New York maintains first place, London second in Reuters’ Z/Yen survey of financial centers

By Huw Jones

LONDON (Reuters) – New York remains undoubtedly the world’s leading financial centre, consolidating its position over the past six years after overtaking London, which has always been in second place, ahead of Singapore, according to the latest Z/Yen ranking of centers global financial. Thursday.

Hong Kong remains in fourth place, with San Francisco close on its heels, aided by its strong role in technology financing.

“Major financial centers have improved or maintained their position in the Global Financial Centers Index 35, with a high degree of stability in the ranking,” said Michael Mainelli, the ceremonial Lord Mayor of the City of London financial district, after a sabbatical from the position of president of the Z/Yen.

New York overtook London in 2018, after Britain voted to leave the European Union two years earlier, which raised questions about London’s ability to remain globally competitive.

Brexit has triggered a series of British financial reforms that have not yet stopped the flow of British companies such as chip design firm Arm seeking a listing in New York.

The survey evaluates 121 financial centers by combining 48,365 ratings, including 8,494 from financial professionals, along with quantitative data from the World Bank, OECD, United Nations and others.

“Continuing professional development has been identified as the most important strategy for ensuring the future strength of talent in the financial sector,” said Z/Yen.

In fintech, New York maintains its leading position, followed by London and San Francisco. Shenzhen remains in fourth place, and Washington DC moved up to fifth, overtaking Singapore.

Seoul entered the top 10 fintech centers, replacing Beijing, which slipped to 11th place.