According to the most recent Global Financial Centres Index (GFCI) rankings, New York continues to be by far the most preferred financial centre in the world, closely followed by London and Singapore, which surpassed Hong Kong to take the third spot.
Tokyo was replaced in the top 10 by Paris, while Moscow dropped 22 spots to 73rd as Western nations severed connections with the capital following Russia’s invasion of Ukraine in February, according to GFCI.
Using 66,121 evaluations from 11,038 financial professionals and quantitative data, the GFCI was created by Z/Yen, a think tank in the City of London, and the China Development Institute.
Z/Yen Chairman Michael Mainelli said, “London’s second position looks secure but needs a significant global change to once again challenge for the top place.”
Since overtaking London in the rankings of GFCI’s global financial centres four years back, New York has managed to retain the top spot.
In order to improve London’s appeal as a major financial hub, Britain Prime Minister Liz Truss wants to ‘unshackle’ the country’s financial industry from regulations that were in place when it was a member of the European Union.
Many changes to banking regulations are included in a new law that will be considered by the United Kingdom Parliament in July, but Liz Truss wants to go further, suggesting that the government may decide to do away with European Union-imposed restrictions on bankers’ bonuses.
The cities with the most powerful fintech sectors were New York, San Francisco, and Los Angeles, with London coming in fourth and Shanghai taking up the fifth spot.