During the past 40 years, Milan has become a fashion capital on a par with Paris and New York.

FORBES: The Impressive Bulgari Hotel Milan

Not only is the U.S. consumer a draw to international outlets, but New York is a global fashion capital on par with Paris, Milan and London.

CNN: Country chic: Nations showcase at Fashion Week

Art world mainstays agree: Hong Kong still has a long way to go before it can be seen as a hub on par with New York, Paris or London.

BBC: High-end art in Hong Kong