NYC is named world’s financial capital for SIXTH year in a row since dethroning London, with the Big Apple set to jostle with Singapore for top spot in coming years
NYC is named the financial capital of the world for the sixth year in a row since London’s dethronement, with the Big Apple set to battle with Singapore for top spot in the coming years
- The Big Apple has been in first place since London was dethroned in September 2018
- San Francisco, Los Angeles, Washington DC and Chicago also ranked in the top ten of the new Global Financial Centers Index rankings
- London remains the leader in Western Europe and ranks second globally
New York remains the world’s top financial center for the sixth year in a row, while London remains in second place after a tough battle with Singapore and Hong Kong.
The Big Apple has been in first place since London’s dethronement in September 2018 and leads the newly published Global Financial Centers index for 2023 with 763 points.
The index, published by the Z/Yen Group in collaboration with think tank China Development Institute, takes into account studies from external sources such as the World Bank and the United Nations – covering 147 factors across 121 financial centres.
London has narrowed the gap with New York compared to last year, providing relief given post-Brexit competitiveness concerns.
Meanwhile, San Francisco, Los Angeles, Washington DC and Chicago were the other US cities to make the top ten.
New York has easily remained the world’s leading financial center for the sixth year in a row
London has closed the gap with New York slightly compared to last year
San Francisco, Los Angeles, Washington DC and Chicago were the other US cities to make the top ten
The US capital joined Geneva in the top ten, replacing Seoul and Boston
“US centers performed well, with five US centers in the top ten, reflecting the strength of the US economy,” the study said in a press release.
The US capital joined Geneva in the top ten, replacing Seoul and Boston.
London remains the leader in Western Europe and ranks second globally.
The ranking is reassuring for Britain after high-profile companies such as chip designer Arm Holdings and gold producer AngloGold Ashanti opted to list in New York this year.
However, an intense battle for second place is underway as Singapore is just two points behind London on 742 and one point ahead of Hong Kong in fourth.
The average rating of centers increased by more than 3.5 percent compared to GFCI 33. According to the index, this indicates growing confidence in financial centers and the global economy, despite global challenges.
‘Confidence in the international financial centers remains strong. Nearly all of the centers we track improved their rating in GFCI 34,” said Professor Michael Mainelli, President of Z/Yen.
‘Skills and talent development is critical for financial centres, and this is increasingly true as new skills are needed in areas such as AI and ethics. Combining continuous professional development with formal tertiary education is a key strategy to ensure the financial sector workforce is fit for the future,” he added.
The index also indicated that major Chinese centers were stable.
Meanwhile, in their study of fintech centers, New York maintains its leading position in the rankings.
London overtook San Francisco to take second place. And Boston has fallen out of the top 10.
Beijing is included in the top 10 for FinTech along with Singapore, Los Angeles, Washington DC, Shanghai and Chicago.
The instrumental factors are combined with financial center ratings provided by respondents to GFCI’s online questionnaire, the company said.
The ranking uses 53,789 reviews from 9,097 respondents.
The index is compiled every six months by London-based think tank Z/Yen and the China Development Institute in Shenzhen.
Z/Yen, a London-based commercial think tank, was founded in 1994.