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
- The Big Apple has been in the top spot since dethroning London in September 2018
- San Francisco, Los Angeles, Washington DC and Chicago also made the top ten in the new the Global Financial Centers index rankings
- London continues to lead in Western Europe and in second place globally
New York remains the world’s top financial center for the sixth year in a row with London still in second after a tough fight with Singapore and Hong Kong.
The Big Apple has been in the top spot since dethroning London 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 partnership with think-tank China Development Institute, considers surveys from third-party sources like the World Bank and the United Nations – with 147 factors in 121 financial centers.
London has narrowed the gap with New York compared to last year, providing relief there given concerns about post-Brexit competitiveness.
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 top financial center for the sixth year in a row
London 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 capital of the US entered top ten with Geneva, replacing Seoul and Boston
‘US centers performed well, with five US centers in the top ten, reflecting the strength of the US economy,’ the survey noted in a press release.
The capital of the US entered top ten with Geneva, replacing Seoul and Boston.
London continues to lead in Western Europe and in second place globally.
The ranking is reassuring to the UK after high-profile companies such as chip designer Arm Holdings and gold producer AngloGold Ashanti have opted to list in New York this year.
However, an intense battle for the second spot is underway, as Singapore is only two points behind London at 742 and one point ahead of Hong Kong in fourth place.
Top 20 financial centers
1. New York, the United States
2. London, UK
4. Hong Kong
5. San Francisco, the United States
6. Los Angeles, the United States
7. Shanghai, China
8. Washington DC, the United States
9. Chicago, the United States
10. Geneva, Switzerland
11. Seoul, South Korea
12. Shenzhen, China
13. Beijing, China
14. Frankfurt, Germany
15. Paris, France
17. Boston, the United States
18. Zurich, Switzerland
19. Amsterdam, the Netherlands
20. Tokyo, Japan
The average rating of centers rose over 3.5 percent compared with GFCI 33. This suggests growing confidence in financial centers and the world economy, notwithstanding global challenges, according to the index.
‘Confidence in international financial centers remains strong. Virtually all the centers we track improved their rating in GFCI 34,’ said Professor Michael Mainelli, Chairman of Z/Yen.
‘Skills and talent development is vital for financial centers, increasingly so with new skills required in areas such as AI and ethics. Combining continuing professional development with formal tertiary education is a key strategy to ensure that the financial sector workforce is fit for the future,’ he added.
The index also indicated leading Chinese centers were stable.
Meanwhile in their survey of fintech centers, New York retains its leading position in the ranking.
London overtook San Francisco to take second position. And Boston has fallen out of the top 10.
Beijing has joined Singapore, Los Angeles, Washington DC, Shanghai, and Chicago in the top 10 for FinTech,
The instrumental factors are combined with financial center assessments provided by respondents to the GFCI online questionnaire, the firm noted.
The ranking uses 53,789 assessments from 9,097 respondents.
The index is compiled every six months by London-based think tank Z/Yen and the China Development Institute based in Shenzhen.
Z/Yen, a London-based commercial think-tank, was founded in 1994.