The dynamism of the metropolis of Madrid and its intense spatial restructuring has been explained by the processes of globalization and technological change. This has generated a discussion about its condition as a global city. This article initially presents the limits of the concept as apparent in the international debate, then immerses itself in the issue from the perspective of the attraction of foreign capital. The analysis of diverse statistical sources confirms the high sectoral concentration of so-called command functions (financial services and advanced firm services). This concentration in the city centre, in spite of competition from new location types in the surrounding metropolitan area (business parks, financial cities), are aspects that have to be incorporated into any reflection on the balanced and sustainable growth of Madrid and other metropoli in the current phase of (capitalist development.