Global Financial Centres - New York Leads, London Loses Ground
New York again headed the rankings in the Global Financial Centres Index 29, launched by Z/Yen Group in partnership with the China Development Institute (CDI).
Brexit and the continued rise of trading in Asia are driving change in the market.
London retained second position, but its ranking fell more than any other centre listed. It is now only one point ahead of third place Shanghai.
Hong Kong moved up a place to fourth, one point behind Shanghai, with Singapore in fifth.
Frankfurt replaced San Francisco in the top 10 in this edition, gaining seven places - as it benefitted from Brexit.
Overall ratings have not recovered to the levels seen in 2019, reflecting the continuing uncertainty around international trade, the impact of Covid-19, and geopolitical and local unrest.
The top 20 centres in GFCI 29 are shown in the table below.
Professor Michael Mainelli, Executive Chairman of Z/Yen, said:
“GFCI 29 ratings have not returned to the levels of 2019, reflecting....instability in international trade, politics, and economics, not least large-scale interventions by central banks and questions about the future treatment of commercial banks, insurers, and payment providers. ‘Building back’ will see major changes to investments and taxation. GFCI is most active on the Pacific Rim. Only 44 points on a thousand point scale separate the top 10 centres. A four point rise would place Singapore second only to New York. It’s tight at the top, and no time for complacency.”
Full details of GFCI 28 can be found at www.globalfinancialcentres.net