese settled in Amsterdam, mostly in the Bijlmer area. Other immigrants, including refugees asylum seekers and undocumented immigrants , came from Europe, the Americas, Asia and Africa. In
2744-474: The Dutch Republic , which itself was a much smaller state than Great Britain, France or the Ottoman Empire . In contrast to those other metropolises, Amsterdam was also surrounded by large towns such as Leiden (about 67,000), Rotterdam (45,000), Haarlem (38,000) and Utrecht (30,000). The city's population declined in the early 19th century, dipping under 200,000 in 1820. By the second half of
2842-593: The Dutch West India Company . These companies acquired overseas possessions that later became Dutch colonies . Amsterdam was Europe's most important hub for the shipment of goods and was the leading financial centre of the Western world. In 1602, the Amsterdam office of the Dutch East India Company became the world's first stock exchange by trading in its own shares. The Bank of Amsterdam started operations in 1609, acting as
2940-688: The Edict of Fontainebleau in 1685, while the Flemish Protestants came during the Eighty Years' War against Catholic Spain. The Westphalians came to Amsterdam mostly for economic reasons; their influx continued through the 18th and 19th centuries. Before the Second World War, 10% of the city population was Jewish . Just twenty percent of them survived the Holocaust . Amsterdam experienced an influx of religions and cultures after
3038-890: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there
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3136-664: The Iberian Peninsula , Protestant Huguenots from France, prosperous merchants and printers from Flanders , and economic and religious refugees from the Spanish-controlled parts of the Low Countries found safety in Amsterdam. The influx of Flemish printers and the city's intellectual tolerance made Amsterdam a centre for the European free press . During the 17th century, Amsterdam experienced what
3234-584: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to
3332-402: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of
3430-766: The North Sea to the west, with prevailing westerly winds. Amsterdam, as well as most of the North Holland province, lies in USDA Hardiness zone 8b. Frosts mainly occur during spells of easterly or northeasterly winds from the inner European continent. Even then, because Amsterdam is surrounded on three sides by large bodies of water, as well as having a significant heat-island effect , nights rarely fall below −5 °C (23 °F), while it could easily be −12 °C (10 °F) in Hilversum , 25 km (16 mi) southeast. Summers are moderately warm with
3528-792: The Prinsengracht , the Herengracht and the Keizersgracht . In the Middle Ages , Amsterdam was surrounded by a moat, called the Singel , which now forms the innermost ring in the city, and gives the city centre a horseshoe shape. The city is also served by a seaport . It has been compared with Venice , due to its division into about 90 islands, which are linked by more than 1,200 bridges. Amsterdam has an oceanic climate ( Köppen : Cfb ) strongly influenced by its proximity to
3626-497: The UNESCO World Heritage List . In the 21st century, the Amsterdam city centre has attracted large numbers of tourists: between 2012 and 2015, the annual number of visitors rose from 10 to 17 million. Real estate prices have surged, and local shops are making way for tourist-oriented ones, making the centre unaffordable for the city's inhabitants. These developments have evoked comparisons with Venice ,
3724-562: The social housing projects in Amsterdam-West and the Bijlmer. Today, people of non-Western origin make up approximately one-fifth of the population of Amsterdam, and more than 30% of the city's children. A slight majority of the residents of Amsterdam have at least one parent who was born outside the country. However, a much larger majority has at least one parent who was born inside the country (intercultural marriages are common in
3822-606: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by
3920-527: The 1970s and 1980s, many 'old' Amsterdammers moved to 'new' cities like Almere and Purmerend , prompted by the third Land-use planning bill of the Dutch Government. This bill promoted suburbanization and arranged for new developments in so-called "groeikernen", literally cores of growth . Young professionals and artists moved into neighborhoods De Pijp and the Jordaan abandoned by these Amsterdammers. The non-Western immigrants settled mostly in
4018-422: The 19th century, industrialization spurred renewed growth. Amsterdam's population hit an all-time high of 872,000 in 1959, before declining in the following decades due to government-sponsored suburbanisation to so-called groeikernen (growth centres) such as Purmerend and Almere . Between 1970 and 1980, Amsterdam experienced a sharp population decline, peaking at a net loss of 25,000 people in 1973. By 1985
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4116-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been
4214-604: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published
4312-483: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around
4410-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as
4508-549: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in
4606-931: The Burgundian victory in the Dutch–Hanseatic War in 1441. The population of Amsterdam was only modest compared to the towns and cities of Flanders and Brabant , which comprised the most urbanized area of the Low Countries. This changed when, during the Dutch Revolt , many people from the Southern Netherlands fled to the North, especially after Antwerp fell to Spanish forces in 1585. Jews from Spain, Portugal and Eastern Europe similarly settled in Amsterdam, as did Germans and Scandinavians. In thirty years, Amsterdam's population more than doubled between 1585 and 1610. By 1600, its population
4704-474: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are
4802-500: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with
4900-563: The Netherlands. This led to the establishment of many non-Dutch-speaking churches. In 1603, the Jewish received permission to practice their religion in the city. In 1639, the first synagogue was consecrated. The Jews came to call the town " Jerusalem of the West ". As they became established in the city, other Christian denominations used converted Catholic chapels to conduct their own services. The oldest English-language church congregation in
4998-407: The Second World War a large section of the neighbourhood was demolished during the construction of the metro system. This led to riots, and as a result the original plans for large-scale reconstruction were abandoned by the government. The neighbourhood was rebuilt with smaller-scale residence buildings on the basis of its original layout. Catholic churches in Amsterdam have been constructed since
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#17327880889015096-409: The Second World War. With 180 different nationalities, Amsterdam is home to one of the widest varieties of nationalities of any city in the world. The proportion of the population of immigrant origin in the city proper is about 50% and 88% of the population are Dutch citizens. The first mass immigration in the 20th century was by people from Indonesia, who came to Amsterdam after the independence of
5194-404: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in
5292-405: The city expanded and new neighborhoods and suburbs were built. The city has a long tradition of openness, liberalism, and tolerance. Cycling is key to the city's modern character, and there are numerous biking paths and lanes spread throughout. Amsterdam's main attractions include its historic canals ; the Rijksmuseum , the state museum with Dutch Golden Age art; the Van Gogh Museum ;
5390-425: The city had only 675,570 residents. This was soon followed by reurbanization and gentrification , leading to renewed population growth in the 2010s. Also in the 2010s, much of Amsterdam's population growth was due to immigration to the city. In the 16th and 17th century, non-Dutch immigrants to Amsterdam were mostly Protestant Huguenots and Flemings , Sephardic Jews , and Westphalians . Huguenots came after
5488-431: The city's Zuidoost (southeast) exclave and the centre of Amsterdam. Further plans were to build a new highway above the metro to connect Amsterdam Centraal and the city centre with other parts of the city. The required large-scale demolitions began in Amsterdam's former Jewish neighborhood. Smaller streets, such as the Jodenbreestraat and Weesperstraat, were widened and almost all houses and buildings were demolished. At
5586-499: The city). Only a third of inhabitants under 15 are autochthons ( person with two parents of Dutch origin). In 2023, autochthons were a minority in 40% of Amsterdam's neighborhoods. Segregation along ethnic lines is clearly visible, with people of non-Western origin, considered a separate group by Statistics Netherlands , concentrating in specific neighborhoods especially in Nieuw-West , Zeeburg , Bijlmer and in certain areas of Amsterdam-Noord . In 2000, Christians formed
5684-406: The city. During the French Revolutionary Wars and the Napoleonic Wars , Amsterdam's significance reached its lowest point, with Holland being absorbed into the French Empire . However, the later establishment of the United Kingdom of the Netherlands in 1815 marked a turning point. The end of the 19th century is sometimes called Amsterdam's second Golden Age. New museums, a railway station, and
5782-399: The country. Some Amsterdam citizens sheltered Jews, thereby exposing themselves and their families to a high risk of being imprisoned or sent to concentration camps. More than 100,000 Dutch Jews were deported to Nazi concentration camps , of whom some 60,000 lived in Amsterdam. In response, the Dutch Communist Party organized the February strike attended by 300,000 people to protest against
5880-407: The entire city centre. Although the success of this struggle is visible today, efforts for further restoration are still ongoing. The entire city centre has reattained its former splendour and, as a whole, is now a protected area . Many of its buildings have become monuments, and in July 2010 the Grachtengordel (the three concentric canals: Herengracht, Keizersgracht, and Prinsengracht) was added to
5978-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains
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#17327880889016076-451: The founding of Amsterdam is later than other urban centres in the Low Countries . However, around the area of what later became Amsterdam, farmers settled as early as three millennia ago. They lived along the prehistoric IJ river and upstream of its tributary Amstel. The prehistoric IJ was a shallow and quiet stream in peatland behind beach ridges . This secluded area was able to grow into an important local settlement centre, especially in
6174-438: The heyday of the Stille Omgang , which became the expression of the pilgrimage after the Protestant Reformation , up to 90,000 pilgrims came to Amsterdam. From the 14th century on, Amsterdam flourished, largely from trade with the Hanseatic League . From the 15th century on the city established an independent trade route with the Baltic Sea in grain and timber, cutting out the Hanseatic League as middlemen. The city became
6272-401: The industry. The herring industry relied on international trade cooperation and large initial investments in ships. This required many highly skilled and unskilled workers cooperating, as well as the import of the necessary raw materials to turn an unfinished product into a marketable one. This required merchants to then sell it throughout the continent and book-keepers and accountants to divide
6370-415: The largely Catholic city of Amsterdam joined the revolt against Spanish rule, late in comparison to other major northern Dutch cities. Catholic priests were driven out of the city. Following the Dutch takeover, all churches were converted to Protestant worship. Calvinism was declared the main religion. It was forbidden to openly profess Roman Catholicism and the Catholic hierarchy was prohibited until
6468-549: The largest religious group in the city (28% of the population). The next largest religion was Islam (8%), most of whose followers were Sunni . In 2015, Christians formed the largest religious group in the city (28% of the population). The next largest religion was Islam (7.1%), most of whose followers were Sunni . Amsterdam has been one of the municipalities in the Netherlands which provided immigrants with extensive and free Dutch-language courses, which have benefited many immigrants. Religion in Amsterdam (2015) In 1578,
6566-536: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,
6664-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.
6762-417: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as
6860-404: The late Bronze Age , the Iron Age and the Roman Age . Neolithic and Roman artefacts have also been found in the prehistoric Amstel bedding under Amsterdam's Damrak and Rokin , such as shards of Bell Beaker culture pottery (2200–2000 BC) and a granite grinding stone (2700–2750 BC), but the location of these artefacts around the river banks of the Amstel probably point to a presence of
6958-443: The mid-19th century . This led to the establishment of clandestine churches , covert religious buildings hidden in pre-existing buildings. Catholics, some Jews and dissenting Protestants worshipped in such buildings. A large influx of foreigners of many religions came to 17th-century Amsterdam, in particular Sefardic Jews from Spain and Portugal, Huguenots from France, Lutherans , Mennonites , as well as Protestants from across
7056-479: The other side of the river at Amstelveen . The Van Amstel family , known in documents by this name since 1019, held the stewardship in this northwestern nook of the ecclesiastical district of the bishop of Utrecht . The family later served also under the count of Holland . A major turning point in the development of the Amstel river mouth was the All Saint's Flood of 1170 . In an extremely short period of time,
7154-592: The peak of the demolition, the Nieuwmarktrellen ( Nieuwmarkt riots ) broke out; the rioters expressed their fury about the demolition caused by the restructuring of the city. As a result, the demolition was stopped and the highway into the city's centre was never fully built; only the metro was completed. Only a few streets remained widened. The new city hall was built on the almost completely demolished Waterlooplein. Meanwhile, large private organizations, such as Stadsherstel Amsterdam , were founded to restore
7252-611: The profit. In short, the herring industry was setting up the foundations for what would later become the transcontinental trade system and the Dutch Golden Age , with Amsterdam at its centre, hence the saying "Amsterdam is built on Herring bones". The Low Countries were part of the Hapsburg inheritance and came under the Spanish monarchy in the early sixteenth century. The Dutch rebelled against Philip II of Spain , who led
7350-470: The public streets, however, were still forbidden under law at the time. Only in the 20th century was Amsterdam's relation to Catholicism normalised, but despite its far larger population size, the episcopal see of the city was placed in the provincial town of Haarlem . Financial centre A financial centre ( financial center in American English ) or financial hub is a location with
7448-532: The raids. The most famous deportee was the young Jewish girl Anne Frank , who died in the Bergen-Belsen concentration camp . At the end of the Second World War, communication with the rest of the country broke down, and food and fuel became scarce. Many citizens traveled to the countryside to forage. Dogs, cats, raw sugar beets , and tulip bulbs—cooked to a pulp—were consumed to stay alive. Many trees in Amsterdam were cut down for fuel, and wood
7546-719: The restoration of the episcopal hierarchy in 1853. One of the principal architects behind the city's Catholic churches, Cuypers , was also responsible for the Amsterdam Centraal station and the Rijksmuseum . In 1924, the Catholic Church hosted the International Eucharistic Congress in Amsterdam; numerous Catholic prelates visited the city, where festivities were held in churches and stadiums. Catholic processions on
7644-551: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang
7742-738: The seaside, in The Mirror of the Sea . Shortly before the First World War , the city started to expand again, and new suburbs were built. Even though the Netherlands remained neutral in this war, Amsterdam suffered a food shortage, and heating fuel became scarce. The shortages sparked riots in which several people were killed. These riots are known as the Aardappeloproer (Potato rebellion). People started looting stores and warehouses to get supplies, mainly food. On 1 January 1921, after
7840-582: The second half of the 17th century, Amsterdam experienced an influx of Ashkenazim , Jews from Central and Eastern Europe . Jews often fled the pogroms in those areas. The first Ashkenazis who arrived in Amsterdam were refugees from the Khmelnytsky uprising occurring in Ukraine and the Thirty Years' War , which devastated much of Central Europe. They not only founded their own synagogues, but had
7938-829: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,
8036-679: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be
8134-472: The shallow river IJ turned into a wide estuary, which from then on offered the Amstel an open connection to the Zuiderzee , IJssel and waterways further afield. This made the water flow of the Amstel more active, so excess water could be drained better. With drier banks, the downstream Amstel mouth became attractive for permanent habitation. Moreover, the river had grown from an insignificant peat stream into
8232-410: The staple market of Europe for bulk cargo . This was made possible due to innovations in the herring fishery , from which Amsterdam reaped great wealth. Herring had demand in markets all around Europe. Inventions of on-board gibbing and the haringbuis in 1415, made longer voyages feasible, and hence enabled Dutch fishermen to follow the herring shoals far from the coasts, giving them a monopoly in
8330-402: The top financial centres in Europe, Amsterdam is considered an alpha world city . The city is the cultural capital of the Netherlands. Many large Dutch institutions have their headquarters in the city. Many of the world's largest companies are based here or have established their European headquarters in the city, such as technology companies Uber , Netflix , and Tesla . In 2022, Amsterdam
8428-420: The war and other events of the 20th century, almost the entire city centre had fallen into disrepair. As society was changing, politicians and other influential figures made plans to redesign large parts of it. There was an increasing demand for office buildings, and also for new roads, as the automobile became available to most people. A metro started operating in 1977 between the new suburb of Bijlmermeer in
8526-562: The world . The Dutch capital is one of the most multicultural cities in the world, with about 180 nationalities represented. Immigration and ethnic segregation in Amsterdam is a current issue. Amsterdam's notable residents throughout its history include painters Rembrandt and Vincent van Gogh , 17th-century philosophers Baruch Spinoza , John Locke , René Descartes , and the Holocaust victim and diarist Anne Frank . Due to its geographical location in what used to be wet peatland ,
8624-770: The world outside the United Kingdom is found at the Begijnhof . Regular services there are still offered in English under the auspices of the Church of Scotland . Being Calvinists, the Huguenots soon integrated into the Dutch Reformed Church , though often retaining their own congregations. Some, commonly referred to by the moniker 'Walloon', are recognizable today as they offer occasional services in French. In
8722-400: The world's most famous. Its artistic heritage, canals and narrow canal houses with gabled façades , well-preserved legacies of the city's 17th-century Golden Age, have attracted millions of visitors annually. The Amsterdam Stock Exchange , founded in 1602, is considered the oldest "modern" securities market stock exchange in the world. As the commercial capital of the Netherlands and one of
8820-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has
8918-420: Was a move in a years-long struggle for power in the area between the count of Holland and the Amstel family who governed the area on behalf of the bishop of Utrecht. By 1327, the name had developed into Aemsterdam . The bishop of Utrecht granted Amsterdam zone rights in either 1300 or 1306. The Mirakel van Amsterdam [ nl ] in 1345 rendered the city an important place of pilgrimage . During
9016-597: Was also a member of the Society of Suriname , an organisation founded to oversee the management of the Dutch colony of Surinam , which was economically dependent on slave plantations . On 1 July 2021, the mayor of Amsterdam , Femke Halsema , apologised for the city's involvement in the slave trade. Amsterdam's prosperity declined during the 18th and early 19th centuries. The wars of the Dutch Republic with England (latterly, Great Britain ) and France took their toll on
9114-488: Was around 50,000. During the 1660s, Amsterdam's population reached 200,000. The city's growth levelled off and the population stabilized around 240,000 for most of the 18th century. In 1750, Amsterdam was the fourth largest city in Western Europe , behind London (676,000), Paris (560,000) and Naples (324,000). This was all the more remarkable as Amsterdam was neither the capital city nor the seat of government of
9212-502: Was completed in 2018. Since 2014, renewed focus has been given to urban regeneration and renewal, especially in areas directly bordering the city centre, such as Frederik Hendrikbuurt . This urban renewal and expansion of the traditional centre of the city—with the construction on artificial islands of the new eastern IJburg neighbourhood—is part of the Structural Vision Amsterdam 2040 initiative. Amsterdam
9310-592: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to
9408-411: Was founded at the mouth of the Amstel River, which was dammed to control flooding. Originally a small fishing village in the 12th century, Amsterdam became a major world port during the Dutch Golden Age of the 17th century, when the Netherlands was an economic powerhouse. Amsterdam was the leading centre for finance and trade, as well as a hub of secular art production. In the 19th and 20th centuries,
9506-493: Was ranked the ninth-best city to live in by the Economist Intelligence Unit and 12th on quality of living for environment and infrastructure by Mercer. The city was ranked 4th place globally as a top tech hub in 2019. The Port of Amsterdam is the fifth largest in Europe. The KLM hub and Amsterdam's main airport, Schiphol , is the busiest airport in the Netherlands , third in Europe , and 11th in
9604-512: Was taken from the houses, apartments and other buildings of deported Jews. The city was finally liberated by Canadian forces on 5 May 1945, shortly before the end of the war in Europe. Many new suburbs, such as Osdorp , Slotervaart , Slotermeer and Geuzenveld , were built in the years after the Second World War. These suburbs contained many public parks and wide-open spaces, and the new buildings provided improved housing conditions with larger and brighter rooms, gardens, and balconies. Because of
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