New York stays leading financial hub, London secures second spot

01 Sep 2023

The Global Financial Centres index indicated that New York has consistently maintained its position as the world's premier financial centre. London, although still in the second position, has been slowly catching up, despite facing increased competition from Singapore and Hong Kong. New York has retained its top spot since dethroning London in September 2018. The city currently leads with 763 points, as determined by surveys conducted on 147 factors across 121 centres, provided by third-party organisations such as the World Bank, OECD, and the United Nations. London has narrowed the gap with New York, securing 744 points. This development likely brought relief to London, which had been concerned about its post-Brexit competitiveness. This concern escalated after prominent UK companies, including chip designer Arm Holdings, chose to list in New York. Singapore, however, is now merely 2 points behind London, with 742 points, and is closely trailed by Hong Kong in fourth place. This indicates a fierce competition for the second position among these financial centres. The index, compiled every six months by the London-based think tank Z/Yen and the China Development Institute, reflects the growing intensity of this battle.

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