LONDON (Reuters) – New York remains, by far, the world’s leading financial center, with London retaining its second position at the cost of an intensifying fight against Singapore and Hong Kong, the Global Financial Centers survey showed on Thursday.
Since the American city dethroned London in September 2018, New York has held first place with a comfortable lead, totaling 763 points based on surveys of 147 factors and covering 121 financial centers.
London obtains 744 points and slightly narrows the gap with New York, which should relieve the British capital worried about the consequences of Brexit on its competitiveness. Leading companies, such as British chip designer Arm Holdings, have therefore preferred a listing in New York.
Singapore, however, is just two points away from catching up with London and has 742 points, compared to Hong Kong’s 741 points, pointing to an intensifying fight for second place.
Despite Brexit, the attractiveness of the financial centers of the European Union remains limited, the first of them, Frankfurt, only totaling 726 points, in 14th place. Paris immediately follows the German city with 725 points, and loses one place compared to the last ranking.
The index is established every six months by the think tank Z/Yen, based in London, and by the China Development Institute.
“US centers performed well, with five in the top ten, reflecting the strength of the US economy,” the study said, adding that New York retained its leading position. in a second ranking focusing on fintechs, followed by London, which overtook San Francisco.
(Written by Huw Jones, Corentin Chappron, edited by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.