New York remains top financial center, London clings to 2nd place – survey

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File photo

LONDON  – New York has easily remained the world’s top financial center with London still second and gaining some ground, but also facing a tougher fight with Singapore and Hong Kong, the Global Financial Centers index showed on Thursday.

New York, in the top spot since deposing London in September 2018, remains well in the lead with 763 points based on surveys of 147 factors covering 121 centers provided by third parties, including the World Bank, OECD, and the United Nations.

Rows of houses in London, Britain with the City of London skyline in the background, March 19, 2023. REUTERS/Henry Nicholls/File photo

London closed the gap with New York slightly, coming in at 744 points, which is likely to trigger relief there given worries over post-Brexit competitiveness after high-profile companies such as UK chip designer Arm Holdings decided to list in New York.

Singapore, however, is now only 2 points behind London at 742, itself only a point ahead of Hong Kong in fourth place, signaling an intensifying battle for the second spot.

 A view of the skyline in Singapore, Jan 27, 2023. REUTERS/Caroline Chia/File photo

The index is compiled every six months by London-based think tank Z/Yen and the China Development Institute.

“U.S. centers performed well, with five U.S. centers  in the top 10, reflecting the strength of the U.S. economy,” the survey said, adding that New York retained its lead in separate fintech rankings, followed by London which overtook San Francisco.