New York is still on top, and Moscow is declining in the financial center ranking

New York is still on top, and Moscow is declining in the financial center ranking

By Hugh Jones

The latest rankings of the Global Financial Centers Index (GFCI) showed today, Thursday, that New York is still the most preferred financial center in the world, with London still in second place, and Singapore overtaking Hong Kong to occupy the third place.

Paris returned to the top 10 to replace Tokyo, but Moscow slipped 22 places to 73 as Western countries cut ties with the capital after Russia’s invasion of Ukraine in February, the General Investment Authority said.

The GFCI, compiled by Z/Yen, a think tank for the City of London, and the China Development Institute, ranked 119 centers using 66,121 ratings from 11,038 financial professionals, and quantitative data.

New York has been the number one global financial center ranked by the GFCI for four years, overtaking London.

β€œThe second London location looks secure but it needs a major global change to once again challenge the number one spot,” said Michael Mainely, Chairman of Z/Yen.

New British Prime Minister Liz Truss wants to “unlock” Britain’s financial sector from the rules that were historically when the country was in the European Union in order to increase London’s attractiveness as a global financial centre.

A new bill before the British Parliament in July provides for several amendments to the financial rules, but Truss wants to go further, in a sign that the government may scrap the cap on bonuses for bankers inherited from the European Union.

New York, San Francisco and Los Angeles topped GFCI’s separate fintech sector rankings, with London ranked fourth and Shanghai ranked fifth.

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