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Frequently, many people in the UK and elsewhere in the West worry about the rise of Brazil, Russia, India and China, the so-called Bric nations that are becoming the key drivers of the world economy and possibly society.
When I tell people not to worry, that their success and prosperity will be beneficial to us, many give me (as the person who coined the acronym in 2001) that look, implying that the Bric phenomenon has taken me into some kind of world of mythology.
One country where I don't get this response much these days is Germany, where because of its remarkable success as a quality manufacturing exporter, the climb of the Bric nations, China especially, is helping the country enjoy one of its strongest economic phases since unification over 20 years ago.
Fine for them, say many Brits, but when people think about what we have to offer, they again roll their eyes, and say forget it. Not true. London, at least, looks to me increasingly like the Bric capital of the world. Not only the world's greatest international city, but also one that is set to harness the benefits of our rapidly changing world.
Let me give some evidence. Take Premier League soccer. Not without faults in terms of governance and standards, it has become the leading football league of the world. It is probably no coincidence that this is resulting in a re-emergence of London's football clubs and the clamour for ownership from wealthy foreigners.
One of course, Chelsea, is a direct consequence of one of the Brics, Russia. Arguably, another probable newcomer next year, Queens Park Rangers, is a product of another, with Lakshmi Mittal, the richest UK resident, of Indian descent. Could it be that more London clubs, buoyed by the attractions of our global reach, join the elite?
Already 25% of the teams in our league hail from London, unparalleled in any other world city I can think of. And football, to some extent, gives a rebuke to many of those who argue the spoils of globalisation are shared by the privileged few. For those clubs bought out with cash and not the dubious leverage of others, their fans rejoice in their chance to bask in the glory.
London's Bric benefits go beyond football. Our central London property market is generally driven by purchases from these countries, or other rapidly growing economic nations. Some complain this is driving housing out of the hands of normal citizens, but for Mayfair, Knightsbridge and similar areas, this is not new. Moreover, think of the spin-offs for others. Better restaurants for us all to enjoy, more jobs in services.
If it were just football and London house prices, I could see the benefits as more questionable, but it extends much further. I have often thought that if New York were to have the same time zone as us, modern life for London could be so different. The five hours' difference means New York is an awkward time for Beijing, Shanghai, Delhi, Mumbai and Moscow.
Of the four Bric countries, only Brazil works on a vaguely similar time zone. For international business of all shapes and varieties, London is perfectly placed. Centre of the world's time zones, well connected through technology and of course, our language the modern choice for communicating. For my business, international financial services, it is perfect. Despite the concerns about UK government policies towards banks, as well as a rolling back of tax benefits to non-domicile residents, London is highly attractive for international finance.
As some hedge-fund and private-equity operators disappear to Geneva, my guess is many will return, bored by the quietness and lack of choice. If they wait too long, they might not find the locations they want as they could be swamped by the London headquarters of expanding financial firms or other companies from the Bric world.
In January, I was invited to have lunch in a Schezuan restaurant, very close to Shepherd's Bush, the best in town according to my host. Soon after I arrived we were joined by the managing director of the UK operations of a major Chinese commodities firm. Its new office, it turns out, is the biggest building on Shepherds Bush Green.
Despite all the gloom about the retail world, the UK's luxury goods companies are thriving, as last week's results from Burberry demonstrated. Most of them are London based. It would be nice to have more.
I often get asked to speak to student events at LSE, LBS, City University and others. The halls are packed with students from the Bric countries, all paying probably highly attractive fees for their privilege. I can see the numbers multiplying dramatically if our policymakers allow it.
No doubt the challenges that go hand in hand with such a global city will remain immense, especially infrastructure, but the future for London as the Bric world marches forward looks bright. Let's celebrate that beyond just the Royal Wedding excitement.
Jim O'Neill is chairman of Goldman Sachs Asset Management
