London Retains Second Place Behind New York In List Of World’s Best Financial Centers, Latest Research Finds

London Retains Second Place Behind New York In List Of World’s Best Financial Centers, Latest Research Finds

New York maintained its place at the top of the Global Financial Centers Index (GFCI), while London retained second place as Chinese cities slipped.

The index, released by the Z / Yen group in partnership with the China Development Institute think-tank, will be a relief for London especially after losing access to the European Union financial market when the UK left the bloc at the end of Brexit. transition period last December.

“The relatively strong performances of New York and London suggest that the financial services sectors in these cities have managed to maintain their performance despite radical changes in working practices over the past 18 months,” said GFCI.

He added that in Western Europe, London continues to dominate, dropping just three points in ratings from the previous list released in March this year. This reflects confidence in the centre’s long-term prospects, he said.

New York retained its place at the top

Hong Kong and Singapore, in third and fourth place, both lost 25 points in the standings.

Shanghai dropped three places in the list to six, while Shenzhen fell to 16th from eighth place previously.

Shanghai and Shenzhen lost 29 and 32 points respectively.

By comparison, New York only dropped by two points.

“We see two trends in the GFCI 30 results – confidence in the recovery of the economies of North America and Western Europe after the shock of 2020; and stabilization following the rapid rise of Asia / Pacific centers and their economic stability in COVID -19, ”said Michael Mainelli, executive chairman of Z / Yen.

“The competition remains tight. Apart from the first two crosses, only five points on a 1000 point scale separate the third to eighth ranked crosses. “

In their survey of fintech centers, New York and Shanghai retained first and second positions, with London dropping from two places to third place as Britain made pro-fintech policies a priority.

Top 20 rankings according to GFCI:

1. New York (1 in the previous list in March)

2. London (2)

3. Hong-Kong (4)

4. Singapore (5)

5. San Francisco (12)

6. Shanghai (3)

7. Los Angeles (13)

8. Beijing (6)

9. Tokyo (7)

10. Paris (25)

11. Chicago (15)

12. Boston (24)

13. Seoul (16)

14. Frankfurt (9)

15. Washington DC (14)

16. Shenzhen (8)

17. Amsterdam (28)

18. Dubai (19)

19. Toronto (29)

20. Geneva (20)


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