New York remains the most important financial centre in the world, followed by London. This is evident in the Global Financial Centers Index (GFCI) ranking.
Singapore has ousted Hong Kong from third in the ranking, while Moscow has plummeted in the index.
Hong Kong is now in fourth place, followed by San Francisco, Shanghai, Los Angeles, Beijing, Shenzhen and Paris at number ten. Tokyo takes sixteenth place. Frankfurt is eighteen, and Amsterdam is nineteen. The ranking published in 2007 consists of a total of 119 cities. This includes looking at the competitiveness and attractiveness of financial professionals.
Moscow plummeted to 73rd place with 22 spots. Because of the war in Ukraine, Russia is suffering heavy economic sanctions from the West, and many major Western companies have withdrawn from the country. Saint Petersburg fell 17 places to position 114 in the index.
New York, with the stock exchanges on Wall Street, has been at the top for four years now. Before that, London was the frontrunner.
Due to Brexit, the British capital had to give up that title. British Prime Minister Liz Truss has said he wants to “unleash” the City of London as a financial centre. For example, it is being considered to lift a cap on bonuses for bankers in London.
